RBA F CUS
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Bringing Retail Banking Back to its Roots
The plight of the Greek economy and banking sector has been well publicised with the introduction of strict capital controls at every level throughout the country . Managing any banking institution is a challenge , but in the Greek banking environment , the challenge increases tenfold . The Retail Banking Academy The Retail Banking Academy has had one candidate demonstrate outstanding commitment , demonstrating outstanding commitment to his role and to his professional education during this time . We spoke to Savvas Pasaloglou , a branch manager at the National Bank of Greece , to gain insights gleaned from managing his branch during these tumultuous times as he studied for his Retail Banking I qualification . When asked about how his role changed and developed with the introductions of capital controls , Savvas noted that “ It was a major challenge for all banking institutions involved ”. Along with this , the Greek government announced that all banks were to remain closed to the public for twenty days .
Savvas recalled that , “ when bank branches reopened , we came across a huge number of customer applications for debit and credit cards as well as for POSs from SMEs as a result of a sudden change in customer payment habits , due to withdrawal controls .” He went on to say : “ Customers were terrified , telephone lines were on fire , most people were afraid of any cut in their savings
Customers kept insisting on their capital being transferred outside the country . There were queues in front of every ATM .
accounts . Customers kept insisting on their capital being transferred outside the country . There were queues in front of every ATM , especially during the first days when the allowed withdrawal amount was limited to € 60 per day .” Clearly this was as much of a shock to the Greek public as much as it was to the banking system , and left front office staff with a difficult and tense situation to manage .
Savvas pointed out that it was further complicated with “ acts of compulsory legislative content issued on a daily basis ”, affecting daily transaction permissions . It was incredibly important for Savvas to be “ alert and adaptive 24 / 7 , [ and to ] conduct additional audits ” to ensure he and his team were complying with the increasingly dynamic situation .
As the Greek government began to loosen controls , the situation for Savvas didn ’ t become any smoother , as he emphasised the unprecedented levels of transactional traffic he and his team were seeing , with systems almost at breaking point . He credits quick decision making , with strong teamwork , as central to their successes in managing the branch through this difficult period .
By observing my customers , I gained a sense of how customer satisfaction can lead to customer loyalty .
Savvas also credited the Retail Banking Academy for the knowledge gained through Retail Banking I because it influenced his ability to manage his branch and increased his understanding of the link between business ethics and consumer trust .
He went on to say that , “ by observing my customers , I gained a sense of how customer satisfaction can lead to customer loyalty . My day-to-day responsibilities were affected too . For example , I started using new methods of seeking to connect with potential customers while designing new efficient processes in an effort to reduce the branch ’ s operating costs ”.
Savvas is now well on his way to becoming a Certified Retail Banker as he embarks on Retail Banking II . When asked what being a CRB means to him he said “ a CRB is a person who is able to see a holistic view of the entire retail banking operation , have a deep understanding of key value drivers and build enduring relationships with customers .
But most importantly it is about being part of a community , where you can exchange views on how the new model of the retail banking is being shaped , how can retail banks serve the public interest and above all how new banking standards will help to rebuild trust in banks .” He is now a keen advocate of the RBA and has described the course as “ a must have for every ambitious retail banker because it facilitates practical implementation in order to achieve real improvement .”
A CRB is a person who is able to see a holistic view of the entire retail banking operation , have a deep understanding of key value drivers and build enduring relationships with customers .
Savvas Pasaloglou , Branch Manager , National Bank of Greece www . retailbanking-academy . org
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