Renewed Customer Focus Leads to Emphasis on Employee Training

The traditional retail bank has reached a turning point.  Just like the competitive landscape, the needs and expectations of customers are changing at a rapid pace.  As consumers increasingly conduct their retail financial transactions at an ATM or online, a challenge emerges for banks to move from a retail model that emphasizes transaction processing to one that focuses more effectively on the needs of customers.

As a result, branch customers may begin to see fewer tellers and more customer service representatives at each branch in the future.  But with this transformation comes the need for retail banks to place a renewed focus on employee training as they begin the transition from transaction- to service-based models. 

The following outlines key areas of transformation, and how training can help build and maintain customer relationships during times of shifting market dynamics.

“Next Generation” Branches
According to a recent study conducted by the Deloitte Center for Banking Solutions titled, Evolving Models of Retail Banking Distribution, branch changes over the next ten years will likely center around five main areas:

• Branch redesign to help customers better navigate the outlet
• Operating model and staffing changes to improve customer service by engaging the customer in new ways
• Technology enhancements to improve the customer experience and increase cost productivity
• Enhanced network management to increase customer convenience while improving flexibility and cost effectiveness
• Connecting better to the community and the customer to create greater brand loyalty

These changes will introduce new roles within the branch environment, including customer service specialists and “concierges.”  Similar to that of a hotel, the concierge role may be responsible for greeting and directing customers to appropriate areas within the bank, and ensuring efficiency of visits.  Most importantly, the concierge acts as the first point of contact for incoming customers.

Not only will individuals taking on this role need to be knowledgeable of all current product and service offerings of the bank, but they will also need to take a consultative approach to meeting customer needs.  Even though face-to-face transactions may be on the decline, customers still require personal contact at various stages of the sales and service processes. 

Furthermore, by transforming bank branches into “destinations,” branches may begin incorporating advanced technologies such as robust ATMs which offer airline tickets, movie passes or digital entertainment, information kiosks and coin-counting machines.  During these times of rapid technology advancements, it will be critical to train not only branch employees so that they remain well-versed in the evolving technologies, but customers as well to encourage and speed adoption.

Growing Mobile Sales Forces
With the changes in payments, technology and customer behaviors, the financial services industry is beginning to see a shift towards a mobile sales force.  Implementation of a mobile bank model is appealing to many as it offers customers the advantage of increased convenience and more personalized service with added flexibility for the bank. 

For those associates accustomed to selling from a branch or office location, the transition can be challenging.  To respond, properly crafted training programs in a mobile sales approach and the associated technologies – PDAs, wireless computing and other handheld devices – can speed these services to market.

Gaining & Maintaining Gen Y Consumers
Connected. Resourceful.  Tech-savvy.  Retail banks across the country are turning their focus to Gen Y consumers – those born between 1982 and 1995 – and as a result are spending significant time rethinking their channel, marketing and product strategies. 

According to a recent study conducted by the Deloitte Center for Banking Solutions titled, Catalysts for Change: The Implications of Gen Y Consumers for Banks, this group has more than 75 million members, second in population only to the 80 million Baby Boomers, and boasts a collective income of approximately $1.89 trillion.  Because this segment of the population holds such immense spending power, financial services providers must have a firm grasp on the values that drive their needs and preferences, and align their product and service offerings accordingly. 

Retail banks will require a new mindset among employees and must educate associates on how to relate to this dynamic population. 

Amidst these and more changes occurring in the financial services market place, it’s critical to not let change become a roadblock to delivering complete and effective packages of training materials to associates across your business. 

Standard Register recognizes that the profitability of your organization depends not only on the market skills and risk management capabilities of the bank, but also on the efficiency of operations.  By partnering with a trusted training solutions provider to manage your business-critical training materials, you can arm your associates with the proper materials to stay one step ahead of the competition. 

Whether you’re creating training materials for a sales kickoff, new product rollout, bank teller training, branch automation, or CRM training, Standard Register’s Training Solutions can help you design, print, warehouse, and deliver the training tools you need. Contact us today to discuss your specific training needs.