Independent Banker - January 2020 - 69

Trailblazer
OceanFirst retains clients
through connection
At the heart of the retention strategy at
OceanFirst Bank in Toms River, N.J., is hightouch
customer service coupled with an
active staff training program. By Judith Sears
ceanFirst Bank has created a high-tech,
high-touch customer service culture that is
nimbly navigating consumers' changing expectations
of service.
O
This approach has been put to the test in the
past four years. The $8 billion-asset community
bank in Toms River, N.J., has acquired five
banks, giving it a total of 100 branches. OceanFirst
Bank subsequently closed 40 branches, 25
related to acquisitions
and another 15 related
to strategic objectives.
Yet, the bank retained
95% of the customers
of the closed branches.
In today's competitive
business environment,
where banks are hungry
for depositors, that's an impressive achievement.
Joseph J. Lebel III, executive vice president
and chief operating officer, believes the impact
of high customer care and a deep knowledge of
customers at the branch level and customer care
center are reasons customers stay with the bank.
OceanFirst Bank has developed a systematic
approach to identifying which branches to retain.
First, bank personnel analyze each location's
deposit size, number of customers and types of
transactions. Lebel emphasizes that it's not just a
matter of volume. " We get underneath the number
of transactions and look at who's coming into
the bank and why, " he says.
Next, bank personnel call longstanding and
high-value corporate, municipal and individual
clients to discuss possible closures. Bankers question
customers about their preferences and concerns.
For some customers, it's a matter of digital
education. Other services or products available
online may be a solution for those clients.
The close attention of these calls alone often
strengthens the client relationship. " Most corporate
clients are happy to get a phone call and
appreciate that we asked them, " Lebel confirms.
For retail clients, OceanFirst Bank has found
that its branch teams are the best source of information.
" Our branch staff know their customers
so well that they know which ones may not be as
comfortable with a closing, " he says. " They will
pick up the phone and make the call to discuss it
with the customer. "
Name: OceanFirst
Bank
Assets: $8 billion
Location: Toms
River, N.J.
He adds that more and more customers want
to do their banking on their phones or computers.
" They want to know a bank is nearby, " he says,
" but the days of the bank having to be on every
corner are rapidly vanishing. "
Keeping close to customers
Instead, many customers are more concerned
about the changes for branch staff. " You'd be surprised
at the amount of people who care most
about where the people in the closing branch
Quick stat
95%
of customers
continued
to bank with
OceanFirst
Bank despite its
branch closures
will wind up-are their jobs safe? " Lebel remarks.
" They want to know if they're going to see a familiar
face at the alternative branch. "
Recognizing the importance of the personal
touch, OceanFirst Bank works with branch
teams to decide where they will be reassigned.
Some have moved into the community bank's
centralized customer care center, while others
relocate to another branch. Either way, the branch
is able to have a discussion with customers to let
them know where their favorite personal banker
is going. " It's important to us that the client that
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