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• W210329317 abstract "Welcome to Bank of Smithtown, where the differences from other banks aren't just in its strong ratios An unsuspecting employee toils away at the desk, unaware that a dozen or more coworkers are about to descend. Suddenly, the employee is surrounded, the bank's CEO, Bradley E. Rock, lets loose with a blast on a bright-yellow duckbill-shaped horn--my quacker, he calls it--and all applaud. After the cacophony dies down, Brad Rock, chairman, president, CEO of Bank of Smithtown, N.Y., tells the latest Duck that he the bank arc grateful for some idea the employee came up with or some action that the employee took. Some steps save money, some save customer relationships, some save labor. Rock seems to best like the ideas that start with the question, do we do that that way? One recent Lucky Duck, won by two employees, involved a rerouting of armored car service that will save the hank a tidy sum over the course of the year. (The award's name comes from the duck farms which once were a key feature of N.Y.'s Long Island, where Smithtown is situated.) Encouraging employee excellence Rock always puts the bank's money where its is. As the final fillip to the informal ceremony, Rock presents the Duck with a crisp $100 bill shakes the employee's hand. Why does Rock--who could easily be taken for a corporate lawyer (which he is) as well as a banker--go quacking around his bank with a yellow duck-bill in his mouth? Because it looks silly--and I think that's very positive, Rock explains. It helps us all laugh together, while rewarding employee behavior above beyond the level expected. Further, this isn't a program just for the headquarters office, but for all seven branches of the $380.2 million--assets bank's as well. Rock, though he carries a schedule that's packed even for a CEO, takes the time to drive out to branches, quacker in hand, to reward those who do good for the bank. are few things that are as important as recognizing good work, says Rock. Around 75 lucky ducks have been recognized since the program started three years ago. The awards are part of an approach Rock has taken to banking that has shaken the 92-year-old bank out of a familiar rut of tradition that had stopped working. You can't argue with results. Bank of Smithtown finished 2001 with a peer- group-busting ROA of 1.74% an ROE of 25.3%, with ROE averaging 22.8% over the last five years. Rock has established a new tradition of doing things differently. Issues of the bank's employee newsletter regularly feature employees who come up with new ways to do old tasks--or even dare ask if the old tasks still need doing. The intent is to keep the bank's mostly commercial clientele happy, so they'll continue doing business with the community bank, rather than the branches of the large New York City banks that Rock considers to be his bank's chief competition. Service is not a commodity, says Rock, and on a commercial loan, the service quality differs a lot from one bank to another. A relationship selling machine What sales wisdom can a banker find in an old holiday chestnut? Rock found a nugget in the original version of Miracle on 34th St., the story of a Macy's Santa Claus who turned out to be the genuine Kris Kringle. Indeed, Rock works a key scene from the movie into some of Bank of Smithtown's sales training efforts. There is a scene where a little boy asks Kringle, played by Edmund Gwenn, for a bicycle. A few moments later, Kringle, dropping out of character, tells the boy's mother that Macy's doesn't have the particular item the boy wants--but adds that Gimbel's, Macy's arch rival, does. He makes similar recommendations to others, causing a hubbub objections that are later turned into a marketing plus. …" @default.
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• W210329317 date "2002-06-01" @default.
• W210329317 modified "2023-09-28" @default.
• W210329317 title "Why Is This Banker Quacking? Why Can't You Find a Teller in His New Branch? and Why Do All the Chairs Have Wheels? (Community Banking)" @default.
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