As the annual list of Best Banks to Work For 2023 ranking is released by American Banker, one consistent theme runs across financial institutions of all sizes. Banks that focus on building more engaging employee experiences do better in the short and long term to attract and retain talent AND deliver better customer experiences at the same time. “There are areas where organizations can bring together customer experience and employee experience to drive improved business outcomes,” according to a Financial Brand article about employee engagement. But how are successful institutions doing it?
One inspirational bank that landed the #3 spot on the list for institutions with more than $10B of assets is Origin Bank. This Louisiana-based financial services leader takes employee experience so seriously that they conduct quarterly confidential surveys of all staff members to ensure their culture is being reflected and integrated across the brand – from top to bottom. “What has always been at the center of who we are as an organization is our deep commitment to culture,” says Drake Mills, Origin’s chairman, president and CEO. “We have a passion to be there for our employees, customers and communities when they need us most.”
Another community bank that ranked #11 on the overall list for institutions of all asset sizes credits the culture of shared prosperity and responsibility for their happy employees. West Plains Bank focuses on fostering employee engagement “across the organization with seniority embracing mentorship roles, cross-training each other and teaching newer hires,” according to American Banker. “It all starts with culture for us,” says West Plains Bank’s president and CEO David Gohn. “We always want people to be helpful, not only to customers but to each other, and that attracts people who want to learn and advance…” within the organization.
What’s true in retail is just as true in banking: happy employees create happy customers. In fact, employee experience is so inextricably linked to good customer experience, according to McKinsey and an associated analysis by BAI, that smart banks are mapping out employee journeys in much the same way they do with customer journeys. Understanding the end-to-end employee experience is essential for financial institutions of all sizes. According to BAI: “The challenge/opportunity is that we as CX leaders now need to make sure that we create unified, simple experiences that our employees love as much as customers do.”
If you’re a banking leader looking for customer and employee engagement strategies, get in touch with the experts at Adrenaline. And, don’t forget to subscribe to Believe in Banking to stay up to date with the latest news impacting the banking and credit union industries.