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Articles by Soren Bested
Board Chair Leadership Archetypes
6 minutes Inhabiting the Role of the Future A board chair’s effectiveness can dramatically impact an organization’s trajectory. A strong chair facilitates an environment for a CEO to maximize their potential, propelling a credit union toward achieving strategic goals at an accelerated pace. Conversely, a weak chair premises a CEO’s mediocrity, leading to subpar organizational performance.
Offering personal service in a digital world
It’s a volatile time in the banking sector. One example is the multi-year crackdown by the SEC scrutinizing non-compliant customer and member communications via employees’ personal texts and WhatsApp messages. The ongoing issuance of significant fines puts the onus on financial institutions to improve their regulatory compliance while maintaining and elevating member confidence and trust.
Meeting Customers Where They Are
Online banking finally overtook branch banking in 2018; by July 2022, mobile banking overtook online banking as customers’ primary banking channel. It is easy to assume that banks have successfully transitioned from a branch-centric model to “meeting customers where they are.” But is that true?
Leadership Matters: Commit to Progress
3 minutes Move from a culture of grudging change management to one of empowered progress by including your team members in the process. All progress is change, but not all change is progress. No one plans to change or desires to change, but we embrace what we view as progress. There is a powerful and important connection between solid leadership, sales success, true customer loyalty and organizational culture improvements.
Recapturing the Data That Creates Valuable Customer Interactions
Before the end of 2021, regulators announced that JPMorgan Chase & Co. had agreed to pay $200 million in fines for “widespread” recordkeeping failures. For years, firm employees used their personal devices and accounts to communicate about business with their customers; the bank did not have records of these exchanges. While $200 million is a large fine by any account, does the settlement capture the true cost of being unsure about where firm data resides?
Building Relationships in the Digital Era
Customer expectations have evolved dramatically over the past decade, and they seek much more from their financial institution, including advice. Unfortunately, banks often aren’t meeting these needs in the digital space. Soren Bested of Agent IQ explains how banks can return to one of their core functions — dispensing financial guidance to their customers. What Consumers Expect Alleviating Customer Pain Points Personalizing the Experience
Start Your Board Assessment With a ‘BOP’
5 minutes After establishing your board-organizing principle, consider four additional success factors. Also read, “Five Reasons Why You Should Commit to a Board Assessment” by Peter Myers.
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