Sales Tactics Banks Must Employ


Increased competition, new technology that is keeping customers out of the branch and increasing costs across the banking industry has increased the demand on sales professionals to do their jobs well in order for the bank to make a profit. Today’s bankers can do well by keeping some sales tactics in mind as they try to sell more products to their customers. Without these fundamentals, your branch’s sales numbers will suffer.

Target the Right Prospects


The first step in successful sales is targeting the right prospects. Whether sales professionals working in the bank or calling officers who are soliciting targets in another way, bankers need the tools to target the right prospects.

It helps no one when your sales professionals spend their valuable time calling or reaching out to prospects, filling out applications and running credit checks for offers that are simply not going to go through. Why does this happen? It happens because all too often management expects their sales professionals to find their own prospects, or the bankers are given a list of prospects to contact that has not been screened. This wastes everyone’s time.

The truth, however, is that this is not necessary. Data on prospects is readily available, and the latest analytic programming can make it easy for bankers to receive a targeted list of prospects. Consider, for example, a bank looking to increase its business checking account numbers. By using analytics to identify the customers who are using DDAs instead of business accounts, and targeting those specific customers, the sales team will have a much higher rate of success.

Offer Engagement Services to Harvest Easy Sales


Another tactic that banks can use is targeting existing customers with engagement services connected to the accounts they already have and use. For example, a customer with a debit card and checking account can be enrolled in online bill pay or an automatic savings transfer agreement. Customers with credit products can upgrade to privacy protection.

Why is this so effective as a sales tactic? These customers already use, and hopefully like, your bank. As a result, they are more likely to accept the additional service. They are familiar with your bank and enjoy banking there.

Offer the Right Products


Your bank has many different products you wish to sell, but not all of these are a benefit to your customer. Banks need to teach their sales teams how to provide appropriate products to the specific prospect they are talking to.

How can you do this? Again, it requires data collection and analysis of that data. Your bank must know the demographic of its typical customer, and target those customers with the products that make sense for them.

Data can be collected in several ways, but customer service representatives are one of the greatest tools you have to collect this data. Customer service representatives need to make notes in a customer’s account when they hear information that could lead to a future sale. For example, when chatting with a customer who mentions children, a note can be made to offer a college savings plan at a later interaction. The more personal and targeted the product offering is, the more likely it will be that the offer is accepted.

Another way to do this is to create packages that target the demographic you see most frequently at your branch. In order to make these packages work, bankers must be trained how to match customers with a package offering.

Sales in today’s banking industry are not easy to come by, but with the right strategies, they are not impossible to make. Target the right people with the right products, and don’t forget engagement services, and your bank will be able to reach your sales goals more effectively, even in a competitive market.

How the Bitcoin Phenomenon Might Affect the Banking Industry


Since its birth in 2009, Bitcoin has begun changing the face of US and worldwide  finance. The banking community has differing views on its growing user numbers,  volatility and evolution of companies favoring Bitcoin.

Although Bitcoin had little or no dollar value in the beginning, its value has increased since inception. Even global consulting firm Deloitte has weighed-in on the subject,  claiming Bitcoin is developing its own “ecosystem,” which includes retailers, lenders and financial institutions.

Media Attention


Along with a growing user base and rising value, Bitcoins popularity has been fueled by increasing media attention. Although primarily an Internet phenomenon to date, expanding attention from print and electronic media has increased its notoriety.

For example, media attention helped drive the price of a single Bitcoin to over $1,100 near the end of 2013. The market wisely determined this price was inflated and during  2014, although its volatility continued, prices generally declined to more reasonable levels. Banks—and

Governments—Are Wary


The growing use of this alternative currency has supporters and wary opponents. Supporter identities vary. Although predominantly individuals and an increasing base of retailers, increasing entities favor Bitcoin for its rebellious nature, as a perceived viable alternative to government-sponsored currency, such as the US dollar.

However, the expanding Bitcoin network, evolving to a global level, is making banks and governments more wary than ever. This currency even attracted the iconic global news outlet, The Guardian, after single Bitcoin prices rose to $147 in 2013, before pricing  broke the four-figure level. At the time, The Guardian called the Bitcoin phenomenon  “one of the most intriguing things to have happened in cyberspace” since the royalty-free music of the peer to-peer networks or the furor created by Wikileaks.

Bitcoin’s Mysterious Founder Nakamato

While the alleged mysterious Bitcoin founder, known as Satoshi Nakamato, disappeared from the Internet by April 2011, only two years after creating this virtual currency, the Bitcoin ball was rolling—and has continued since. No one has publicly disclosed to being the missing Nakamato or even if he is (or was) a 36-year old Japanese male he (or she) claimed to be.

Supporters and opponents alike generally agree that “Nakamato” is (or was) a world class C++ programmer with a solid understanding of economics and peer-to-peer networking. Others contend there must have been a talented team that created Bitcoin or “Nakamato” is a genius. The venerable magazine, The New Yorker, called the entity “Nakamato” a “preternaturally talented computer coder” for having the expertise to create “all bit and no coin” virtual currency.

Bank Concerns


Totally controlled by software, most observers agree the creation of Bitcoin was driven by the anger and frustration of the global finance crisis (the Great Recession). The apparent goal: Create a currency impervious to volatile government politically-fueled monetary policies or “greedy” bankers. The term “miners” quickly came to be known as people wanting to accumulate Bitcoins.

As US and global interest escalated, quickly over forty exchanges, permitting those with Bitcoins to trade them for government issued currencies, such as dollars or euros. As more merchants began to accept this alternative currency, the value of Bitcoins began to escalate rapidly by 2010.

While most bankers remain unconcerned, some may fear, if left unchecked, Bitcoins could threaten the public trust needed to validate government-issued currencies. In addition to acceptance for purchases, government currency also depends on the integrity of central banks, like the US Federal Reserve.

Since Bitcoin has become a global phenomenon, should public trust dissipate, numerous currencies could suffer. While not close to a reality, such loss of trust, remains a perceived potential threat to the US dollar, UK pound and Europe’s euros. Whether real or mistakenly perceived, the impact on the world’s banking community could be significant should it grow in popularity.

6 Steps Toward Better Vendor Management



When it comes to managing relationships with vendors, too often businesses focus solely on getting the lowest price and neglect other actions that can help develop strong business relationships. While that may seem prudent from a short­term “bottom line” perspective over time it’s an approach that can backfire and wind up costing you more. Building strong vendor relationships isn’t rocket science, but it does take some special skills and understanding. Here are six tips to help you get started:

● Share your goals. Your vendors are in business too, which means they may share at least some of the same goals as your company. When you explain your overall goals and priorities, you create a feeling of partnership that can help strengthen relationships and ensure the services or products they provide will be more focused on those needs. For instance, letting vendors know about a new products launch that may require quicker turnaround or other resources from their end helps them anticipate your needs so you both achieve a mutually beneficial outcome. And don’t forget to show your interest in their company by asking them questions about their own goals and look for ways to provide knowledge or guidance when you can.

● If you have a vendor who supplies a service or product critical to your business, ask them for their opinion on strategic moves like roll­out dates or minimum thresholds for buying that can help your business run more efficiently. Your vendor will be more likely to work harder when they feel they’re essential to your company.

● Remain loyal – as long as it doesn’t come with significant costs. Just like you, vendors want long­term relationships with their customers, and if you demonstrate your willingness to remain loyal month after month, you’re more likely to get better deals as well as access to expert or “insider” knowledge about products or services you use. Of course, that doesn’t mean you should pay exorbitantly higher prices for that privilege, but it does mean you should avoid switching from one vendor to another just to save a few nickels and dimes. By remaining with the same vendors over time, you can potentially reap much larger savings.

● If you have the resources, assign one person to manage your vendors. Duties include reaching out to each vendor with phone calls and in­person visits when possible, as well as resolving issues and answering questions to ensure the relationship remains as strong as possible.

● Have a written agreement for each vendor that spells out your company’s policies as well as expectations to set the tone initially, then follow up with specific expectations, including pricing and turnaround times, for each order. Make sure you have a record that shows the paperwork (or emailattachments) was received and by whom to avoid miscommunication or mistakes that can cast a cloud over vendor relationships.

● Remember: Sometimes, you have to give something to get something. While getting a good price is important, be willing to negotiate a win­win agreement that benefits both you and your vendor, especially if you have special needs like an unusually fast turnaround time or unexpectedly high volume. Building any relationship is a two ­way street, and it takes time to make sure it’s strong and mutually beneficial. Considering the relationship from the vendor’s side and then working toward solutions and actions that satisfy both your needs will help you strengthen your bond so you both can profit. BankTEL’s agile software applications provide robust solutions for managing vendor relationships and managing risks. Learn more about BankTEL Systems by visiting our solutions page or use our online contact form to speak with a representative.

Capturing the Elusive Bank Account Switcher

Capturing the elusive bank account

Capturing the Elusive Account Switcher

       In the American banking market, customers have a high rate of switching accounts, seeking after new incentives or better offerings and leaving their current bank behind. How can your bank capture these customers and cause them to choose your bank, or, in the case of current customers, stay with your bank? This begins with understanding how these customers think, and it may not be the way you think they do. AOL and Oliver Wyman recently did a survey and study of account switchers, first-time applicants and account abandoners. The study looked at the clickstream history of over 1,700 participants while also asking them some survey questions. The results can help today’s banks understand how account switchers think, and change their own thinking to be in alignment.

Account Switchers Typically Choose the Bank They Already Like

       According to the study, two out of every three of these potential account switchers had a bank in mind before they started their research, and 90 percent of those who had a definite interest chose that bank they liked. This means that banks who wish to capture account switchers need to stay at the forefront of their target market’s mind, before shopping begins. Your branding, then, needs to be “always on” so your bank comes to mind when the first thought of making a switch occurs.

Account Switchers Are Not Influenced by Cash Offers

       Offering a cash incentive for opening a new checking account may not be as effective as it seems at first. The survey found that 40 percent of switchers were influenced by these offers, the offers themselves were not enough to cause people to make a switch. Instead, your company must have differentiators that are well understood and clearly show how your bank is different. Simply offering some money is not enough.

Client Experience Causes Majority of Switches

       Is your bank operating on the fact that life changes cause the majority of account switches? Getting married, moving, having a child and other life changes can cause people to switch accounts, but surprisingly the survey found that negative experience was the most common cause. Your customers demand a positive experience at your bank, and if they don’t have it, they will move on. So how does this knowledge help you capture account switchers? When people have a negative experience at a bank, they turn to the experiences of their friends and family to help them find a new one. This means that you need to cultivate advocacy from your current customers. When account switchers learn about your bank from their personal network, it becomes a verified candidate in their minds.

People Want to Open Accounts Online, but Can’t

       Finally, the survey found that people are running into a roadblock preventing them from opening accounts conveniently online. One out of every five first-time checking account clients surveyed tried but failed to open an account online. As a result, 40 percent stopped trying to switch banks altogether, indicating that the hassle was too great. To capture that 40 percent, consider making your online account opening simpler. Some banks avoid this because they want to have the customer come into the bank for a face-to-face meeting. Rest assured these meetings will still happen. A full 60 percent of those surveyed indicated that they preferred to open at a branch to speak to a person who can answer questions. You will still get your customers into your bank, but allowing account opening easily online can prevent losing those who want that convenience. So how can your bank capture the elusive account switcher? Learn more about how they think, and make changes to your marketing plan accordingly, and you can land these accounts at your own bank.

Brookhaven Bank, GA

“I cannot speak highly enough of BankTEL’s customer support group.  Everyone we have encountered has been extremely responsive and knowledgeable.    Our bank specific concerns/issues have always been addressed and the representative generally provides further information to improve our processes.  Additionally, the ability of the suite of products to interface has saved us considerable time and effort.”

Ashley McWilliams

Atlanta, GA


Heritage Community Bank, NJ

“It is just over a year since we signed the contract with you and it is almost a year since we started using the system.  First of all, let me tell you that I am very satisfied with the A/P, prepaid expense, fixed asset and accrual products that we are using.   It has saved me personally a lot of time and made me and the Accounting Department much more productive.”


Ted Mahnken


Randolph, NJ

BankTEL Sponsor of USAF Pilot Partner Program

COLUMBUS, MS – BankTEL sponsored a Pilot Partner in conjunction with The Columbus Lowndes Development Link welcoming a new class of Air Force Pilots. Columbus Air Force Base is one of the primary training bases in the United States, training more than 40% of all United States Air Force Pilots.

“BankTEL is always pleased to be a active partner in the community, and we are very glad to be a part of such a important program,” said Boyce Adam, Jr., BankTEL Vice President of Marketing and Sales. “This Air Force class will be trained to fly the next generation of Air Force aircraft on a mission to protect the United States around the globe. They are all getting a start their start in Columbus.”

Throughout their time in Columbus, BankTEL’s staff will help the new comers feel welcome and answer any questions they may have in the community.

In this picture is Mr. Chuck Bigelow (the Liaison for Military Affairs Committee), Boyce raffling off prizes for class 11-06. Some of the prizes included two $50 American express cards, gift certificates to Mi Toro Restaurant, Banktel t-shirts, and a T-6 cockpit trainer poster.

Class 11-06 Fact Sheet



28 students,  3 female
5 married, 0 with children
Youngest: 22, Oldest: 29
Class Leaders – T-6: SRO Lt Hargis,  ASRO Lt Cadorette

Duty Status:

23 Active Duty
2 Air National Guard (C-130  North Kingstown, RI.  /  F-16  Fresno, CA.)
3  Aviation Leadership Program  (Afghan)

Commissioning Sources:

Reserve Officer Training Corps – 3
Air Force Academy – 18
Officer Training School – 2
Academy of Military Science – 2

Prior Experience:

2 Prior Enlisted members
11 USAF officers have at least a private pilot license
25 of 25 USAF officers have completed the IFS program

Advance Mississippi adds BankTEL

Advance Mississippi adds BankTEL

by Wally Northway

Tags: energytechnology


COLUMBUS and JACKSON — Advance Mississippi has gained a new member. BankTEL Systems, LLC, a financial software company, recently joined Jackson-based Advance Mississippi.

“BankTEL Systems, located in Columbus, is pleased to join Advance Mississippi as we share the organization’s goals of promoting real, common sense energy solutions to help fuel Mississippi’s economic future,” said Boyce Adams Jr., vice president of marketing and sales with BankTEL Systems. “The energy challenges we face should be tackled by companies from all industries, as energy is an essential tool in doing business now and in the future.”

“It is important to have business leaders involved in the debate on sensible energy solutions. We are proud to have BankTEL Systems as a member of Advance Mississippi,” chairman Glenn McCullough Jr. said.

Point of Innovation Magazine: BankTEL serves banks around the globe with innovative software solutions

BankTEL serves banks around the globe with innovative software solutions

By Becky Gillette

Employees with BankTEL Systems, a Columbus-based high-tech company that provides financial and cash management software to over 700 banks and credit unions in the U.S.
and overseas, used to travel frequently all over the country to visit clients and conduct onsite training.  Business and software upgrades were conducted by mail and express delivery resulting in $800 monthly FedEx bills.

At the time, Boyce Adams, BankTEL’s president and CEO, traveled widely meeting with existing and potential customers. Today, 80 percent of the company’s work is conducted electronically, cutting travel costs considerably. Classes to introduce software and software updates are taught via webinars and online tutorials. Software updates are sent electronically and service calls are handled over the internet. Shipping costs have dropped to virtually zero while the company continues to grow.

“It just saves a lot of time and hassle,” Adams said. “Everything we do is electronic. Our contracts are electronic. Our invoices are electronic. E-mail is an important component of it. All our software is on the web. Our sales support is on the web. Financial accounting is on the web. We can run our company from anywhere.”

The type of software provided by the company consists of cash management functions, including escrow management, accounts receivable processing, lock box proceedings and financial accounting solutions such as accounts payable, prepaid accrual, fixed asset accounting, shareholder management and a solution to manage employee expense reports.

The company has thrived by providing custom designed software for a niche market.  BankTEL started in 1991 from a regional accounting firm, T.E. Lott.

“We have financial institutions ranging from small community banks to multi-billion-dollar holding companies,” Adams said. “One of our biggest markets is in the Northeast corridor, places like New York, New Jersey and Pennsylvania.”

When the company started in 1991, there were 18,500 banks nationwide, and now there are less than 8,500 – a large consolidation.

“With some of the largest banks in trouble now, it provides
a unique environment where automation and efficiency are vital,” said Adams’ older son, Boyce Adams Jr., who recently became BankTEL’s vice president of marketing. “Additionally, there are many banks that still have solid fundamentals and continue to provide a crucial service in the community.”

BankTEL manages installations and data conversions using WebEx.  There are advantages to both sides in using remote electronic customer service from the main office in Columbus. It saves a lot of time, not to mention travel costs. Even brochures are no longer mailed out. Brochures in a PDF format can be downloaded from their website.

Adams and his family enjoy small-town life in Columbus.

“That is why we haven’t left Mississippi. We like it here. We can compete against the best companies in the country. We do well against a lot of the larger technology companies,” said Adams.

Despite their success, Adams said few people outside of banking have probably heard of the company.

“Nobody really knows a lot about us,” Adams said. “We do a lot of business with banks in Mississippi, but we are nationwide. We have been doing this since 1991 and have grown by reputation. We get recommended a lot now.”

BankTEL has been one of Mississippi’s best kept secrets.  With a growing client base and reputation, they won’t be a secret for long.