May eNews

"Meet The CEO"
Joseph MarcAurele appointed Chairman, President and CEO of Washington Trust

Joe MarcAurele's ascent to the top has been nothing short of unconventional. And it's that unique career path, according to MarcAurele - Washington Trust's new Chairman, President, and Chief Executive Officer - that has given him an invaluable perspective and understanding of the banking industry and the knowledge required to lead the nation's oldest community bank and Rhode Island's largest independent bank.

“I most definitely traveled the road less taken to get where I am today,” said MarcAurele, who joined Washington Trust in 2009. “And I wouldn't trade my experiences on that winding path for anything as they've allowed me to understand people, work, life and the banking industry from such a varied range of positions and in such different settings. There is great wisdom to be found on such a path.”

According to those who've worked alongside or for MarcAurele, he is an effective, inspiring and influential leader who has a special knack for connecting with people regardless of their age, background or profession.

“It's amazing to watch Joe during the course of a day,” said MarcAurele's recently retired predecessor John Warren who led Washington Trust as its CEO and chairman since 1996. “He possesses a natural ability to find commonality with every person he meets whether they're a customer, an employee, a community or business leader, or a young person. And in the banking business - where the success of a bank hinges largely on people relationships - Joe is truly one of the Bank's greatest assets.”

MarcAurele is a “homegrown” business leader - born and raised in Pawtucket and never straying too far from his roots. He was an English/Classics major and football player at Holy Cross in Worcester, Mass. and after graduating, began a career in teaching - first in the Worcester area and then at Saint Raphael Academy in Pawtucket where he also coached football and served as athletic director. He then followed the administrator track, serving as assistant principal for several years.

While he loved teaching, MarcAurele was eventually drawn to a career in sales at Dryvit - starting at the bottom rung of the ladder as a customer service representative and landing near the top as head of sales. The hectic travel schedule led him to accept a job at Fleet Bank.

“My first job at Fleet Bank required me to go through an extensive commercial credit training program and teller school - two of the best things that ever happened to me,” said MarcAurele. “To this day, I draw from some of my initial training and have a tremendous amount of respect for tellers and the key role they play in interacting with our customers.”

Following his role at Fleet, MarcAurele accepted a position at Citizen's Bank where he started modestly with a position managing the commercial banking group in Rhode Island. Later, he served as president, Citizens Bank, Rhode Island, a division of RBS Citizens, N.A. He also served as chairman, president and CEO of Citizens Bank of Rhode Island and Connecticut and was a member of Citizens' Executive Leadership Group and Executive Committee and oversaw the Corporate Global Restructuring Group.

“While I enjoyed my 16-year tenure at Citizen's, I'm very fortunate to have landed at Washington Trust,” said MarcAurele. “It's a perfect fit based on the fact that I'm a native Rhode Islander and based on the culture of the Bank. For me, one of the real attractions of Washington Trust is its long-time culture of treating customers, employees and the community correctly and realizing the strong role community plays in shaping and sustaining our mission.”

MarcAurele believes that his diverse background and the unique career path that led him to Washington Trust, also laid the groundwork for his management style. “I draw from a wide-range of career experiences and that has served me well in being an effective team builder. I'm a big believer in positive reinforcement, communicating with everyone at every level, and in instilling a healthy work/life balance,” he said.

Acknowledging his deep Rhode Island roots, MarcAurele is also passionate about “giving back” to the communities he has served and has frequently been recognized for his involvement and leadership.

“My belief is that a good business leader needs to be a part of the community's fabric and serve as a strong fiber in the success of those communities,” MarcAurele explained. “I also believe that the personal satisfaction you gain and appreciation you receive from others when you share your skills and expertise is immeasurable.”

MarcAurele recently championed Washington Trust's 10th annual statewide PB Xpress peanut butter campaign to benefit the Rhode Island Community Food Bank. He has also received the “Hometown Hero Award” from the Pawtucket Red Sox and Cox Communications for his leadership in the Striking Out Hunger initiative to benefit the Food Bank. In addition, he serves on the President's Council of Providence College, chairs the Governor's Workforce Board of Rhode Island, and is a member of the Rhode Island Commodores. He is also on the board of Rhode Island Hospital and the Providence Chamber of Commerce. And, on June 24, he will be honored at the Phoenix House Public Service Award Luncheon for his ongoing commitment to community service.

Payment Card Compliance
Will your business be ready by July?

A number of high profile breaches of cardholder information at the merchant level inspired the implementation of the new Payment Card Industry Data Security Standard (PCI DSS). PCI DSS is a protocol set up by major credit card companies to help protect against security threats when payment cards are processed. They formed the PCI Security Standards Council to create a set of minimum standards for merchants who store, process and transmit cardholder data.

 

There are six requirements

1. Build and Maintain a Secure Network
   • Install and maintain a firewall configuration to protect cardholder data
   • Do not use vendor-supplied defaults for system passwords and other security parameters
      
2. Protect cardholder data
   • Protect stored cardholder data
   • Encrypt transmission of cardholder data across open, public networks
      
3. Maintain a Vulnerability Management Program
   • Use and regularly update anti-virus software
   • Develop and maintain secure systems and applications
      
4. Implement Strong Access Control Measures
   • Restrict access to cardholder data
   • Assign a unique ID to each person with computer access
   • Restrict physical access to cardholder data
      
5. Regularly Monitor and Test Networks
   • Track and monitor all access to network resources and cardholder data
   • Regularly test security systems and processes
      
6. Maintain an Information Security Policy
   • Maintain a policy that addresses information security
      

The object of the PCI Data Security Standard is to compel merchants to implement the necessary measures to protect cardholder information from hackers and con artists. That way, cardholders do not have to worry that when they pay for something in a retail store or online they may be inadvertently supplying con artists with the information they need to steal their identities and bring devastation to their credit report. Obtaining PCI compliance is not always easy for small merchants, but establishing and enforcing these standards can help prevent some identity theft horror stories.

PCI compliance is assessed on an annual basis. Small companies can self-assess their compliance through a questionnaire and provide supporting documentation to their acquiring bank. Larger companies that handle more cardholder transactions are evaluated by Qualified Security Assessors (QSAs). Updates to the standards are issued periodically as criminals become more cunning and more ways to protect consumers are discovered.

Washington Trust's Merchant Services department is dedicated to ensuring our Merchants are PCI-DSS compliant. We have partnered with ControlScan, a Qualified Security Assessor, to assist us with this task. Our merchants are being contacted on an individual basis by either a member of our internal Merchant Services team or by ControlScan to ensure compliance.

We encourage businesses to contact Washington Trust Merchant Services with any questions regarding PCI-DSS compliance. Even if we are not your current credit card processing company, we will be happy to answer any questions you have about this topic.

Learn more about Washington Trust Merchant Services

Building stronger customer relationships

Allocating your marketing efforts between acquiring new customers and getting additional business from existing customers can be a challenging decision. Businesses that can sell additional products or services to existing customers can have a built-in advantage. Here are some ideas to help strengthen your existing customer relationships and perhaps get some new customers along the way.

Customers want to feel that their business is valued.
 While a simple "thank you" can help convey your appreciation, going an extra step can strengthen the relationship. A gift, or at least a card during the holiday season, can show that you remembered the customer and may stimulate a "thanks for the gift" conversation.

Customers want to feel that their vendors care about them.
If your business sells to other businesses, try to establish a means to offer some insights into their business. If you sell to others in that industry, share some ideas you have gained from others. Be careful not to divulge secrets, but telling a customer about a success someone else has had may give them an idea for improving their business. At a minimum, it shows you are thinking about them.

Customers want to trust their vendors. 
Consider offering a guarantee on your product. Few things speak louder than the confidence you show when you offer to refund a customer's money if the product doesn't measure up to what is expected. Even if your product is immediately consumed after purchase, there may be some way to create a guarantee to demonstrate your confidence in the product.

Most customers want their vendors to be successful. 
Being able to rely on the same supplier saves customers time and effort. Be sure to let your customers know that you will be there when they need you. You can do this by being visible when you land a new customer by issuing a press release (if appropriate in your business). You can also demonstrate your success by telling customers about what you are doing. You may find including a story of a recent success in a conversation will prompt even more business.

Customers want a pleasant relationship with their vendors. 
Everyone wants to be happy and few things create happiness like pleasant conversations. Make it a point to meet or call customers on a regular basis without making a sales pitch. If appropriate, a simple contact on their birthday may create more goodwill than almost anything else.

While you are having these types of contacts with customers, don't forget to ask for referrals.

The Value of Customer Loyalty
There are few things as important to the long-term success of a business as the loyalty of existing customers. Consider the following:

1. It is more expensive to get a new customer than to retain an existing one.
2. Existing customers are more profitable than new ones because the costs of dealing with that customer are known and usually less - credit risk, shipping preferences, less time required to process orders.
3. Existing customers are usually the best prospects for sales of additional products or services.
4. Existing customers are the best source of qualified referrals.
5. It is usually more enjoyable to work with an existing customer because of the long-term existing relationship.

Why do customers leave?
Most people do not relish change, especially change just for the sake of change. This is good news in terms of maintaining a customer relationship. Unless something bad happens, most customers are likely to stay customers. Customers are usually lost as a result of one of two circumstances:

• The delivery of a poor quality product or service resulting in customer dissatisfaction.
• The sales efforts of a competitor convince your customer to leave and switch their business.

While both of these types of events are unpleasant, the first is often the result of a major problem that will take time and money to rectify. The second can be the most frustrating and easiest to prevent. And all too often, it is not the excellent products of your competitor or the great salesmanship of their sales efforts, your competitor just makes contact with your customer when your customer is most likely to be receptive to their story.

Here are some ideas of what can put your customer relationships at risk and some ideas of how to prevent the risk of losing that customer.

Customer is unaware of one of your products that will fill his needs.
Often, once an initial sale is made, there is little effort to further explore other needs the customer may have. The time just after the initial sales is an ideal time to ask if there are other needs that may be met with your products.

Customer feels neglected and taken for granted.
Even if the usual contact is through the sales group, a contact from your senior management (call, letter, visit, email, etc) demonstrates the value you place on their business and their relationship with you. This is also where little gifts can play a role.

Customer's needs change and is unaware that you have products/services that would fill that need.
Your customers' wants and needs are constantly changing. If at all possible, you should try to keep informed about what your customers are doing so you can identify how you can sell additional products/services to respond to their changing businesses. You can also have a communication program that keeps the customers informed of what you are doing. Newsletters or just frequent update letters (or calls or emails) can keep the customer informed and reinforce your presence with the customer.

Nurturing customer loyalty can result in immediate and long-term benefits. With the competitive environment that exists for most businesses, it is critical that working to strengthen customer relationships be a high priority. As relationships get stronger, your customers can be not only the source of continued business, but also increased business and new customers.

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Refer a business customer and receive a $100
American Express® Gift Card.

Washington Trust appreciates the opportunity to serve as one of your company's trusted advisors when it comes to financial matters. And we'd like to be first on the list for your friends and associates, as well. So when you refer someone to us, we'll reward you - get a $100 American Express® Gift Card* when your referral opens any new business account.** Simply complete this form and we'll do the rest.

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