Third Federal Savings And Loan CEO Places The Customer First. Mention your organization tradition and exactly why an attitude that is customer-centric so essential in banking.
Marc A. Stefanski, ceo, president and president of Cleveland-based Third Federal Savings and Loan, is marking three years within the CEO’s seat in 2010, which can be no little feat into the banking globe.
Since becoming president and CEO associated with cost cost savings and loan 1987, Stefanski has overseen Third Federal’s growth that is continual the utmost effective home loan loan provider in Ohio, as well as its development within the Florida market. Under Mr. Stefanski’s tenure as CEO, Third Federal has maintained and enhanced its distribution and solution of cost cost savings and mortgage services and products, such as the introduction associated with the Web as a distribution channel for home mortgages, with on the web now serving because the biggest supply of applications when it comes to business.
Leader sat straight down with Stefanski to share their 30 years as CEO, what’s next for the cost cost savings and loan industry and exactly why it is so essential to take care of workers with respect also to put the customer always first.
Q: speak about your organization tradition and just why a customer-centric attitude web site here is so essential in banking.
A: We put our customers first and away strategy 2nd. Therefore, whenever we’re making decisions, it’s all centered on clients and customer care first, additionally the strategy falls into destination from then on. We base our tradition for a value system, and our values are love, trust, dedication to excellence, dealing with the other person with respect and fun that is having.
We actually design products centered on those values, and we additionally also review the individuals that really work for us—our associates—based on the way they indicate those values with each other on the job sufficient reason for customers. Therefore we don’t have product product sales quotas, with no a person is on payment.
Q: Why can you believe women make such great leaders in the banking room?
A: First of most, 80 % of our associates are ladies, so we depend very on feamales in our company. This times in the past to 1938 whenever my father and mother began Third Federal. These people were group not just in marriage, nonetheless they had been a group in operation additionally. She was intimately involved in the business, too when I was growing up, my mom was not only raising five children, but. I saw that through the time I happened to be born. Having ladies perform a crucial role in operation isn’t a novelty it’s not uncomfortable, it’s very much a natural thing for me. In reality, from the six direct reports that We have four are females, all in key jobs at Third Federal.
“I think you can outperform your big bank rivals. if you learn a niche with a certain products or services,”
Q: What does the long term hold for the cost savings and loan industry?
A: Here aren’t way too many savings and loans kept, many have actually changed into banking institutions or bank charters and so they give you a product line that is diverse. Our manufacturer product line really is easy: We simply take cost cost cost savings through the community and provide it back away to the community with regards to of single-family, owner-occupied houses. We do 2nd mortgages, too, but our business design is very easy.
It’s a conventional model, however it appears to be working we have now expanded to 23 states via the internet and direct mail for us, and. It is very easy to expand without brick-and-mortar to deliver products and services throughout the country today. You have even an opportunity to obtain a credit that is bad company loan for the restaurant.
The world wide web will probably remain a valuable asset when you look at the banking industry, generally speaking, but cybersecurity is incredibly important—that’s our quantity one concern, protecting our customers due to that.
It was once which you knew whom your competition were—they had been all regional, you knew where branch places had been, you knew who had been regarding the loan committees so when they met—it was a rather tiny, really community-based business. You don’t have that anymore. Most of the banking institutions are regional or national, and that’s our competition. We’re not small—we’re an almost $15 billion organization—but that is small when comparing to a few of the huge companies out here. So that the challenge is to outperform those businesses.
Q: Thirty years as CEO within the banking globe is a rather long tenure. What’s your key to success?
If you find a niche with a specific product or service, you can outperform your big bank competitors a: I think. They provide a smorgasbord of every thing, but discovering that competitive niche where you could outperform a superregional, nationwide or bank that is international think is key.
That’s what we’ve done at Third Federal: we now have a niche in house financing and now we feel it better than anyone else, we price better than anyone else, we can turn over a loan faster than anyone else that we do. You need to be in a position to perform much better than other people if you’re likely to be in a specific product line or solution.
And, of course, employing the people that are right dealing with them well. For those who have good people who are committed and dedicated, you’re going to help you to leverage that human being money and do a far greater task than a few of the other businesses available to you that could perhaps not treat their individuals too.