No matter what enticement a financial institution might use to retain and grow their respective client bases, performance and customer satisfaction remain an integral part of the foundation.
For KeyBank ”“ with a national presence that runs from the Hudson Valley to Nome, Alaska ”“ keeping customers satisfied is not an option, it”™s a mandate.
The bank has revived a program that first attracted Ruth Mahoney to the bank 20 years ago. Mahoney just marked her first anniversary as president of its Hudson Valley/Metro New York district.
The nine-month program trains recruits in every aspect of the industry, Mahoney said. The ultimate goal is to groom them to become business bankers who can help retail and branch managers meld together customers”™ financial needs seamlessly.
It was 20 years ago when she left her job at the Bank of Ireland to attend Marist College in Poughkeepsie that a KeyBank recruiter enticed her into joining its new graduate training program. She”™s been stateside ever since ”“ much to her parents”™ dismay. “I do visit at least once a year. There”™s a lot of e-mailing going on.”
With all eyes are on the world marketplace, Mahoney has had a firsthand look on visits back home, seeing Ireland now mired in the same economic situation as the U.S.
“These are troubling times for every industry, particularly the retail and service industry, in every country. It hit Europe later than it hit us. Just when you think it can”™t get any worse, it does. The recovery everyone hoped was right around the corner is not there, and it is going to take a very long time to turn that corner.”
Despite market instability, KeyBank recently committed $5 billion to small-business lending.
“Small businesses are the engine of the economy, and are critical to job creation. We are committed to their success and our five-billion dollar lending goal is our way of making that commitment known,” KeyCorp Chairman and CEO Beth Mooney said at the time of the program”™s announcement last month.
Mahoney said, “Our balance sheet is strong and healthy and we”™ve increased our Metro New York staff by 20 percent.”
Her focus right now is on expanding her region”™s Tarrytown office, where 20 new employees will cover Westchester, Putnam, Dutchess, Connecticut and northern New Jersey.
“It”™s a great central location for current employees and new staff. Now the challenge is to find the right space suitable for our needs.”
Tropical Storm Irene gave Mahoney the opportunity to see KeyBank”™s disaster recovery program at work in two hard-hit branches in Ulster. “Not exactly what we like to see, but it”™s good to know how effectively and efficiently it works. Our Phoenicia branch was flooded twice in one week. No sooner did the recovery crew get it cleaned up and running after Irene than a second flood engulfed it. Our customers and our employees worked together under very difficult circumstances. Those selling homes must wait to have it re-appraised as the result of the storm if their county was declared a disaster area.” It might be vexing, but it”™s the only way to protect the interest of the buyer and of the bank”™s financial commitment to its shareholders.
Working with customers in difficult situations to keep them satisfied and loyal is an essential in Mahoney”™s tool kit.
The highly regulated industry is not just contending with keeping customers satisfied, lending to business and meeting its goal of having a successful fourth quarter by Dec. 31. Dodd-Frank legislation is “on a scale of one to ten, with ten being the most difficult, a ten,” she said. “It has caused us to look carefully at how we structure our products. Rather than adapting product by product, we are looking at our entire package of services and bundling them for our clients. We think it is the positive approach.”
Mahoney is proud of the strides the bank has made with its Key4Women program.
“Women enjoy working with women. They are a growing part of the business market and Key has committed billions to that segment of the market.”
And speaking of women in business, Mahoney was thrilled with KeyBank”™s decision to make Beth Mooney the president and CEO six months ago. “She”™s extremely knowledgeable, has had a wealth of experience in different markets … and most importantly, she is a ”˜people person.”™”
One of Mooney”™s props is a pair of size 11 pumps a co-worker gave her when she said she”™d like to see KeyBank”™s stock price get bigger than her shoe size. While size 11 is far too big for Mooney, her desire to see Key succeed is not. “She jokes about getting the ”˜glass out of her hair,” said Mahoney. “She”™s going to be honored by American Banker as one of the top 20 women to watch in our industry. It”™s very exciting time for women in business.”
