The commercial and retail banking industry is an increasingly competitive sector, meaning excellent client service skills are vital to avoid other businesses poaching your customers. It is critical to make sure your employees are fully aware of the importance of client services, and understand specific techniques to engage with a broad range of individuals.
Retail banking training programmes, when structured correctly, can equip employees with the skills to engage with customers and improve their service offering, ensuring that clients are happy long term.
Evaluating prospective customers
The first interaction with a customer ultimately influences their first impression of your bank and consequently has a lasting impact on the ongoing client relationship. While building a positive bond with clients is a key skill in banking, it is important to evaluate prospective customers accurately. Through active listening and questioning, as part of a retail banking training course, employees can determine whether a customer should be on-boarded.
Start by identifying the following:
- What service does the customer need?
- What is their current financial situation?
- Will you be able to use your expertise to help them?
Training your employees ensures these questions are answered and enables them to find a solution which makes the customer happy. In addition, effective training can help boost the confidence of your employees, thus improving their general workplace performance.
Retail banking training programmes that utilise innovative experimental methods such as virtual workshops and group discussions will help your employees and, as a result, help your customers.
Maintaining a high level of service
Employees should always strive to ensure that their technical and industry knowledge is up to date, so that they can make more informed financial decisions and give the best possible advice to their clients.
Operating in a heavily regulated industry, every banking business has rules and standards to adhere to. Employees must be aware of these and follow them closely when providing services to customers.
A carefully constructed retail banking training course will give employees an opportunity to understand what information is required to make informed decisions, the triggers for additional due diligence and the signals to look for in evaluating the on-boarding of customers.
Knowledgeable, trusted employees can build stronger client relationships and will maintain a high level of service. Ultimately, investing in employees is investing in the success of your bank.
Retaining customers long-term
Competitors are always looking for new customers and will jump at any opportunity to take yours. Traditionally, customers are not loyal to banks, so a failure to optimise service offerings may result in them looking for a better alternative.
By taking steps to ensure that your employees are offering the best possible service as part of a retail banking training programme, you will go a long way in keeping customers happy and ensuring your business stays on the right track.
Customers who are satisfied with the level of service will also be loyal and recommend your bank to their friends and family members. Retaining customers long-term is therefore vital for the reputation and continuity of your business.
MDA Training’s approach to retail banking training
We believe in learning by doing. That’s why we have designed a range of fun, fully customisable and interactive experiential banking simulations suitable for our retail banking training programmes. We work in partnership with you to create simulations based on your Bank’s Know Your Customer and financial crime policies.
As part of our programmes, employees gain practical experience in meeting clients and have the chance to apply business policies. Participants will attend a simulated networking event and meet five potential client prospects, role-played by experienced actors.
MDA Training’s programmes are tailored to your unique requirements and designed to develop participants’ banking and commercial skills. Our innovative experiential learning approach will highlight the importance of active listening and the signals to look for when evaluating prospective customers.
Ultimately, a business that neglects to prioritise client service skills will be unable to retain customers in the long-term. Employees are the face of a bank, and poor client service skills will reflect on the company’s reputation. Therefore, adopting the best retail banking training programme is vital to get the most out of your employees as it will result in a significant return on investment.