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ELEVATING RETAIL BANKING SERVICE
TO MEETTHEWIDER SCOPEOF CUSTOMER NEEDS
WHITEPAPER
Copyright © 2019 Richardson. All rights reserved.
Traditional retail banks are
struggling to attract and retain
customers. As a result, retail
banks are rethinking their
strategies. Retail banks are
turning to their service
professionals. Effective retail
banking professionals use their
detail to discover unexpected
value for customers.
THREE KEY STEPSTO ENHANCINGTHE REATIL BANKING
SERVICETHROUGH A CONSULTATIVE APPROACH
Build a Better Mindset:
Retail banking professionals must view the sale as
an opportunity to address the customer’s unfulfilled
needs.
1
Engage the Customer:
A strong opening helps the retail banking professional connect with the
customer. It defuses negative emotions, fosters openness, and builds
credibility.
2
EnhanceValue:
After engaging the customer and solving their problem, they can position products
and services that address a wider set of needs. Making this approach work means
tuning in to the customer.
3
Copyright © 2019 Richardson. All rights reserved.
4
Copyright © 2019 Richardson. All rights reserved.
BUILD A BETTER MINDSET
Service and sales can and should coexist. It is
reasonable to use the service conversation to
solve, then sell, in that order.
First, adding
unexpected value
through additional
product and solutions
is often a part of
creating a solution.
Second, pairing
expanded solutions
with service is fast
becoming an
economic necessity.
Third, retail banking
professionals, unlike
purely digital offerings,
can identify the
solution that is
appropriate to the
customer’s needs.
BUILD A BETTER MINDSET
Joining these practices is necessary for three reasons:
Copyright © 2019 Richardson. All rights reserved.
BUILD A BETTER MINDSET
Self-awareness is about
recognizing one’s own
emotional tendencies and
how they impact the
customer. By recognizing
these tendencies, the retail
banking professional can
manage them.
As business engage in an
escalating arms race for
superior CRM systems, they
often forget that one of the
most powerful tools in
customer service is not a
program or piece of
technology – it is active
listening. Active listening
requires one to be:
Intentional
Open-minded
Dedicated
Building a better mindset
requires moving past our
automatic tendencies. When
we rely on too little
information, we are
succumbing to the anchoring
bias. As a result, the
professional may jump to a
solution without a complete
understanding of the
problem.
31 2
FOSTER SELF-
AWARENESS
ENGAGE IN
ACTIVE LISTENING
AVOID
ANCHORING
Retail banking professionals can develop a new mindset with three key practices:
Copyright © 2019 Richardson. All rights reserved.
ENGAGETHE
CUSTOMER
The long-term success
of a retail banking
requires the service
professional to deliver
on the customer’s
expectations.
The challenge: those
expectations are higher
than they have ever
been.
Copyright © 2019 Richardson. All rights reserved.
ENGAGETHE CUSTOMER
5%
Source: Bain
INCREASE IN PROFIT”
RETENTION PRODUCES MORETHAN A
INCREASE IN CUSTOMER
25%
“A
Copyright © 2019 Richardson. All rights reserved.
Own the issue
Retail banking professionals must be able to relate to the customer
Relating sets the stage for meeting a customer’s expectations in five ways:
Be authentic Understand,
then solve
Be curious to
exceed
expectations
Personalize the
experience
1 2 3 4 5
Copyright © 2019 Richardson. All rights reserved.
Copyright © 2019 Richardson. All rights reserved.
ENHANCEVALUE
Finding unexpected value for the
customer. Retail banks need to offer more
to retain and grow existing accounts.
By understanding and solving the
customer’s issue, the retail banking
professional has earned the right to take
the conversation further.
The retail banking professional
must engage in a dialogue to
understand and resolve the
customer’s resistance.
First, the professional must
acknowledge the customer’s
concern.
Next, the professional must
ask broad, open-ended
questions.
Finally, the professional should
ask additional follow-up
questions to get feedback on
how to proceed.
ENHANCEVALUE
The retail banking
professionals must be able to
spark the customer’s interest.
This engagement is
necessary for the
professional to be able to
address the wider scope of
needs. The best way to do
this is to reference a cue or
clue from earlier in the
conversation.
When linking the capability
to the customer’s needs, it is
important to position with
organization. If a customer
doesn’t understand the offer,
they will end the
conversation. Restarting is
near impossible. Therefore,
knowing how to position is
critical.
31 2
PIQUE
CURIOSITY
POSITIONWITH
ORGANIZATION
RESOLVE
OBJECTIONS
Retail banking professionals must set out to accomplish three goals:
Copyright © 2019 Richardson. All rights reserved.
THETAKEAWAY
The retail banking
professional has a level of
access to the customer’s
thinking that is
unmatched. Capitalizing
on these opportunities,
however, requires a new
mindset in which expanded
services become part of
the solution.
Build a better mindset by acknowledging that service
and sales can coexist in the same call.
To properly engage the customer, professionals must
think of customer service as a competitive advantage.
Expanding the relationship means finding unseen
value for the customer in the form of additional
products or services.
Retail banking professionals must:
Copyright © 2019 Richardson. All rights reserved.
company/richardson/
https://www.richardson.com/blog/
www.richardson.com
US: 215-940-9255
EMEA: +44 (0) 20 7917 1806
APAC: +61 (0) 8 8376 1667
info@richardson.com
LET’S GET IN TOUCH
Click here to Download the full White Paper
About Richardson
Richardson is a global sales training and
performance improvement company
focused on helping you drive revenue and
grow long-term customer relationships.
Our market proven sales and coaching
methodology combined with our active
learning approach ensures your sales
teams learn, master, and apply new
behaviors when and where they matter
most - in front of the buyer. Get to know us
and learn about how we help drive the
world’s most inspiring sales organizations
to their next level of excellence.
14
THANK
YOU

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Elevating Retail Banking Service

  • 1. ELEVATING RETAIL BANKING SERVICE TO MEETTHEWIDER SCOPEOF CUSTOMER NEEDS WHITEPAPER Copyright © 2019 Richardson. All rights reserved.
  • 2. Traditional retail banks are struggling to attract and retain customers. As a result, retail banks are rethinking their strategies. Retail banks are turning to their service professionals. Effective retail banking professionals use their detail to discover unexpected value for customers.
  • 3. THREE KEY STEPSTO ENHANCINGTHE REATIL BANKING SERVICETHROUGH A CONSULTATIVE APPROACH Build a Better Mindset: Retail banking professionals must view the sale as an opportunity to address the customer’s unfulfilled needs. 1 Engage the Customer: A strong opening helps the retail banking professional connect with the customer. It defuses negative emotions, fosters openness, and builds credibility. 2 EnhanceValue: After engaging the customer and solving their problem, they can position products and services that address a wider set of needs. Making this approach work means tuning in to the customer. 3 Copyright © 2019 Richardson. All rights reserved.
  • 4. 4 Copyright © 2019 Richardson. All rights reserved. BUILD A BETTER MINDSET Service and sales can and should coexist. It is reasonable to use the service conversation to solve, then sell, in that order.
  • 5. First, adding unexpected value through additional product and solutions is often a part of creating a solution. Second, pairing expanded solutions with service is fast becoming an economic necessity. Third, retail banking professionals, unlike purely digital offerings, can identify the solution that is appropriate to the customer’s needs. BUILD A BETTER MINDSET Joining these practices is necessary for three reasons: Copyright © 2019 Richardson. All rights reserved.
  • 6. BUILD A BETTER MINDSET Self-awareness is about recognizing one’s own emotional tendencies and how they impact the customer. By recognizing these tendencies, the retail banking professional can manage them. As business engage in an escalating arms race for superior CRM systems, they often forget that one of the most powerful tools in customer service is not a program or piece of technology – it is active listening. Active listening requires one to be: Intentional Open-minded Dedicated Building a better mindset requires moving past our automatic tendencies. When we rely on too little information, we are succumbing to the anchoring bias. As a result, the professional may jump to a solution without a complete understanding of the problem. 31 2 FOSTER SELF- AWARENESS ENGAGE IN ACTIVE LISTENING AVOID ANCHORING Retail banking professionals can develop a new mindset with three key practices: Copyright © 2019 Richardson. All rights reserved.
  • 7. ENGAGETHE CUSTOMER The long-term success of a retail banking requires the service professional to deliver on the customer’s expectations. The challenge: those expectations are higher than they have ever been. Copyright © 2019 Richardson. All rights reserved.
  • 8. ENGAGETHE CUSTOMER 5% Source: Bain INCREASE IN PROFIT” RETENTION PRODUCES MORETHAN A INCREASE IN CUSTOMER 25% “A Copyright © 2019 Richardson. All rights reserved.
  • 9. Own the issue Retail banking professionals must be able to relate to the customer Relating sets the stage for meeting a customer’s expectations in five ways: Be authentic Understand, then solve Be curious to exceed expectations Personalize the experience 1 2 3 4 5 Copyright © 2019 Richardson. All rights reserved.
  • 10. Copyright © 2019 Richardson. All rights reserved. ENHANCEVALUE Finding unexpected value for the customer. Retail banks need to offer more to retain and grow existing accounts. By understanding and solving the customer’s issue, the retail banking professional has earned the right to take the conversation further.
  • 11. The retail banking professional must engage in a dialogue to understand and resolve the customer’s resistance. First, the professional must acknowledge the customer’s concern. Next, the professional must ask broad, open-ended questions. Finally, the professional should ask additional follow-up questions to get feedback on how to proceed. ENHANCEVALUE The retail banking professionals must be able to spark the customer’s interest. This engagement is necessary for the professional to be able to address the wider scope of needs. The best way to do this is to reference a cue or clue from earlier in the conversation. When linking the capability to the customer’s needs, it is important to position with organization. If a customer doesn’t understand the offer, they will end the conversation. Restarting is near impossible. Therefore, knowing how to position is critical. 31 2 PIQUE CURIOSITY POSITIONWITH ORGANIZATION RESOLVE OBJECTIONS Retail banking professionals must set out to accomplish three goals: Copyright © 2019 Richardson. All rights reserved.
  • 12. THETAKEAWAY The retail banking professional has a level of access to the customer’s thinking that is unmatched. Capitalizing on these opportunities, however, requires a new mindset in which expanded services become part of the solution. Build a better mindset by acknowledging that service and sales can coexist in the same call. To properly engage the customer, professionals must think of customer service as a competitive advantage. Expanding the relationship means finding unseen value for the customer in the form of additional products or services. Retail banking professionals must: Copyright © 2019 Richardson. All rights reserved.
  • 13. company/richardson/ https://www.richardson.com/blog/ www.richardson.com US: 215-940-9255 EMEA: +44 (0) 20 7917 1806 APAC: +61 (0) 8 8376 1667 info@richardson.com LET’S GET IN TOUCH Click here to Download the full White Paper
  • 14. About Richardson Richardson is a global sales training and performance improvement company focused on helping you drive revenue and grow long-term customer relationships. Our market proven sales and coaching methodology combined with our active learning approach ensures your sales teams learn, master, and apply new behaviors when and where they matter most - in front of the buyer. Get to know us and learn about how we help drive the world’s most inspiring sales organizations to their next level of excellence. 14

Notas del editor

  1. Strategic Account Planning in your organization should be a simple, yet powerful and repeatable process that facilitates three critical things:  – First, it helps you identify the appropriate information you need to make the best decisions to develop strategies that allow you to maximize the relationship. It enables you to organize what you know and understand and highlight what you don’t know so you can gain critical information and make the best decisions on actions to take.  – Second, it gives you a format for capturing and leveraging that information for your strategic customers. It provides an organized way to capture the critical information necessary to make good decisions in order to have the greatest impact on achieving your revenue objectives. If you don’t have a place to capture the information and then easily use it to make decisions, it’s not much different than not having the information at all. People who are disorganized often miss some simple and obvious steps that have a dramatic impact on their relationships and the achievement of their goals.  – Third, it gives you a way to analyze that information for the purposes of creating goals, objectives, strategies, and a tactical action plan that, when executed, helps you achieve your overall goal in a specified time frame. 
  2. LINA: clean up to look good. Early Stages: Build relationships with all stakeholders Understand business and individual needs Gauge interest, comfort level, agreement, and alignment Assess the power structure Share insight about the issue and stakeholder needs and perspectives to clarify thinking and align perspectives  Float ideas to gauge reaction and foster buy-in Uncover perceptions of risk and share perspective on how to mitigate risk Middle: Synthesize the different perspectives and needs into one cohesive case-for-change storyline Share insight about the issue, stakeholder needs, and solution options to clarify thinking and align perspectives  Reinforce common ground Uncover and understand points of stakeholder misalignment Share perspective and ideas to meet all needs Develop, adjust, and refine the solution based on evolving requirements  Address concerns over risk Later: Reinforce common ground Address areas of misalignment Resolve late-stage concerns and reinforce personal value Highlight the risk of no change and delay in decision to drive momentum 
  3. Set Expectations: SET EXPECTATIONS Communication is critical. Sales professionals need to know that sustainment is a priority for the leadership. These expectations should be expressed in clear, actionable language containing no ambiguity. Additionally, leaders should underscore the urgency of the expectations by expressing them in the right medium. That is, they should conduct a meeting in which all expectations are outlined in person. If the selling organization is distributed geographically and an in-person meeting is not possible, then leaders should share expectations via video. The key is to avoid easily dismissed messaging like emails or a short memo. Just as sales professionals are expected to sustain skills, leaders should be expected to sustain communication by reinforcing expectations consistently. One announcement is not enough. Achieving this critical first step immediately places leaders ahead of the competition, given that “only about half of employees strongly agree that they know what is expected of them at work,” according to research from Gallup. CONNECT SKILLS TO CHALLENGES Skill training often unfolds in the controlled environment of a classroom. Scenarios are clearly defined, and outcomes are hypothetical. Converting learned selling skills to the real world is more challenging. Leaders need to help sales professionals bridge the gap between the classroom and the real world by encouraging skill adoption immediately after training when it’s still fresh. When sales professionals see the effectiveness of the skills in real selling situations, they’re more likely to continue using them. In other words, skill effectiveness gives sales professionals agency, and agency underpins sustainment. To connect skills to real selling challenges, leaders should also encourage sales professionals to “post-game” each sale, whether successful or not, and reflect on lessons learned. Consider Harvard research findings showing that “reflection has an effect on both self-efficacy and task understanding.” PREVENT RELAPSE Change takes time, and most of us are impatient. If people don’t feel like they are making progress with the new behaviors, they are much more likely to return to their pre-training behaviors. It is important to break up behavior change into incremental steps so that people feel that they are making progress. In addition, success, even partial success, is important so that people feel the benefits of putting in the effort to master the new knowledge and skills. Many sales professionals have habits that are counter to the new skills. Leaders can help them overcome this problem by using the old habits as a trigger for the new ones. As Charles Duhigg, author of The Power of Habit explains, “the Golden Rule of Habit Change: you can’t extinguish a bad habit, you can only change it.” CREATE ACCOUNTABILITY Hold people accountable for their behavior change. Doing so helps people to take personal ownership of change management. Without accountability, sustainment can feel like a “top-down” approach in which sales professionals take directives from leaders. This approach puts distance between the sales professional and the outcomes of their work. Sustainment requires sales professionals to see the connection between their efforts and results. Create this setting by communicating that each person is responsible for sustained skill adoption. At the same time, remind employees that the leaders represent a support structure and resource. Accountability is a routine; it must be perpetual and underpinned by direct feedback. Employees need to know where they stand. Honest communication is important because it ensures that the employee’s understanding of expectations matches those of the leadership. Finally, accountability requires measurement. Both leaders and employees appreciate the clarity that comes from well-defined metrics. SHAPE THE CULTURE AROUND SUSTAINMENT Behavior changes must be “real” and not a “flavor of the month.” If people go through training but their work environment has not noticeably changed to support the new behaviors, people will think that the new behaviors are optional or, worse, that management is not serious about change. On the other hand, if people go through training and return to a work environment that is significantly different and better aligned to support the new behaviors, people will see that management is serious about this change.