Using CRM To Track and Motivate Referral Superstars at Your Bank

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Who are the superstars within your bank? Not just the sales representatives that process the most sales transactions, but the people who engage with customers and prospects through proactive outreach. Who are the people that uncover the hidden opportunities that lead to referrals and ultimately new product sales?

Unfortunately, you will never know if you don’t track your referrals. And if you don’t track them, you can’t manage them. And if you can’t manage them, you aren’t instilling a culture that focuses on seeking out new opportunities for the bank or for your customers for that matter. The right CRM system allows you to track the source of referrals and report on that data to see trends.

For example:

  • Which department or branch is referring the most new business to other departments?
  • Which employees have referred the most new business?
  • Are there employees that have a high number of referrals that result in very few closes?
  • Has every department figured out a way to reward referrals?

Referrals between branches and departments

You might assume that everyone in your organization is on the lookout for potential referral opportunities to other departments or branches, because after all, when the whole bank benefits, everyone benefits. Sadly, this is rarely the case.

As we spoke about in a previous article, there can be various roadblocks that prevent referrals. When you do the right kind of tracking in your CRM system, you will see if some departments are not making an effort. This gives you the information you need to take action to overcome some of these roadblocks.

Read: How Banks Can Overcome Roadblocks to Generating Internal Referrals

 Star Employees

People love to feel recognized for their efforts. Many banks reward referrals with some kind of monetary compensation. While this extra amount in the paycheck can motivate many people, an additional motivation might be recognition among their peers.

According to a report in Psychology Today, "83% of respondents said recognition for contributions was more fulfilling than any rewards or gifts."

Could your bank give recognition to top referring employees at company meetings, internal newsletters, or other communications? Some banks have a version of a "100% club" that sets annual goals with a large reward for those that attain it.

The right CRM system can help you to track these statistics and give employees the ability to track their own success rate against their goals.  You can even set up workflows that send regular reminders about key milestones or deadlines.

 Potential Superstars

If you see an employee who consistently gives referrals, you know they have the important "referral mindset" and are looking for opportunities. However, if those referrals are not turning into new accounts or additional business, their efforts have little real-world value. Perhaps this employee could receive extra coaching to help them identify higher-quality leads.  The CRM system allows you to see who is putting in the effort but needs additional help to be successful.

 Creative Rewards

Whether it's a checking account, savings account, CD, residential mortgage, or commercial loan, most referrals to the branch only give a commission if a new account is opened. However, some departments, such as investment departments, can be limited, legally, on how much they can incentivize a person to make a referral. Instead of giving a commission when a new account is opened, could this department give a small thank you bonus for a qualified referral?

You can set parameters to specify what you mean by "qualified." For example, a conversation took place, and the potential client knows that an investment advisor will be contacting them. This would prevent someone from just loading names into the CRM system.

Cultivating a Referral Culture

It is often said, "you can't measure what you don't track." With the right tools, your bank can track and measure the impact of internal referrals. You can then make a plan to identify, reward, and nurture your referral superstars.

Crowe CRM for Banking and Microsoft Dynamics 365

Crowe CRM for Banking empowers bank staff with the tools and information needed to efficiently deliver high-quality, personalized service - for all interactions across all channels. Automated alerts and workflows help banks reduce the time required to resolve inquiries. Workflows also streamline processes across functional areas, such as automating customer on-boarding or qualifying a commercial line of credit. It gives managers and team members the information they need to be most effective.

If you'd like to know more about Crowe CRM for Banking and Microsoft Dynamics 365, contact our team to start the discussion at or 877-600-2253.

Crowe CRM for Banking on Microsoft AppSource

By Ryan Plourde, Crowe, a Microsoft Dynamics 365 Gold Partner

Follow us on Twitter: @CroweCRM

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