Case Study
Improve Client Service with The Next Level Banker Training Program
The Challenge
Retail bank employees lacked knowledge and understanding of financial products and services available to address customer needs beyond daily banking transactions. This knowledge gap resulted in a loss of business opportunities within other areas of the bank, leading to lost revenue and decreased customer retention.
The bank recognized a disparity in the customer products and services provided proportionate to their overall customer base potential. They identified a direct correlation between the conversational competence of the retail staff and missed business opportunities. Additionally, there was an untapped customer segment of small business owners requiring both personal and business banking solutions that the bank was not effectively targeting.
The Solution
To address these challenges, Cannon Financial Institute created "The Next Level Banker Training Program" aimed at providing retail bank staff with the knowledge, skills, and routines necessary to establish holistic banking practices. The program had three distinct phases. The first phase consisted of four weeks of online modules to help participants gain a broad understanding of the financial challenges consumers and business owners face and the available tools to provide more targeted services.
The second phase was a two-day in-person workshop focusing on conversational and relationship management techniques. This covered areas such as overall conversational skills, advanced sales and client experience techniques, presenting a broader value proposition, shifting from reactive to proactive customer engagement, conducting discovery interviews, making suitable recommendations, and establishing ongoing relationships.
The third phase spanned nine weeks of ongoing sustainment activities and evaluation. Participants used self-generated short videos to respond to scenarios, received coaching and feedback, and engaged in peer review. This allowed for practice and refinement of client interaction skills with specific feedback to hone their skill set.
The Results
Since its inception in 2019, the "The Next Level Banker Training Program" has enabled 479 bankers to elevate their business services to "the next level." Key results include increased conversational competence and confidence within all roles at the retail branch level, successful roll-out of an external prospecting initiative targeting small business owners, improved customer retention rates, and increased utilization of consultative product and service groups within the bank.
