SIRC Guidelines for Relationship Managers in Banking

To: ALL BANKING RELATIONSHIP MANAGERS AND BRANCH MANAGERS
From: Dr John Vong

1. What is SIRC?

SIRC is a process that aims to on-boarding prospects or customers in the most effective manner. It describes the process of prospective customer search, prospective customer identification, prospective customer reach out and prospective customer capture

There is always a time lag between carrying out sales activities (such as searching, identifying, reaching out, and capturing the sales) and collecting the revenue. The SIRC process is an attempt to reduce the time lag.

SIRC clarifies each stage of the sales process in achieving the opportunity. It is important to know the exact location of an opportunity because it confirms the next action step to be taken.

1. Practical uses of SIRC
    Helps BMs/RMs to manage their workload
    Assess issues of the Prospect
    Helps business forecasting
    As an agenda item for sales meetings
    Provides a summary of the BMs/RM’s progress
    Is a good coaching tool for BMs/RMs.

Assessing and managing sales opportunities
BMs and RMs have high workloads. It is not possible to expect BMs/RMs to pursue every sales opportunity they see.

Therefore BMs/RMs and the sales teams must focus their efforts on those opportunities that will add the most value to the Prospect, to the bank and in the development of Bank’s relationships with the Prospect.

Successful opportunity management therefore means setting priorities. To be successful in a competitive sales environment, the BMs/RMs must recognise that it is helpful to:
 Understand and deal with the Prospect’s decision-making process
 Influence that decision-making process
 Deal with and influence that decision-making process over time

Some managers in the Prospect Organization may be inclined to use some financial institutions more than others. Also their concerns will vary depending upon the wishes of senior management of the Prospect Organization. Some individuals are willing and able to push strongly for your Bank. There may be others who may resist or block a decision to take solutions from your Bank.

1. SIRC Definitions

Search
 We searched the websites and company directories for names of directors and commissaries
 We searched from our daily personal contacts of what companies they work for
 We searched Facebook for the names of people and the companies in which they work
 We searched through the names of people in the business associations and registered societies

Verifiable indicators of the Search process
 We have collected names of at least 10 Prospects per week to call
 We have recorded 10 names in the Customer Calling Program
 We have Prospect’s phone numbers and email addresses

Identify
 We have called the Prospects to discuss business opportunities
 We have 2 Prospects per week who want to meet us face to face
 We have 2 Prospects per week who wishes to visit our Branch
 We have 2 Prospects per week who wishes to know more about Bank services
 We have defined and articulated our Prospect value proposition
 We have called 10 Prospects per week and submitted Customer Calling Report
 We have recorded the responses of the 10 Prospects

Verifiable indicators of Identify process
 Prospect has invested time and effort to help us understand the opportunity
 Bank has engaged decision makers and/or key influencers to better understand Prospect Organization’s needs
 We have had a two-way communication with a key decision maker or influencer
 We have an actionable next step

Reach out
 We have everything we need in order to offer a financial solution
 Prospect has agreed to receive solution from Hana
 We have submitted the Bank's ideas, indicative Letter of Offer or Loan Proposal

Verifiable indicators of Reach Out
 Letter of offer pending or Indicative Letter of Offer has been given
 Prospect acknowledges understanding of the Hana value proposition
 Prospect has committed to an actionable next step
 Prospect is committed to take action
 Risk of financial solutions has been discussed at Loan Committee
 Prospect has everything needed to make a decision

Capture
 Prospect has made a legal and/or emotional commitment to proceed
 Prospect has accepted Hana letter of offer
 Letter of offer is signed
 Opportunity is achieved
 All systems are now updated

Verifiable indicators of Capture
 BMs/RMs have updated Customer Calling Report
 BMs/RMs have developed an account management strategy
 Final Approval from HQ