Facebook Instagram Linkedin Twitter Youtube
  • Home
  • Economy
    • Green Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Companies
    • Education
    • Energy
    • Fisheries and Aquaculture
    • Health
    • Insurance
    • Features
  • Opinions
    • Dr. Maxwell Ampong
    • Alberta Quarcoopome
    • Nana Yaa Ofori-Atta
  • Reports
  • BFT TV
  • Events
    • Ghana Economic Forum
    • African Energy Conference
    • The Money Summit
    • Youth Economic Forum
  • Subscribe
  • Sign In
Search
Sunday, June 1, 2025
Facebook Instagram Linkedin Twitter Youtube
Sign in
Welcome! Log into your account
Forgot your password? Get help
Create an account
Privacy Policy
Create an account
Welcome! Register for an account
A password will be e-mailed to you.
Privacy Policy
Password recovery
Recover your password
A password will be e-mailed to you.
The Business & Financial Times
  • Home
  • Economy
    • Green Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Companies
    • Education
    • Energy
    • Fisheries and Aquaculture
    • Health
    • Insurance
    • Features
  • Opinions
    • Dr. Maxwell Ampong
    • Alberta Quarcoopome
    • Nana Yaa Ofori-Atta
  • Reports
  • BFT TV
  • Events
    • Ghana Economic Forum
    • African Energy Conference
    • The Money Summit
    • Youth Economic Forum
  • Subscribe
  • Sign In
Home Features Risk WATCH with Alberta Quarcoopome: Never underestimate the power of ‘key account...
  • Features
  • Headlines
  • Top Headlines

Risk WATCH with Alberta Quarcoopome: Never underestimate the power of ‘key account holders’ (II)

May 4, 2022
0
Facebook
Twitter
WhatsApp
Email
Print
    banking
    Alberta Quarcoopome

    Dear readers, the typical processes one goes through to acquire a customer’s consent to open an account is a mutually satisfying experience, but it can be quite tedious for both the staff and the customer. Maintaining the status and keeping the customer delighted with the service is another unending process.

    Are you in wealth management? Are you taking care of customers whose transactions make the most of your bank’s revenue? Are you assigned to build their wealth or just to be nice to them to prevent them transferring their accounts to your competitor? How genuine are you in your relationship with these account holders? Do you know that sometimes when such customers cough, the whole bank shakes?

    The Politics in Your Customer’s Organisation

    As a human institution, your customer’s business is your business. Do not feel that you are being too intrusive. A good manager, in a bid to know the customer’s business may detect some sort of politics within the organization, and know how to tread cautiously. I remember the case of a Senior Relationship Manager who, during a working visit to a key account’s factory, met an agitated staff, grouped together on the verge of starting a demonstration at the front of the factory. They were threatening to report certain unethical practices within the company to government. Since the account had benefitted from a big credit facility from the bank, the Senior Relationship Manager, who was on good terms with some of the staff, engaged their leaders in an informal discussion, which eventually ended up successfully, with the management staff promising to rectify the anomalies.

    Apparently, the senior RM played a critical role and sometimes gave advisory services to the CEO, which earned him a great deal of respect. The strike could have caused losses to the business and obviously a default in the loan repayment schedule. This may be an extreme case, but when a manager listens to the grapevine, certain sensitive information may emerge which can give the bank a heads-up during decision-making, while gaining a competitive edge.

    The Multi-Banked Key Account:

    There was a case of a valuable SME account whose daily cash deposits were lodged by the company driver. He was a loyal and trusted staff of the proprietor, whose account was at a branch in Okaishie (The central business district of Accra). He was therefore entrusted with huge volumes of cash to deposit. When a new branch of the same bank was opened at Ridge, it was closer to the customer’s factory (located at Achimota (one of the suburbs of Accra). Due to the value of the account to the bank, the RM did constant close-marking to ensure that the sales still passed through the bank, even from the Ridge branch.

    A year later, the driver started encountering friction with the new Bulk Tellers at the new branch, who did not appreciate the value of the account and started treating the driver in an unprofessional manner. Can you imagine that the driver managed to convince his employer to open another account at a bank which was just 50 metres from his factory? Yes! That is the power of influence that the driver possessed. A manager could say that he is a ‘mere driver’, but you never know how far his influence reached.

    Look for the ‘Big Shots’ in the company:

    How do you determine who the ‘Big Shots’ are? Is it the size of the office, the number of staff under him or her? Is it the cars they drive? Every company has its own way of doing things, but make sure you are on a cordial relationship with those you have identified. Do not forget to include them in your list of beneficiaries of your company’s end of year souvenirs for customers.

    Identify the Young Sharp Shooters:

    In some organisations, the CEO or management staff are able to identify some ‘Fliers’ who are being groomed for top positions in the business. It could be the son of the owner, an in-law or a genuine ‘sharp brain’ who is a strategic thinker, and has been able to rub shoulders with the management staff. While making effort to sell your bank’s products, you can discover the company’s future vision and goals from such persons in your conversations. There are instances where you can indirectly detect signs of over-trading, over-expansion, diversion of funds or business. A manager should be ‘street- smart’ to detect such possible early warning signals or default of a loan.

    Seizing Opportunities:

    Is your key account holder celebrating an anniversary, new product launch, planning a corporate social responsibility – like free medical or eye screening? These are popular events that your bank can collaborate or get involved. If possible, get their consent to set up a stand to also market your products. If the event demands the collection of funds, be there to do that on their behalf or recommend them to select your bank’s digital app for their payments and receipts.

    It cements the bond of friendship. You can opt to be in their branded T-shirts, or seek permission for them to be in your bank’s corporate branded outfit. Seize the opportunity to partner with their brand and you never know, new accounts can be opened. At such programmes, do not forget that your art of public speaking will be put to test!

    Be a Problem Solver:

    You may ask yourself: Can I do something to solve a key account holder’s problem? Yes, you can! In trying to work with all the listed recommendations, you will reach somewhere when your customer will sometimes share some major company strategic decisions with you. Remember that other banks are always visiting and trying to win same accounts. There is nothing wrong with being multi-banked but make your service exceptional.

    Going the Extra Mile:

    It is nice to know more about your customers as they bank with you. Have you sat down to scrutinise your key account holder’s bank statement for the following beneficiaries of their cheques? They could be other corporate bodies, third party individuals, suppliers, schools, churches, investment companies, voluntary organisations, old school groups, and so on.

    Do some of these beneficiaries have accounts with you? That is fine, but if they do not, seize the opportunity to go the extra mile to get to know them. If your key account holder is a church goer, can you be introduced to the church or any church group? Take it from there and the rest will follow.

    For more insights on this topic, please book a copy of my new book, ‘THE MODERN BRANCH MANAGER’S COMPANION’, which involves the adoption of a multi-disciplinary approach in the practice of today’s branch management. It also shares invaluable insights on the mindset needed to navigate and make a difference in the changing dynamics of the banking industry. Call 0244333051 for your copy.

    ABOUT THE AUTHOR

    Alberta Quarcoopome is a Fellow of the Institute of Bankers, and CEO of ALKAN Business Consult Ltd. She is the Author of Three books: ‘The 21st Century Bank Teller: A Strategic Partner’ and ‘My Front Desk Experience: A Young Banker’s Story’ and ‘The Modern Branch Manager’s Companion’. She uses her experience and practical case studies in training young bankers in operational risk management, sales, customer service, banking operations and fraud.

    CONTACT

    Website www.alkanbiz.com

    Email: alberta@alkanbiz.com  or [email protected]

    Tel: +233-0244333051/+233-0244611343

    VIAAlberta Quarcoopome
    SOURCEthebftonline.com
    • TAGS
    • Risk WATCH with Alberta Quarcoopome: Never underestimate the power of ‘key account holders’ (II)
    Facebook
    Twitter
    WhatsApp
    Email
    Print
      Previous articleDeterioration of state facilities worrying; IFMA Ghana calls for legislation
      Next articleBack your stories with data to boost confidence and credibility – Journalists told
      Mohammed Awal

      RELATED ARTICLESMORE FROM AUTHOR

      News

      Minister for Labour calls for urgent action to end child labour

      Features

      Useless Column with Mawuli ZOBGENU: ‘Use your waist wisely’

      Business

      Work in Progress with Samuel Fianko: Funding startups: A journey of resilience and patience

      LEAVE A REPLY Cancel reply

      Log in to leave a comment

      Read Today's E-Paper









      Recent Posts

      Afreximbank announces US$3m COVID-19 response grant for African countries

      Tax revenue from informal sector records a decline

      Risk Watch with Alberta Quarcoopome: Assertiveness is key in risk environment (1)

      Editorial: Long-term viability of energy systems

      SOMOCO Ghana Limited revolutionises customer experience with state-of-the-art flagship showroom

      Most Popular

      Minister for Labour calls for urgent action to end child labour

      The Minister for Labour, Jobs and Employment, Hon. Dr. Abdul-Rashid Hassan Pelpuo, has issued a passionate call for intensified national efforts to eliminate child...

      Operations at Maaha Beach Resort remain unaffected following devastating fire incident

      No casualties or injuries were recorded during last Wednesday night’s unfortunate fire incident that gutted a row of buildings at Maaha Beach Resort in...

      Useless Column with Mawuli ZOBGENU: ‘Use your waist wisely’

      She ‘catch’ me again; this time, red-handed inside the ‘thing’. I used my head. If you don’t use your head, your body will suffer....

      ADB MD urges manufacturers to leverage the current economic environment for sector growth

      The Managing Director of the Agricultural Development Bank (ADB), Edward Ato Sarpong, has called on manufacturing companies in Ghana to take full advantage of...

      Work in Progress with Samuel Fianko: Funding startups: A journey of resilience and patience

      Welcome to Work in Progress, your source of unique, inspiring stories of founders of African start-ups. In this episode, I had a riveting conversation...

      About Us

      • About B&FT
      • Contact Us
      • FAQ
      • Webmail

      Legal & Privacy

      • Term & Conditions
      • Privacy Policy
      • Copyright
      • Cookies

      Services & Tools

      • Today's E-Paper
      • Individual Subscriptions
      • Group Subscriptions
      • Advertise
      • Android App
      © The Business & Financial Times. Copyright 2025. All rights reserved.
      MORE STORIES
      News

      Minister for Labour calls for urgent action to end child labour