Outside-in and not inside-out: A small case study

Look at this a new angle. A bank is trying to cross-sell most of its products to high-valued customers and has failed miserably. Its employees are over-worked and have a low-morale; bottom line has taken a hit; and the company is thinking to shed some weight. In this case, what is the non-traditional approach that this bank Bank Co. should take?

Here are some ten steps that the bank can see to boost its bottom line:

1. Involve customers in decision-making abilities, and also during the product launch for a new geography. This may sound odd, but working with this idea definitely can work wonders.
2. Listen to the employees and customers; lend them an ear to all the small petty things happening around the bank.
3. Make carrots fitted to actual efforts, process of result orientation and results rather than results alone, and mark appraisals based mostly on the process to get the results.
4. Referral schemes earning the customers and employees a bonus scheme based on the cash deposit and initial product signed by the new customers.
5. Diverse portfolios based on needs, geographies and demographics; but launch one idea in one geography first depending on the concept launched.
6. Try and test products on small groups to see the change, and then modify the results.
7. Please remember that money alone cannot buy happiness, employees are always a top priority; one needs to pamper them in small amounts in necessary.
8. Make life easy for customers by making a room for smaller adjustments by saving their time, resources and patience.
9. Involve in a unique way of identifying Bank Co.; be is CSR or running an NGO, or even devote a day’s salary to the immediate lower rung to be shared; the lower most for the society- the whole idea being a top-down approach to a baksish towards your juniors.
10. Steady and stabilize your core offerings first; but do not miss out on alternative investments at all.

I believe that this will actually allow some space for Bank Co. to work towards the outside in synchronization, rather than inside-in, where Bank Co. actually propagates its offerings orally.