The new CEO of AO “Nurbank” Eldar Sarsenov on why bank heads should become 'mystery shoppers', and why a personal example is better than formal corporate culture.
Eldar Sarsenov, the new head of Nurbank, scheduled our meeting for 8 a.m. Admittedly, he is the first manager in our experience who set an interview at such an early time. The very fact seemed extraordinary to us.
The first question we asked, finding ourselves in the office, was about the meaning and history of an unusual accessory decorating the meeting table. It was unexpected to see on the table... a skull — similar to the one Shakespeare's Hamlet poses the sacred question with: 'To be or not to be'?
A little later in the interview, you will learn its significance and why it decorates the table of the new head of Nurbank.
— Eldar, you studied and worked in the USA for almost 7 years. You received a bachelor's degree in management and marketing from Suffolk University (Boston), and an MBA in Corporate Finance from Northeastern University (Boston). Tell us more about this experience and what has been useful in your work?
— I enrolled at Suffolk University on my own. I first decided on the country of study. I like America for its progressive view, lack of backward gaze characteristic of European thinking. After choosing the country, I settled on Boston because, firstly, it is indeed a center of the best educational institutions in the world, and secondly, it's convenient for travel. I liked Suffolk for its 'international contingent' — there are students from all over the world. I chose 'management' as at 17 years old I, probably like most young people at that age, had little idea of what the economy is and what I wanted to work as.
To me, studying was an interesting experience. Education was based not on books but on cases; we learned from the real experience of companies in various situations. This provides a wide perspective.
From realities close to us, I remember studying a case of raiding involving the Russian company 'Krasny Oktyabr', when the takeover was executed through stock acquisition on the stock exchange. It was fascinating to study how the situation developed and what actions and countermeasures were taken. I believe studying cases is much more effective and interesting than ordinary lectures and library work.
Therefore, the first skill I learned and which helps me in work is ‘zoom out’, the ability to see the whole picture.
The second skill I consider important is not looking back at the past, be it positive or negative experiences we receive in the form of achievements and mistakes. Mistakes are normal for those who want to change, try, and improve: if something didn’t work out, you shouldn’t just go down the ‘well-trodden path’. The same goes for achievements — you shouldn’t pride yourself on them, let alone rest on them.
The third skill is building relationships with the team. The team should work smoothly together, and each member should have their approach, thoughts, and unique knowledge, which, combined with other team members' skills, help achieve success. My education was based on teamwork; we were randomly divided into teams and given assignments. The result entirely depends on the people you didn’t choose. Therefore, it requires understanding each team member's strengths and weaknesses and distributing responsibility and organizing joint work based on that.
Any changes and projects are always teamwork, and it’s important to me that the bank’s management works cohesively.
Another important skill is communication. By nature, I am an introvert; I never thought I would have to communicate with people a lot. For me, this was the biggest challenge. I’ve read many books on this topic, and one of them, which I first give to colleagues, is Dale Carnegie’s 'How to Win Friends and Influence People'. Carnegie was at the forefront of creating communication theory, translating psychologists’ scientific developments of that time into practical field. It's one of the most useful books I use daily in working with people.
For example, the Hamletian skull on the desk acts as an ice breaker for everyone who visits for meetings.
I like starting business communication in a friendly atmosphere. You could see for yourself at the beginning of our meeting. It’s essential to learn to interact easily and friendlily, especially in business.
— Before going to America, you worked in Kazakhstan as a deputy director of sales and marketing in the Helios gas station network, starting as an intern. Do you think managers need to work their way up from the bottom to understand how an organization operates?
— On one hand, this is a huge plus. Starting from the bottom, you can comprehensively learn both business in general and the nuances of business processes. Many companies prefer employees to grow within the organization up the career ladder. In such cases, working with genuine enthusiasm, even at the starting position, is always a great option for career growth and developing competencies. On the other hand, building a career depends on the individual. It’s essential to have your action plan of what you need to do or learn to grow professionally, instead of just waiting for a promotion.
In large organizations, being a specialist in all the details is impossible. Take the position of a credit manager in a bank. If you follow such practice, you’d need to work at the cashier’s desk, then in cash collection, then in accounting, then in IT, and then in marketing and also engage in operational activities to understand bank operations. Meanwhile, these processes are constantly changing and evolving.
No matter which career path a person has chosen, the main thing is to be a professional and not linger in one position, not to be content with just what you are doing now. It is crucial to understand the value you can bring to the organization and ask yourself: what else can I do, what else can I learn? And these questions will become your driver regardless of your current position.
As for me personally, I found it interesting to start as an intern because it gives a vast experience of communicating with people and understanding how everything works from the inside at the most basic positions.
— Tell us about your experience in the luxury segment since you worked in sales of Swiss watches TAG Heuer, part of the transnational corporation LVMH Moet Hennessy — Louis Vuitton?
— Every year, more than a thousand people with master's or MBA degrees graduate in Boston, and having a diploma from a good educational institution means nothing; you are one of a thousand like you. Our university had a career center where employees helped graduates correctly handle interviews, properly structure resumes, and advised on how to behave in meetings with employers. Thanks to this center's opportunities, I started working in the TAG Heuer office, overseeing sales in the USA and Canada.
It was striking that only 7-8 people in this office managed sales in a vast number of stores and quickly resolved various management and administrative issues. We had little time for lunch, so often, we all had lunch together in the office with the CEO and discussed work matters. It's an excellent corporate experience not encountered, for example, in the financial sector. My task at TAG Heuer was to coordinate and resolve any issues arising with our clients and partners in North American offices. I effectively managed an e-commerce platform aimed at improving retail partners' sales, controlled the organization and execution of various TAG Heuer promotional activities in malls across the USA and Canada, and led a new, technically enhanced incentive program version.
We worked with about 600 partners across the USA and Canada (about 300 stores) while our headquarters was in New Jersey. I remember increasing our sales by 40%, and then I was offered a contract extension for another six months. After the contract ended in 2012, I decided to return to Kazakhstan.
— What interesting things did you launch in this company, given that increasing sales so sharply in the luxury watch segment in a saturated market is quite challenging?
— The sales model of Tag Heuer involves selling in multi-brand stores, similar to Swiss Time, and to motivate these stores’ employees to sell our watches, we developed and launched an exciting lottery. What did it entail? It's simple. Most sales consultants earn their commissions at the end of the month from different brands. And we decided, what if we offered an instant bonus program?
For example, a salesperson sold a watch and logged onto a special landing site where they entered their code, and automatically, a program visually similar to Wheel of Fortune showed them their prize — it could be cash prizes ranging from 20 dollars to the main prize in the form of our watches. Thus, consultants from partner stores earned their bonuses instantly and received a lot of emotional satisfaction since it was fascinating and fun.
— You mentioned visiting partner stores occasionally. It's not very popular among heads of Kazakhstani banks to visit their branches and interact with clients. Most prefer working within the head office with a nice view from the window. Do you continue this practice at Nurbank?
— In 2013, we launched a major project called ‘Consumer Credit’, aimed at lending to individuals for the purchase of goods at partner stores. Currently, about 100 organizations partner with the bank, including major companies like Sulpak, Logycom, Mechta, Fora Trade, etc. I was interested in seeing how we serve clients, so initially, I frequently wore a baseball cap and visited locations in my free time, observed competitors, compared, etc.
It's becoming more challenging to be a mystery shopper each time because I’m increasingly being recognized, but nonetheless, I enjoy this experience; I continue to visit branches 'incognito'.
— You are definitely a new figure in the banking sector, and there are high expectations from employees regarding you as the new head of the bank. Do you have your management philosophy?
— Everything starts with a personal example. You can talk a lot about management, develop principles, convey them to employees through various documents, but this remains superficial or even turns into 'double standards' if management doesn't follow them. Therefore, any philosophy starts with a personal example.
If we work in a field where we are responsible for the money entrusted to us, we shouldn’t have any 'bad habits' in the literal sense of the word. It is an expression of correct behavior and responsibility.
My workday starts at 9 a.m. or earlier, as I am an 'early bird', and I have something to occupy myself with before the daily work flow begins. Even this moment when you come to work, at least on time, already means a lot. I finish well beyond the official six o'clock. That's normal; you have to work hard to shift such a structure as a bank.
Employees in any company quickly understand what the leader represents as a person through behavior and actions, so it’s crucial to be the example you want to see in employees, and this will cascade into the organization.
— The company's success is the financial result, the very financial audited annual report.
Agreed, the banking sector is currently the most competitive among those presented in the economy. Even in the West, you won’t find such cards with such excellent conditions as our banks offer. And you can see this from banks' reactions to client criticism on social networks. I can’t imagine Bank of America dropping everything to respond to a client's critical post on Facebook. But we do, we immediately start sending it to each other on the phone, commenting, resolving. And I consider this a good indicator of client orientation.
From this perspective, my KPI is to create conditions for the team to implement planned tasks, and competition in the market to increase even more. Who will win from this? Clients.
— Why should our users be interested in the vacancies offered by Nurbank?
— A good team has gathered at the bank, and we are already implementing interesting projects. What does the banking market look like now?
There are giants-leaders striving to maintain market share. There are small banks that are actually only regional, and there are the middle-tier banks. Nurbank is among these middle-tier banks. We want to grow because we are 'hungry for success', and we want to achieve it. Nurbank will grow, and therefore anyone in search of career growth and participation in interesting projects can consider our vacancies. By the way, I personally conduct part of the interviews, as do my colleagues.
— How can employees grow within the bank? What areas do you want to develop? Which types of employees do you need? After all, new skills are always needed for development.
— First of all, it’s the retail sector. 30% of our portfolio, in the near future, will consist of retail, and retail means technological solutions, new mass products, a payment acceptance system, a large infrastructure for servicing. We are interested in employees with professionalism and competencies in these areas.
— Eldar, thank you very much for an interesting interview!
Source: Hipo.kz