Case Studies
Case Study – Colorado
A Colorado community bank with assets of close to $1B, was motivated to expand its penetration into the small business market. As part of that strategy, this bank engaged Matt Given of FTM Consulting to explore various ways to enhance its value proposition for small businesses. This bank executed a strategy to ad several small business products to its product menu and focused on rolling these products out through its frontline staff. This bank realized a 100% uptick in it’s small business new starts, and is now making 60% more revenue per relationship.
Case Study – Two Independent Payroll Providers make Community Bankers Successful
These two independent payroll providers were able to show community bankers how they could deepen existing bank relationships by improving cross-sell opportunities and driving higher average business checking balances. They also showed the bankers how to attract new business to their banks by generating new deposit accounts, uncovering new fee income opportunities, and identifying new lending opportunities.
Additionally, these independent payroll providers showed the community bankers how to retain their bank relationships longer by increasing usage of direct deposit and promoting the banks programs.
The Payroll Holy Grail
But the real key to establishing a solid relationship with the community bankers came when the payroll providers revealed the payroll holy grail to the community bankers:
• The Value of the Paycheck
• The Power of the Paycheck
• How much money leaves their bank on pay day
Once the community banker understands these three concepts and how they drove growth, retention, and deposits they gladly become a lead and sales generator for the two payroll providers.
But before the payroll providers could become successful they first had to make the bankers successful by establishing a working relationship, gaining mutual trust and respect, and focusing on the banker and their goals.
Once the banker became successful they in turn made the payroll companies successful and it all started by showing the community bankers the power and value of the paycheck.
Case Study Results as of April 30, 2009
The following results represent two combined case studies. One of the case studies was in California, the other was in Arizona.
The kick off took place the last week of January, 2009 and the subsequent sales training followed shortly thereafter. Each independent payroll provider had only one sales person focused on the banking channel.
| Number of Banks | 8 |
| Number of Prospects | 126 |
| Total Pipeline | $445,601 |
| Average Size | $3,537 |
| Number of sales | 15 |
| Dollar amount | $43,684 |
| Average sale | $2,912 |
This bank executed a strategy to ad several small business products to its product menu and focused on rolling these products out through its frontline staff.