By JAMES "JAI" DARDEN II, Director of Field Operations for JMFA
We've all been through a great deal of uncertainty in the past year—from concerns about the pandemic and maintaining safe work environments to finding the most effective ways to help account holders who are dealing with financial challenges. I am looking forward to the beginning of Spring with a renewed hope of getting back to some sense of normalcy soon.
As we look ahead, it is essential to ensure your bank or credit union optimizes your performance while helping individuals and families meet their short-term financial needs. One way to accomplish this goal is to make sure your overdraft strategy and procedures are revisited and optimized to ensure full disclosure, maximum results, and compliance peace of mind. Here are three steps you can take to elevate your program outcomes:
1. Boost frontline staff confidence with communication training
In light of existing staffing situations, it is essential for your employees to have access to training opportunities that instill the knowledge and confidence they need to present your overdraft program accurately—whether engaging with account holders in person, by phone, through a chat function, on your website or social media. If you are relying on employees to carry the load of training new staff members and providing ongoing refresher sessions—while some individuals are working remotely and/or taking on new responsibilities—your training strategy may be lacking consistency and failing to fully engage everyone who needs to be involved.
In addition to comprehensive training during program implementation, we also offer ongoing virtual workshops led by professional, program-specific trainers. We help take the guesswork out of your staff's learning process and strengthen everyone's confidence level when connecting with your account holders. With our experienced facilitators' support, you have access to valuable resources to empower your staff with knowledge of effective program management strategies, industry best practices, and effective account holder engagement advice. Training is an excellent way to mitigate potential compliance concerns that might otherwise be overlooked.
2. Maintain program efficiency by establishing reliable key performance indicators
While "business as usual" takes on new meaning, it's so important to implement and maintain an overdraft program that is tailored to provide operational efficiency, compliance certainty and enhanced service quality for your unique situation.
Our overdraft software tools provide easily accessible, measurable data in consolidated reports that will help you monitor your program's results and keep track of important ratios, such as:
- Regulation E opt-ins
- Program utilization
- Paid Item percentages
- Waivers and refunds
- Charge Offs and recoveries
More than ever, it is important to be proactive in your decision-making verses reactive. Having access to data that points to consumer behavior provides leaders within the financial institution the ability to formulate strategies that meet the needs of their account holders. This not only leads to a more efficient and profitable overdraft privilege program, but it elevates the consumer experience which builds loyalty and consumer confidence.
We pair this technology with additional resources, such as virtual training to offer you a keen understanding of the data, along with ongoing personalized interaction with industry experts through regular in-person audits, monthly program reviews. This ongoing consulting is how we help you manage your program successfully so you can achieve your program goals.
3. Get started on improved results with a comprehensive program review
As we all prepare for the opportunities that lay ahead, don't let outdated overdraft policies or neglected program procedures stand in the way of improved service experiences for your account holders and increased outcomes for your institution. With a free, thorough analysis of your existing program, JMFA can provide guidance on many areas that might be impacting your program's results. Whether you have concerns about program usage, service delivery or compliance, we offer a comprehensive consulting-approach that includes a customized strategy to help you exceed your performance and service goals with confidence.
At JMFA we are focused on helping community financial institutions deliver superior service and achieve the best results from their overdraft solution.
Learn more about JAMES DARDEN II, Director of Field Operations for JMFA. Jai leads and supports the team of consultants, optimizing delivery and ensuring the performance of JMFA’ community bank and credit union clients.