egyii blog

(I am have just come back from United States as we speak so this write up is timely. These are general comments on business and society in the United States, which certainly afffects the whole world,  as I see it today. )

Values drive beliefs and beliefs drive actions. Most of us are aware of this.

The Allen/Coolidge family (my relatives) followed three (amongst many) important personal, work values and beliefs:

The “Protestant work ethic.” The Protestant work ethic is “based upon the notion that the Calvinist emphasis on the necessity for hard work is proponent of a person’s calling and worldly success is a sign of personal salvation.” (Wikipedia) Max Weber, a German economist and sociologist, penned a book called The Protestant Ethic and the Spirit of Capitalism. He believed that the Protestant work ethic (under Calvinism) was the driving force for capitalism. Capitalism (whether you like it or not) has clearly brought America its success, wealth and abundance today.  An interesting article to read on thsi matter is Whatever Happened to the Work Ethic?by Steven Malanga of City Journal.

Honesty. “Honesty is speaking truth and creating trust in minds of others.” (Wikipedia) Speak the truth. Never lie. Honesty is so vital to my family values and beliefs, that, my Grandfather, as a state Congressman, quit politics due to his belief in the lack of honesty in government.

Loyalty. The definition of loyalty is “feeling of duty: a feeling of devotion, duty, or attachment to somebody or something.” (Encarta) Loyalty was and is used across the board for our personal/family and business matters. Unfortunately, the term “loyalty,” from a business perspective, has been diluted with loyalty programmes for repeat buyers. This is not loyalty- this is convenience  for the buyer. Real loyalty, like trust, is personal.

With these values and beliefs, all we Americans prospered and continue to prosper. We need to continue to lead in such manner.

OK maybe I am a little old fashioned. But a lot of these and other important values and beliefs have been diluted or lost over a short period of time (sometimes I even tend to sway off track).

Many influences around us have affected these values and beliefs including:

Our immediate surrounding personal and business environments

The need for instant gratification and results (short term Vs. medium to long term thinking)

Greed

Transactional based scenarios

Think of “me” vs thinking of “you” 

…and more.

I believe that working hard (and of course smart), honesty, and loyalty are important in our personal and business relationships. Let’s go back to basics. It certainly is a lot easier.

Trip Allen, Team Egyii, Singapore

The Egyii team recently attended a financial services briefing in Singapore, hosted by Gartner, one of the global leaders in research and analysis.

The following is some of the advice offered to the Singapore and global banking community.

(Highlighted in Bold Italics are quotes from the analysts. The rest  are comments from Team Egyii)

Technology can help but it’s not the be all to end all. CRM systems, online support, Etc are important, but facing the client (face to face), is more important.

Banks going back to basics- focus on core business away from the peripherals. Too many complicated programmes were rolled out over the years. This caused too many problems and contributed to the  collapse. Keep it simple moving ahead.

Be more inclusive with clients as they have lost your trust. Remove yourself from siloed thinking and involve the customer in more decisions.

Best innovations come in time of bust- don’t stifle innovation. If you wait you will be left behind- you will never catch up. Be  bold- try new things, otherwise someone else will beat you to it.

Life goes on (during the crisis) so understand what your customers are doing.  Don’t put everything to a halt as business continues- keep client focused.

Internet usage and popularity in Singapore facts and stats: Facebook ranks 4^th, users spend avg 23.2 mins. DBS ranks 17^th, users spend avg. 4.1 mins. Times are changing.  How do you engage and listen to the voice of  your clients in these times?

Customers  say- “It’s my money, so listen to me.” Retailers get it & respond. Banks don’t. How do you respond to your clients needs?

Banks need to get more advice from peer groups. The web community is one way…face to face is another.

Know me (the client). Know my life. Retailers know it & get it. Banks don’t.” retailers engage well with clients why don’t financial organizations?

The client is pleading…”Please. I need a helping hand. Help.” They are calling for you- respond please.

How many helpful and meaningful  messages have been sent to customers during the crisis about what is really happening (and what to do about it)? 0- zero.” (from research of 25 major banks) Banks need to communicate better, not just from a broad sense but from a personal sense.

Customer experience is about building trust and understanding the entire customer experience process. Don’t segment it- look at the whole experience and the different ways of delivering it.

Customers want help. The financial organizations are not there- they are too internally focused. How do you focus on the client when he is crying for help?

Your customers have interests outside of banking and insurance. Look beyond the immediate financial services relationship. Look at building personal relationship where you can…

In conclusion, times are tough but you must forge on. Don’t sit back- take advantage of the situation as you will benefit long term. Keep it simple and focused on the client..

Trip Allen, Team Egyii, Singapore

Things are heating up!

Egyii is featured in an article titled “SMEs Send Out the SOS: Seven SME Owners Tell Their Stories from the Recession Frontline ” from the Singapore Business Review,  July 2009.

“Stay focused, stay flexible and stay on board.”

For the complete article, click here.

Trip Allen, Team Egyii, Singapore

Press Release! Hot off the wires..

Singapore, May 25th, 2009

Egyii, the Singapore based learning and development consultancy, has announced its launch into the Consumer and Retail Banking space, leading with a new perspective on “customer experience.”

Egyii will continue to focus on its current agenda of Priority and Private Banking but will expand into Consumer and Retail Banking with more thought leadership, web based material and customized, in-house curriculums.

Trip Allen, Egyii’s Director of Sales and Marketing, says “The Consumer and Retail space is a logical choice for us. In fact, the banks have requested that we move into this space. And with customer experience initiatives in banking being a top priority, it makes sense that we link all the different banking programmes together.“

James Irvine, Egyii Director of Programme Development, says “Financial organizations are struggling and it is the customer who is suffering, causing a break of loyalty and trust and a loss of business.”

“Bankers can continue to focus on re-engineering products, systems and policies. Alternatively, they can break the mold and focus on the customer and the customer experience.”

For the “Improving the Customer Experience in Banking” white paper: White Paper

HR-in-Action Nite- 2 April 2009
for the HR Community @ SHRI Singapore Human Resources Institute

The secret to getting good results at work is by getting control of our thinking, rather than just diving into new behaviours.

Most learning programmes try to help us change our behaviours by giving us new knowledge and skills. However, much of the time nothing actually happens because we have not addressed the things that drive those behaviours i.e. our thinking patterns. It’s like a plane trying to change course while all the time having the auto pilot set on another direction.

Yes, it’s important to learn new behaviours. But since so many of them are habitual, we need to change the beliefs, values and emotions that control those behaviours if we are to experience change that lasts more than a few days. And the funny thing is, when we do control our thinking patterns, the behaviours tend to take care of themselves.

Based on Neuro-Linguistic Programming (NLP), this talk will introduce you to some of the key drivers of our behaviour as well as methods for getting control of these. You will find that you can apply this knowledge in any situation both at work and at home, and you will gain a new sense of control over the results you get.

Please feel free to click on the downloadable Slideshare version of the presentation here.

For more information, please email us at stuff@egyii.com.

Bon vivant!

Trip Allen, Team Egyii, Singapore

How are the banks listening to the clients/customers today?

I have been reading blog articles by and speaking with some of the Forrester and Gartner (my former employer) analysts recently. Both companies are  research and analysis firms for the technology industry - and there is a lot of buzz around utilising technology to “listen” to the banking clients.

I am noticing two things:

The customer experience (or as we at Egyii call it “customer proficiency”) is the banks’ biggest concern.

How to address the voice of the customer?

Communities

As networks, the Internet and overall communications have evolved, the world’s voice has become global. And even though it has been global, communities have formed- both locally and globally.

Many of you are aware that traditionally communities have been formed and are a means of discussing issues and sharing ideas - as people in communities have a lot in common. The platforms could be through town hall meetings, mahjong games in HDB flats, tribe gatherings, Etc.

Today, communities can also be formed digitally and continue to be formed personally (face to face).

The Social Media Phenomenon

What is happening globally and locally? Digital communities are being formed using  social media.

Ning. Facebook. Twitter. Votigo. Linked In.

And it is just not youngsters or Gen Y.

The old folks (like me- Boomers) have the biggest, recent  uptake on Facebook.

And big and small companies are doing it , too.

So, what are companies doing to take advantage of the voice of the client today?  They are using social media to capture the voice and are making quick changes based on the clients’ immediate input and needs.  It is all very real time. A recent article in Advertising Age states “The Internet has made it easier than ever for consumers to get their opinions heard — and for marketers to listen.”

One example is Ford Motor. “Social media has helped Ford quickly achieve its goal of being a top social brand and has broken down the more conservative communications processes that were in place,” said Scott Monty, head of social media for Ford.

On a Local Level – Singapore

A recent report showed that Internet users in Singapore spent 50% of their time on social media (community) sites. Wow! How to capture their attention?

In Singapore, we are well connected and very savvy. We use communities (whether you realise it or not) to voice our opinions. Everyone is listening.

The Banking Environment

Are banking clients talking, forming communities?

You bet they are. On line and and personally (in places like kopitiams – local coffee shops, Etc). They are sharing the stories. The heartbreaks. The downfalls. The successes!

In banking, the trend to move digitally has been slow.

Because some banks are slow in the uptake of using technology to listen to the client, personal (face to face) communities or sessions can be formed to fill the gaps. Until they are” up to par” digitally, banks need more proactive events or sessions where the client is comfortable in expressing his opinion. One suggestion is a simple  face to face, one on one “community” with the client (make sure the client is comfortable). Nothing beats that.

But don’t wait to long. The clients want a digital community in banking. They want to voice their opinion. It will happen.

So, how will you build your bank’s community so that you can hear the real voice of your banking clients today? Banks need to be more sensitive to the voice of the client. If it is not done digitally, find some old world ways of doing it.

Trip Allen, Team Egyii, Singapore

I am not sure how private and priority banks are addressing the investors’ search for alternatives, but when the press and the government are lashing out harshly against the institutions, and clients want to run from the banking institutions, what are they doing and where are they going?

Certainly this is not a secret but there are options and alternatives available – and clients are presenting very creative solutions.

We have spoken with many ’fat wallet” investors (ones with over $1 million to invest) and there are typically 2 responses we hear from them:

1) “I don’t want my brokers making any investment decisions. I want a purely transactional relationship. I am knowledgeable enough to make my own decision.”

2)  “Investing is all too complicated. I want someone who I can trust to make the right decisions.”

If clients don’t want “value added services” (item 1) and are shying away from people they don’t trust (item 2), where are they going? Here are some alternatives they are taking:

1) Online and discount brokerages. Low fees and some value add. If you feel you are as knowledgeable, the lure is to pay $12.99 per transaction. Online Brokerage’s Success

2) Pre-negotiated, set fees with banking institutions

3) Third party advisers (who are typically ex-bankers) such as AL Wealth in Singapore, who act as “middle men” between the investment institutions and the investors. These third party advisers charge an annual percentage and build their relationship by being neutral.

(One priority baking client has mentioned to me that he requested his relationship manager to put his commissions on the line. If he promises a ‘guaranteed” return, then his commissions will be paid and will be scalable. If the investment is in the red, then he loses his commissions and fees. For some strange reason, the relationship manager did not win this clients business.)

How to avoid this? Build the right skills and trust for your relationship managers with your Singapore and Asia Pacific banking clients, so that they don’t have to consider alternatives. For more information see Trust in Sales.

Trip Allen, Team Egyii, Singapore

www.egyii.com

That is a mouthful. And it should be.

In one of Obama’s recent public announcement, he proclaimed the following:

“…in order to restore our financial system, we’ve got to restore trust.”

Obama and his team get it. Does everyone else? Probably. What is everyone else doing about it? Thinking about it? Yes. Taking action? Maybe.

There are a lot discussions on trust going around in multiple circles today and most of it is focusing on the financial institutions. Why is that? Are people fed up with the “old world” of the banking business?

Wouldn’t it make sense to make trust an integral part of the bank agenda? Certainly life and business would be easier for the relationship managers and the executives. And isn’t this what most clients want? A trusted relationship?

For more reads on trust in all the circles, read Trust, Trust, Trust by Charlie Green of Trusted Advisors. He and his team thoroughly cover trust from all perspectives.

Please also see James’ prior post Private Banks’ new journey back to credibility

Trip Allen, Team Egyii, Singapore

The Singapore Government, through the Monetary Authority of Singapore (MAS) has made a bold move into the world of Islamic Banking to step ahead of their “competitors.” Congratulations to MAS for putting egg on the faces of the Hong Kong business community (and the Malaysian banking community who has traditionally held this post in the region), as per the following posting in the HK Standard Charting a Safer Route…

The government has also instituted numerous learning and development programs in the banking community through a few of the local learning institutions to bring up the standards in the banking and finance personnel. I have heard from numerous sources that a lot of money and time has been put into this with little results.

Singapore’s business community relies heavily on the government to make decisions to protect the businesses and ultimately the working people. I am not knocking this and believe it has contributed to the success of Singapore. I am pretty sure  that the government and the business community are aware that this time around, things are different and that decisions from the top may not encompass all the answers.

Do they know the difference between the “old world” of business and the “new world” of business? Probably not as reflected in their actions. What about personal development, motivation and effectiveness skills in Singapore? These areas have been overlooked and need serious considerations.

We believe the solutions lie in the people. Your people upfront  make the difference- and that difference will move the business community ahead to an area of true cometitiveness.

For more see yesterday’s posting How to Repolish the Banking Image…

Trip Allen, Team Egyii, Singapore

Who’s missing in Davos this week? Sir Fred Goodwin, ex-CEO of RBS; John Thain, ex-CEO of Merrill Lynch; William Cayne, ex-CEO of ex-Bear Stearns; even Sam DiPiazza, CEO of PwC (who is in India looking into the fraud of B. Ramalinga Raju, CEO of Satyam). These and many other business titans represent the ‘old world’ of business, placed in the past tense by the economic crisis.

If we are to move into a ‘new world’ of business, we have to be able to see clearly. The old world of business focused on action and results which could be observed and measured. So long as people throughout the organisation took action that produced growth figures, it didn’t matter what was actually going on in their minds. As we now know, the kind of thinking that led to these actions and growth figures was an illusion. William Cayne was on the golf course while Bear Stearns burned. John Thain spent $1.2 million on re-decorating his office. And B. Ramalingam Raju was so envious of K.P.Singh staging India’s biggest IPO, the $2.5bn listing of DLF, the country’s largest property group, that instead of being happy with his outsourcing business, he immediately immersed himself in the property and infrastructure business, which led to disastrous financial results.

In order to see clearly in the new world of business, we need to go to the source of our emotions, behaviour and results: what is going on in our minds. Habitual thinking patterns, whether envy, grandiosity, acceptance or humility, lead directly to actions and decisions that create results. It is time for companies to put their people’s potential at the heart of business competitiveness, and in doing so show them how to get control of both their conscious and unconscious thinking.

In the old world of business, even suggesting that we focus on ‘the mind’ and ‘thoughts’ as means to produce business results would have met with derision and labels such as ‘airy fairy’, ‘psychobable’ and ‘effeminate’. There was no place for this in a culture reinforced by labels such as ‘macho’, ‘hard results’, and ‘tangible’.

Isn’t it time we grew up? Let’s start with a new set of leaders who understand the power of the mind and know how to harness it for the benefit of all stakeholders and society in general. Let’s then cascade their understandings and examples throughout our corporations so that in the new world of business people actually know what they are doing. Certainly, the hard business results couldn’t be any worse.

James Irvine, Team Egyii, Singapore