Accelerating Sales Performance in Retail Banking

Accelerating Performance
in Retail Banking
Improving Customer Loyalty Through Your People
© Copyright BTS
By Michael Collins
Accelerating Performance in Retail Banking • BTS White Paper
About BTS
BTS is a world-leading strategy implementation firm. The company accelerates
execution by ensuring the workforce is aligned to the strategy, has the right
mindset, and has mastered the capabilities needed to deliver business results. BTS
leverages customized business simulations and experiential learning initiatives
to develop the business acumen, leadership and sales capabilities necessary for
superior strategy execution. Partnering with today’s leading corporations, BTS
consultants bring passion and deep industry expertise to deliver high-impact
solutions that help clients achieve better results, faster.
Headquartered in Stockholm, BTS has approximately 350 professionals in more
than 25 offices located on six continents. Partnering with nearly 400 organizations,
including more than 30 of the world’s largest corporations, BTS’s major clients are
some of the most respected names in business: Anglo American, AT&T, Chevron,
Coca-Cola, Ericsson, Hewlett-Packard, Rio Tinto, Sony, Telefonica, and Unilever.
Among the current clients of the BTS Sales Practice are Accenture, Autodesk,
Bancomer, Cisco, IBM, MetLife, Microsoft, Nike, Oracle, Pepsi, SAP, Schindler,
Sodexo, Standard Bank, UCB, UPS, and VMware.
BTS is a public company listed on the NASDAQ-OMX Stockholm trading under the
symbol BTS B.
For more information, please visit www.bts.com.
© Copyright BTS
About the Author
Michael Collins is a Director in the BTS Sales Practice. He focuses on providing
thought leadership to help clients develop new selling capabilities, transform the
sales organization, and execute corporate strategy.
Prior to his role at BTS, Michael held senior sales leadership and consulting
positions with companies in the financial services, high tech and
telecommunication industries. Michael led the sales force for a $100 million
financial services outsourcing company. He has spent nearly two decades working
with and advising clients such as IBM, American Express, and General Electric on
solutions development and go-to-market strategies.
Accelerating Performance in Retail Banking • BTS White Paper
About BTS
BTS is a world-leading strategy implementation firm. The company accelerates
execution by ensuring the workforce is aligned to the strategy, has the right
mindset, and has mastered the capabilities needed to deliver business results. BTS
leverages customized business simulations and experiential learning initiatives
to develop the business acumen, leadership and sales capabilities necessary for
superior strategy execution. Partnering with today’s leading corporations, BTS
consultants bring passion and deep industry expertise to deliver high-impact
solutions that help clients achieve better results, faster.
Headquartered in Stockholm, BTS has approximately 350 professionals in more
than 25 offices located on six continents. Partnering with nearly 400 organizations,
including more than 30 of the world’s largest corporations, BTS’s major clients are
some of the most respected names in business: Anglo American, AT&T, Chevron,
Coca-Cola, Ericsson, Hewlett-Packard, Rio Tinto, Sony, Telefonica, and Unilever.
Among the current clients of the BTS Sales Practice are Accenture, Autodesk,
Bancomer, Cisco, IBM, MetLife, Microsoft, Nike, Oracle, Pepsi, SAP, Schindler,
Sodexo, Standard Bank, UCB, UPS, and VMware.
BTS is a public company listed on the NASDAQ-OMX Stockholm trading under the
symbol BTS B.
For more information, please visit www.bts.com.
© Copyright BTS
About the Author
Michael Collins is a Director in the BTS Sales Practice. He focuses on providing
thought leadership to help clients develop new selling capabilities, transform the
sales organization, and execute corporate strategy.
Prior to his role at BTS, Michael held senior sales leadership and consulting
positions with companies in the financial services, high tech and
telecommunication industries. Michael led the sales force for a $100 million
financial services outsourcing company. He has spent nearly two decades working
with and advising clients such as IBM, American Express, and General Electric on
solutions development and go-to-market strategies.
Accelerating Performance in Retail Banking • BTS White Paper
Range of Net Promoter Scores (NPS) Across Industries
-20%
-10%
0%
10%
20%
30%
34% 40%
Auto dealers
Software companies
Grocery chains
20%
31%
20%
30%
3%
Airlines
54%
18%
13%
51%
Car rental agencies
48%
25%
19%
11%
–26%
18%
In banking, a critical lever for profitable growth is the customer. According to a 2012
study by Bain, the typical affluent U.S. customer who is a promoter of the bank is
worth USD 10,000 more than one who is a detractor.
60%
Low
NPS
39%
21%
Wireless carriers
As industries and regions emerge from the global recession, many companies have a
renewed focus on driving profitable revenue growth. Nowhere is this more important
than in the banking industry in the United States.
38%
27%
8%
13%
–2%
–4%
–15%
Source: Temkin Group
© Copyright BTS
13%
11%
9%
Avg
High
NPS
49%
28%
77%
29%
Credit card issuers
31%
28%
In a cross-industry study of Net Promoter Scores (NPS) by the Temkin Group, banking
represented the extremes when it comes to customer engagement and loyalty.
On the positive side, USAA earned the highest scores across all industries when
customers were asked whether they would recommend the company to a friend.
24%
19%
–24%
How well do banks attract and retain their most profitable customers?
75%
29%
2%
Customer Loyalty:
Challenges and Opportunities
55%
29%
Appliance makers
80%
30% 35%
–3%
Computer makers
70%
52%
30%
20%
60%
48%
35%
9%
Parcel delivery services
Fast food chains
50%
33%
Investment firms
Hotel chains
23%
14%
Insurance carriers
Retailers
40%
Internet service providers
Health plans
44%
TV service providers
Banks
At the opposite end were several global banks where the banks’ detractors nearly
equaled – or even outnumbered – the banks’ promoters.
Accelerating Performance in Retail Banking • BTS White Paper
Range of Net Promoter Scores (NPS) Across Industries
-20%
-10%
0%
10%
20%
30%
34% 40%
Auto dealers
Software companies
Grocery chains
20%
31%
20%
30%
3%
Airlines
54%
18%
13%
51%
Car rental agencies
48%
25%
19%
11%
–26%
18%
In banking, a critical lever for profitable growth is the customer. According to a 2012
study by Bain, the typical affluent U.S. customer who is a promoter of the bank is
worth USD 10,000 more than one who is a detractor.
60%
Low
NPS
39%
21%
Wireless carriers
As industries and regions emerge from the global recession, many companies have a
renewed focus on driving profitable revenue growth. Nowhere is this more important
than in the banking industry in the United States.
38%
27%
8%
13%
–2%
–4%
–15%
Source: Temkin Group
© Copyright BTS
13%
11%
9%
Avg
High
NPS
49%
28%
77%
29%
Credit card issuers
31%
28%
In a cross-industry study of Net Promoter Scores (NPS) by the Temkin Group, banking
represented the extremes when it comes to customer engagement and loyalty.
On the positive side, USAA earned the highest scores across all industries when
customers were asked whether they would recommend the company to a friend.
24%
19%
–24%
How well do banks attract and retain their most profitable customers?
75%
29%
2%
Customer Loyalty:
Challenges and Opportunities
55%
29%
Appliance makers
80%
30% 35%
–3%
Computer makers
70%
52%
30%
20%
60%
48%
35%
9%
Parcel delivery services
Fast food chains
50%
33%
Investment firms
Hotel chains
23%
14%
Insurance carriers
Retailers
40%
Internet service providers
Health plans
44%
TV service providers
Banks
At the opposite end were several global banks where the banks’ detractors nearly
equaled – or even outnumbered – the banks’ promoters.
Accelerating Performance in Retail Banking • BTS White Paper
Net Promoter Score by Bank Model (2012)
80%
74
64
United States
60
45
40
21
20
3
0
–20
Direct banks
Credit unions
Community banks
Source: Bain/Research Now US NPS survey, 2012 (n=74,700)
© Copyright BTS
Regional banks
National banks
In the United States, customer loyalty varies widely across different banking models.
Among direct banks and credit unions, loyalty is strong and continuing to improve.
Regional banks have seen an increase in loyalty starting from very low NPS. However,
national banks continue to struggle with customer loyalty. Only recently have national
banks seen their number of promoters exceed detractors, according to Bain.
In addition, wealthier customers in the United States tend to be the least loyal;
national banks are particularly weak in this segment. For national banks, households
with more than USD 1 million of investable assets have a negative eight percent NPS;
for households with assets under USD 100,000, that number rises to positive four
percent NPS.
The implications of high churn and low NPS for large national banks in the United
States are significant. A recent study of banking “brand vulnerability” by cg42
Consulting estimates that poor customer satisfaction will cause the top 10 banks in
the United States to lose a combined USD 92 billion in deposits and USD 5 billion in
revenues in the next year.
Accelerating Performance in Retail Banking • BTS White Paper
Net Promoter Score by Bank Model (2012)
80%
74
64
United States
60
45
40
21
20
3
0
–20
Direct banks
Credit unions
Community banks
Source: Bain/Research Now US NPS survey, 2012 (n=74,700)
© Copyright BTS
Regional banks
National banks
In the United States, customer loyalty varies widely across different banking models.
Among direct banks and credit unions, loyalty is strong and continuing to improve.
Regional banks have seen an increase in loyalty starting from very low NPS. However,
national banks continue to struggle with customer loyalty. Only recently have national
banks seen their number of promoters exceed detractors, according to Bain.
In addition, wealthier customers in the United States tend to be the least loyal;
national banks are particularly weak in this segment. For national banks, households
with more than USD 1 million of investable assets have a negative eight percent NPS;
for households with assets under USD 100,000, that number rises to positive four
percent NPS.
The implications of high churn and low NPS for large national banks in the United
States are significant. A recent study of banking “brand vulnerability” by cg42
Consulting estimates that poor customer satisfaction will cause the top 10 banks in
the United States to lose a combined USD 92 billion in deposits and USD 5 billion in
revenues in the next year.
Accelerating Performance in Retail Banking • BTS White Paper
Correlation BETWEEN Banks’ Knowledge of
The Customers’ Needs and Customer Experience
Of the Banking Customers with a Positive
Experience, What Percentage Feel Their Banks
HAVE Good Knowledge of Their Needs (%), 2013
Of the Banking Customers with Negative
Experience, What Percentage Feel Their Banks
HAVE Good Knowledge of Their Needs (%), 2013
83.4%
Latin America
82.9%
North America
80.5%
79.1%
Asia-Pacific
77.5%
Middle East & Africa
76.2%
Source: Capgemini
© Copyright BTS
Central Europe
Western Europe
33.8%
45.7%
28.4%
34.8%
31.6%
26.8%
Customer Experience and
Customer Understanding
In a recent “voice of the customer” study by Capgemini, customer experience was shown
to be highly correlated to customer loyalty. In fact, a positive customer experience –
rather than high customer satisfaction – proved to be a stronger predictor of retention.
Banks that pay attention only to satisfaction, rather than focusing on the customer
experience, may overestimate a customer’s likelihood to stay with the bank.
So what drives a positive customer experience? In most regions of the world, customers
cited quality of service as the most important factor influencing their decision to stay or
leave the bank. (In North America, fees were the #1 factor, followed closely by quality of
service).
Beyond quality of service, the study found that understanding customers and their
needs is a significant predictor of customer experience. Globally, an average of 78
percent of customers with positive experiences said they believe their banks are aware
of their needs. Conversely, only 31 percent of customers with negative experiences said
they believe their banks understood their needs.
Accelerating Performance in Retail Banking • BTS White Paper
Correlation BETWEEN Banks’ Knowledge of
The Customers’ Needs and Customer Experience
Of the Banking Customers with a Positive
Experience, What Percentage Feel Their Banks
HAVE Good Knowledge of Their Needs (%), 2013
Of the Banking Customers with Negative
Experience, What Percentage Feel Their Banks
HAVE Good Knowledge of Their Needs (%), 2013
83.4%
Latin America
82.9%
North America
80.5%
79.1%
Asia-Pacific
77.5%
Middle East & Africa
76.2%
Source: Capgemini
© Copyright BTS
Central Europe
Western Europe
33.8%
45.7%
28.4%
34.8%
31.6%
26.8%
Customer Experience and
Customer Understanding
In a recent “voice of the customer” study by Capgemini, customer experience was shown
to be highly correlated to customer loyalty. In fact, a positive customer experience –
rather than high customer satisfaction – proved to be a stronger predictor of retention.
Banks that pay attention only to satisfaction, rather than focusing on the customer
experience, may overestimate a customer’s likelihood to stay with the bank.
So what drives a positive customer experience? In most regions of the world, customers
cited quality of service as the most important factor influencing their decision to stay or
leave the bank. (In North America, fees were the #1 factor, followed closely by quality of
service).
Beyond quality of service, the study found that understanding customers and their
needs is a significant predictor of customer experience. Globally, an average of 78
percent of customers with positive experiences said they believe their banks are aware
of their needs. Conversely, only 31 percent of customers with negative experiences said
they believe their banks understood their needs.
Accelerating Performance in Retail Banking • BTS White Paper
Understanding the Value Gap
in Banking
BTS has been studying customer experience during the buying decision process
across multiple industries. We have discovered a significant difference between the
behaviors that customers seek and what they actually get from salespeople. We call
this difference a “value gap.” For more information on the results of that study, see
“Closing the Value Gap.”
In banking, the implications of the value gap can be seen in longer sales cycles, more
price pressure and less customer loyalty.
So what are the specific behaviors that customers are looking for in banking
professionals? And where are the biggest gaps?
Our research shows different gaps in different industries. For clients of financial
institutions, three “value elements” consistently show the largest gaps:
Advance – Reflects the ability for a producer to move a sale forward in a
way that is consistent with the customer’s buying decision process. The large
value gap (0.8) in what customers seek versus how producers behave likely
indicates producers who recommend a product too soon in the buying cycle or
recommend a product that does not truly meet the client’s needs.
Customer Understanding – Indicates the extent to which a producer
understands the needs and aspirations of the client. The significant value
gap (0.7) is consistent with industry studies cited earlier. Banking clients
– particularly wealthier clients of large national banks – do not feel that
© Copyright BTS
producers take the time to understand their goals and aspirations for banking and
investing.
Plan – Reflects the analysis and planning performed by the producer prior to
interaction with the client. The value gap (0.7) is consistent with poor Advance and
Customer Understanding scores. Clients often get the sense that the producer is
not prepared to conduct a sales meeting in a way that meets the buying decision
process and client banking needs.
Value Gaps for Financial Institutions
Value Element:
What Customers‘s Seek vs.
How Producers Behave
Definition
2.5
Advance
How you move the sale
forward
Customer
Understanding
What you know about
your client’s banking
needs and aspirations
Plan
What you do before a
client interaction
Engage
How you articulate the
value of your offerings
Manage
How you build your
overall book of business
Discover
How you determine what
clients value
Collaborate
How you work with
others in your
organization
Preferred Behavior
Source: BTS
1.7
2.3
1.6
2.6
1.9
2.4
1.8
2.7
2.1
2.3
1.8
2.3
2.0
Most Typical Behavior
Value
Gap
0.8
0.7
0.7
0.6
0.6
0.5
0.3
Accelerating Performance in Retail Banking • BTS White Paper
Understanding the Value Gap
in Banking
BTS has been studying customer experience during the buying decision process
across multiple industries. We have discovered a significant difference between the
behaviors that customers seek and what they actually get from salespeople. We call
this difference a “value gap.” For more information on the results of that study, see
“Closing the Value Gap.”
In banking, the implications of the value gap can be seen in longer sales cycles, more
price pressure and less customer loyalty.
So what are the specific behaviors that customers are looking for in banking
professionals? And where are the biggest gaps?
Our research shows different gaps in different industries. For clients of financial
institutions, three “value elements” consistently show the largest gaps:
Advance – Reflects the ability for a producer to move a sale forward in a
way that is consistent with the customer’s buying decision process. The large
value gap (0.8) in what customers seek versus how producers behave likely
indicates producers who recommend a product too soon in the buying cycle or
recommend a product that does not truly meet the client’s needs.
Customer Understanding – Indicates the extent to which a producer
understands the needs and aspirations of the client. The significant value
gap (0.7) is consistent with industry studies cited earlier. Banking clients
– particularly wealthier clients of large national banks – do not feel that
© Copyright BTS
producers take the time to understand their goals and aspirations for banking and
investing.
Plan – Reflects the analysis and planning performed by the producer prior to
interaction with the client. The value gap (0.7) is consistent with poor Advance and
Customer Understanding scores. Clients often get the sense that the producer is
not prepared to conduct a sales meeting in a way that meets the buying decision
process and client banking needs.
Value Gaps for Financial Institutions
Value Element:
What Customers‘s Seek vs.
How Producers Behave
Definition
2.5
Advance
How you move the sale
forward
Customer
Understanding
What you know about
your client’s banking
needs and aspirations
Plan
What you do before a
client interaction
Engage
How you articulate the
value of your offerings
Manage
How you build your
overall book of business
Discover
How you determine what
clients value
Collaborate
How you work with
others in your
organization
Preferred Behavior
Source: BTS
1.7
2.3
1.6
2.6
1.9
2.4
1.8
2.7
2.1
2.3
1.8
2.3
2.0
Most Typical Behavior
Value
Gap
0.8
0.7
0.7
0.6
0.6
0.5
0.3
Accelerating Performance in Retail Banking • BTS White Paper
Changing the Customer Experience
in Banking: E=AMC
So how can banks take action to close the value gaps and improve customer
experience? How can your people in the branches help the bank attract and retain your
most valuable clients?
Strategy
Alignment
People
understand
the strategy
Mindset
People are
engaged by
the strategy
Capabilities
People have the
skills they need
to execute
Results
In working with many of the world’s leading companies for the last 25 years, BTS has
developed a framework that captures the inner architecture of exceptional strategy
execution. We call it
E=
This equation highlights the three critical forces that power exceptional strategy
execution: Alignment, Mindset, and Capability. We have found that companies
achieve better results faster when the workforce is aligned to the strategy, has the
right mindset to approach execution with a sense of urgency and purpose, and has
mastered the capabilities needed to execute.
Generating profitable revenue growth through greater customer-centricity and
improved loyalty is a banking strategy worth considering. But successfully executing
on this strategy requires a new set of capabilities for your key client-facing personnel.
What capabilities have the greatest impact on customer experience and loyalty? How
can a bank best develop these capabilities throughout the organization?
© Copyright BTS
Accelerating Performance in Retail Banking • BTS White Paper
Changing the Customer Experience
in Banking: E=AMC
So how can banks take action to close the value gaps and improve customer
experience? How can your people in the branches help the bank attract and retain your
most valuable clients?
Strategy
Alignment
People
understand
the strategy
Mindset
People are
engaged by
the strategy
Capabilities
People have the
skills they need
to execute
Results
In working with many of the world’s leading companies for the last 25 years, BTS has
developed a framework that captures the inner architecture of exceptional strategy
execution. We call it
E=
This equation highlights the three critical forces that power exceptional strategy
execution: Alignment, Mindset, and Capability. We have found that companies
achieve better results faster when the workforce is aligned to the strategy, has the
right mindset to approach execution with a sense of urgency and purpose, and has
mastered the capabilities needed to execute.
Generating profitable revenue growth through greater customer-centricity and
improved loyalty is a banking strategy worth considering. But successfully executing
on this strategy requires a new set of capabilities for your key client-facing personnel.
What capabilities have the greatest impact on customer experience and loyalty? How
can a bank best develop these capabilities throughout the organization?
© Copyright BTS
Accelerating Performance in Retail Banking • BTS White Paper
What Selling Looks Like to Producers
What Buying Looks Like to Clients
An Emerging Key Capability:
Salesperson as Navigator
Recent research by BTS shows that for many customers, the buying decision is more
complex than ever. Faced with a myriad of choices, banking clients ask themselves a
myriad of questions: Which investment products make the most sense for me? How do I
get the most value for my money? Does it make sense for me to work with one financial
institution, or more than one? If I have questions about products or services, who is
going to pick up the phone and help me?
Product Selling
Focuses discussion on
product or service needs
the client needs to fulfill
Solution Selling
Focuses discussion on
specific problems or issues
the client needs to resolve
Accelerator Selling
Focuses discussion on the
aspirations of the client
and how to achieve them
As bankers, you may think of yourselves as presenting a great product or solution to the
customer. But your clients may see this completely differently. They may see too many
choices without clear differentiators. Faced with more choices than ever, the customers
do not want to make their purchase decision just based on price or convenience.
Instead, what customers today want is a navigator. They have a destination in mind.
Typically, that destination is defined by the personal aspirations they want to achieve and
targets they would like to hit. They may or may not know the best path to take, but they
will engage with someone they believe will guide them toward that destination. They
seek salespeople who understand their priorities and can chart new trails based on those
priorities. For more on this topic, see “Salesperson as Navigator.”
The bank that is able to sell and service clients this way will win the battle of client
loyalty and retention.
© Copyright BTS
Accelerating Performance in Retail Banking • BTS White Paper
What Selling Looks Like to Producers
What Buying Looks Like to Clients
An Emerging Key Capability:
Salesperson as Navigator
Recent research by BTS shows that for many customers, the buying decision is more
complex than ever. Faced with a myriad of choices, banking clients ask themselves a
myriad of questions: Which investment products make the most sense for me? How do I
get the most value for my money? Does it make sense for me to work with one financial
institution, or more than one? If I have questions about products or services, who is
going to pick up the phone and help me?
Product Selling
Focuses discussion on
product or service needs
the client needs to fulfill
Solution Selling
Focuses discussion on
specific problems or issues
the client needs to resolve
Accelerator Selling
Focuses discussion on the
aspirations of the client
and how to achieve them
As bankers, you may think of yourselves as presenting a great product or solution to the
customer. But your clients may see this completely differently. They may see too many
choices without clear differentiators. Faced with more choices than ever, the customers
do not want to make their purchase decision just based on price or convenience.
Instead, what customers today want is a navigator. They have a destination in mind.
Typically, that destination is defined by the personal aspirations they want to achieve and
targets they would like to hit. They may or may not know the best path to take, but they
will engage with someone they believe will guide them toward that destination. They
seek salespeople who understand their priorities and can chart new trails based on those
priorities. For more on this topic, see “Salesperson as Navigator.”
The bank that is able to sell and service clients this way will win the battle of client
loyalty and retention.
© Copyright BTS
Accelerating Performance in Retail Banking • BTS White Paper
BTS has been working with banking clients around the world to enhance clientcentricity, improve the buying experience and increase client loyalty. Here are two
examples of how our clients have addressed the challenge of selling and servicing the
client.
The simulation was coupled with application work in business development sessions
where small group discussion identified cross-business-group client opportunities. These
small groups worked on developing action plans for implementation after the Client
Leadership Experience.
Client Leadership at UBS
Best practices were also shared by top executives from UBS who hosted each program.
Results of the Initiative
UBS was seeking to deepen client relationships and generate new business by
generating referrals between business divisions. The bank needed a global solution that
would help directors in client-facing functions to create cross-selling opportunities.
UBS turned to BTS to develop a learning experience for key producers in wealth
management, asset management and investment banking. The simulation-based
program brought together senior executive directors and managing directors in the
Americas, Europe and Asia.
The Client Leadership Experience was two days of in-depth learning and application
work. BTS created a customized Role Play Simulation where cross-business group
collaboration and integrated thinking are keys to success. Eight hours of the twoday program were focused on the Role Play Simulation, in which UBS executives
participated by playing the three clients. The simulation was highly interactive
and allowed UBS colleagues to respond to realistic client scenarios and business
opportunities. The role playing also provided the opportunity to learn best practices for
cross-selling.
© Copyright BTS
The Client Leadership Experience, consisting of 17 regional workshops, each focusing on
a specific client segment, such as family offices, hedge funds and financial institutions,
or on a specific region, such as North America, brought together nearly 500 senior
client-facing participants. Close to 400 cross-divisional client service opportunities were
shared, ultimately bringing in more than USD 300 million in new revenues and almost
USD 1 billion in net new assets to UBS.
Accelerating Performance in Retail Banking • BTS White Paper
BTS has been working with banking clients around the world to enhance clientcentricity, improve the buying experience and increase client loyalty. Here are two
examples of how our clients have addressed the challenge of selling and servicing the
client.
The simulation was coupled with application work in business development sessions
where small group discussion identified cross-business-group client opportunities. These
small groups worked on developing action plans for implementation after the Client
Leadership Experience.
Client Leadership at UBS
Best practices were also shared by top executives from UBS who hosted each program.
Results of the Initiative
UBS was seeking to deepen client relationships and generate new business by
generating referrals between business divisions. The bank needed a global solution that
would help directors in client-facing functions to create cross-selling opportunities.
UBS turned to BTS to develop a learning experience for key producers in wealth
management, asset management and investment banking. The simulation-based
program brought together senior executive directors and managing directors in the
Americas, Europe and Asia.
The Client Leadership Experience was two days of in-depth learning and application
work. BTS created a customized Role Play Simulation where cross-business group
collaboration and integrated thinking are keys to success. Eight hours of the twoday program were focused on the Role Play Simulation, in which UBS executives
participated by playing the three clients. The simulation was highly interactive
and allowed UBS colleagues to respond to realistic client scenarios and business
opportunities. The role playing also provided the opportunity to learn best practices for
cross-selling.
© Copyright BTS
The Client Leadership Experience, consisting of 17 regional workshops, each focusing on
a specific client segment, such as family offices, hedge funds and financial institutions,
or on a specific region, such as North America, brought together nearly 500 senior
client-facing participants. Close to 400 cross-divisional client service opportunities were
shared, ultimately bringing in more than USD 300 million in new revenues and almost
USD 1 billion in net new assets to UBS.
Accelerating Performance in Retail Banking • BTS White Paper
Branch Manager Development at Bancomer
BBVA Bancomer, the second largest bank in Spain, holds a dominant position in
Spanish-speaking Latin American countries. In Mexico, Bancomer set aggressive
targets for increasing client satisfaction and driving gains in revenues and
profitability for its retail bank.
To achieve these targets, Bancomer’s leadership team wanted to fundamentally
change the role of the branch manager in the branch selling process. Previously,
branch managers would follow up on promising leads in order to close deals
themselves. In the new strategy, branch managers would focus on results-oriented
coaching in order to drive up the sales performance of their teams.
As part of executing the bank’s new strategy, BBVA Bancomer engaged with BTS
to develop and deliver the “Leadership to Create Value.” Based on BTS’s Driving
Business Results platform, the customized program focused on two sets of critical
developmental needs for branch managers:
Day 1: LEAD
• Use a systematic approach to identify performance gaps and strategically manage
sales teams in order to maximize productivity.
• Apply coaching best practices that allow teams to be more productive and
improve the customer experience in every interaction.
• Create a follow-up plan to maximize the effectiveness of the coaching provided to
each member of the team.
© Copyright BTS
Day 2: DEVELOP
• Understand one’s own communication style in order to identify barriers and establish
strong relationships with teams.
• Use a standard coaching model and apply the right kind of coaching (i.e. either more
guided or more directed) depending on team member needs.
• Develop a relevant and focused coaching process through the implementation of
high-impact questions.
The program was rolled out in stages over the course of three years. In total, 1,800
branch managers attended the program.
Results of the Initiative
In surveys conducted after the program, feedback from participants was very positive.
One participant commented, “This is by far the best training program I’ve been through;
it is very aligned to the bank needs.”
Even more important were the business results and sales performance realized by
Bancomer. On average, performance-based bonuses were 40 percent for producers
whose managers participated in the program as compared to those whose managers
did not. Bancomer’s leadership team attributes this performance improvement to
“Leadership to Create Value.”
Accelerating Performance in Retail Banking • BTS White Paper
Branch Manager Development at Bancomer
BBVA Bancomer, the second largest bank in Spain, holds a dominant position in
Spanish-speaking Latin American countries. In Mexico, Bancomer set aggressive
targets for increasing client satisfaction and driving gains in revenues and
profitability for its retail bank.
To achieve these targets, Bancomer’s leadership team wanted to fundamentally
change the role of the branch manager in the branch selling process. Previously,
branch managers would follow up on promising leads in order to close deals
themselves. In the new strategy, branch managers would focus on results-oriented
coaching in order to drive up the sales performance of their teams.
As part of executing the bank’s new strategy, BBVA Bancomer engaged with BTS
to develop and deliver the “Leadership to Create Value.” Based on BTS’s Driving
Business Results platform, the customized program focused on two sets of critical
developmental needs for branch managers:
Day 1: LEAD
• Use a systematic approach to identify performance gaps and strategically manage
sales teams in order to maximize productivity.
• Apply coaching best practices that allow teams to be more productive and
improve the customer experience in every interaction.
• Create a follow-up plan to maximize the effectiveness of the coaching provided to
each member of the team.
© Copyright BTS
Day 2: DEVELOP
• Understand one’s own communication style in order to identify barriers and establish
strong relationships with teams.
• Use a standard coaching model and apply the right kind of coaching (i.e. either more
guided or more directed) depending on team member needs.
• Develop a relevant and focused coaching process through the implementation of
high-impact questions.
The program was rolled out in stages over the course of three years. In total, 1,800
branch managers attended the program.
Results of the Initiative
In surveys conducted after the program, feedback from participants was very positive.
One participant commented, “This is by far the best training program I’ve been through;
it is very aligned to the bank needs.”
Even more important were the business results and sales performance realized by
Bancomer. On average, performance-based bonuses were 40 percent for producers
whose managers participated in the program as compared to those whose managers
did not. Bancomer’s leadership team attributes this performance improvement to
“Leadership to Create Value.”
Accelerating Performance in Retail Banking • BTS White Paper
For Your Customers,
Your People and Your Bank
The challenges in retail banking in the United States have never been greater; so, too, are
the opportunities. Customer loyalty and churn have a significant impact – positive as well
as negative – on a bank’s business results.
The good news is that there is a clear path to improving loyalty: focus branch activities
on delighting the customer and creating the greatest customer experience possible.
Even more good news is that you already have the resources needed to achieve clientcentricity: your client-facing people in the branch.
However, achieving the behavior change in your people that will result in a differentiated
experience for your customer is no small task. In our experience, a strategic initiative of
this size requires three things: 1) alignment to the strategy across the bank, 2) a mindset
shift that gets people to truly “buy in” to the changes, and 3) a new set of capabilities for
your client-facing people in the branch.
Customers will notice the difference when your branch representatives engage with
them in a new way. Branch producers who can “navigate” the customer through the
buying decision process in a way that reflects customer aspirations will earn the trust of
the customer. Branch managers can support the new behaviors with proper coaching
that focuses on the unique needs of producers to achieve greater performance.
© Copyright BTS
Accelerating Performance in Retail Banking • BTS White Paper
For Your Customers,
Your People and Your Bank
The challenges in retail banking in the United States have never been greater; so, too, are
the opportunities. Customer loyalty and churn have a significant impact – positive as well
as negative – on a bank’s business results.
The good news is that there is a clear path to improving loyalty: focus branch activities
on delighting the customer and creating the greatest customer experience possible.
Even more good news is that you already have the resources needed to achieve clientcentricity: your client-facing people in the branch.
However, achieving the behavior change in your people that will result in a differentiated
experience for your customer is no small task. In our experience, a strategic initiative of
this size requires three things: 1) alignment to the strategy across the bank, 2) a mindset
shift that gets people to truly “buy in” to the changes, and 3) a new set of capabilities for
your client-facing people in the branch.
Customers will notice the difference when your branch representatives engage with
them in a new way. Branch producers who can “navigate” the customer through the
buying decision process in a way that reflects customer aspirations will earn the trust of
the customer. Branch managers can support the new behaviors with proper coaching
that focuses on the unique needs of producers to achieve greater performance.
© Copyright BTS
Accelerating Performance in Retail Banking • BTS White Paper
Need Help Planning
Your Journey?
Additional Resources
Closing the Value Gap: What if it turned out that salespeople were
Closing the
Value Gap
routinely leaving money on the table? Despite all the seemingly
legitimate reasons for why selling is harder today, what if it turned
out that customers are actually willing to buy more and at higher
prices?
By Lou Schachter and Rick Cheatham
BTS is an execution consulting company, and we excel at helping your sales force build
the alignment, mindset and capabilities needed to sell in a way that reflects what your
customers want today. We have developed standard learning platforms that accelerate
the ability of salespeople to become navigators for their customers, and we build
highly custom learning platforms for salespeople and sales managers as well. All of our
platforms leverage business simulations and other forms of experiential learning to drive
knowledge acquisition and behavior change that lead directly to improved sales results.
Learn more at www.bts.com/sales-force-transformation.
Or contact us online at www.bts.com/contact.aspx or by phone:
www.bts.com
© Copyright BTS BTS_WP_CVG_006
Salesperson as Navigator • BTS White Paper
Salesperson
as Navigator
By Lou Schachter and Rick Cheatham
www.bts.com
© Copyright BTS BTS_WP_SAN_002
Learning from S’mores • BTS White Paper
North America +1 203 391 5224
Europe, Middle East & Africa +31 (0) 20 615 7667
Latin America Learning
S’mores
+52 55 5281 6972
from
Lessons for the Future of Sales
from Fast Moving Consumer Goods Companies
www.bts.com
Asia Pacific +65 6221 2870
Australia +61 2 8243 0900
Japan +65 6221 2870
© Copyright BTS BTS_WP_LFS_002
Turbulent Skies • BTS White Paper
Turbulent Skies • BTS White Paper
Turbulent Skies
Why Customers are
Taking Longer to Make
Buying Decisions
…and What to Do About It
By Lou Schachter and Rick Cheatham
www.bts.com
© Copyright BTS
By Lou Schachter and Rick Cheatham
© Copyright BTS BTS_WP_TS_001C
Salesperson as Navigator: The world of sales is changing fast.
The notion of becoming a “trusted advisor” to customers may
be outdated and too much of sales training is locked in a legacy
worldview. Learning to challenge or provoke customers may be part
of the answer, but it’s not the whole picture.
Learning from S’mores: Lessons for the Future of Sales from FMCG:
In thinking about a different future, there is a lot to learn from the
fast-moving consumer goods (FMCG) industry, which has deployed
sales innovation faster and more successfully over the last few years
than any other industry.
Turbulent Skies: Why Customers are Taking Longer to Make Buying
Decisions and What to do About It: The pace of change has become
so bumpy that customers can no longer rely on previous experiences
to anticipate potential outcomes. In response, they are staying
put- decisions don’t get made, innovation stalls, and risk avoidance
becomes the chief priority. So, if your customers are tightly strapped
into their seat belts, anticipating the rough air ahead, what can you
do about it?
Accelerating Performance in Retail Banking • BTS White Paper
Need Help Planning
Your Journey?
Additional Resources
Closing the Value Gap: What if it turned out that salespeople were
Closing the
Value Gap
routinely leaving money on the table? Despite all the seemingly
legitimate reasons for why selling is harder today, what if it turned
out that customers are actually willing to buy more and at higher
prices?
By Lou Schachter and Rick Cheatham
BTS is an execution consulting company, and we excel at helping your sales force build
the alignment, mindset and capabilities needed to sell in a way that reflects what your
customers want today. We have developed standard learning platforms that accelerate
the ability of salespeople to become navigators for their customers, and we build
highly custom learning platforms for salespeople and sales managers as well. All of our
platforms leverage business simulations and other forms of experiential learning to drive
knowledge acquisition and behavior change that lead directly to improved sales results.
Learn more at www.bts.com/sales-force-transformation.
Or contact us online at www.bts.com/contact.aspx or by phone:
www.bts.com
© Copyright BTS BTS_WP_CVG_006
Salesperson as Navigator • BTS White Paper
Salesperson
as Navigator
By Lou Schachter and Rick Cheatham
www.bts.com
© Copyright BTS BTS_WP_SAN_002
Learning from S’mores • BTS White Paper
North America +1 203 391 5224
Europe, Middle East & Africa +31 (0) 20 615 7667
Latin America Learning
S’mores
+52 55 5281 6972
from
Lessons for the Future of Sales
from Fast Moving Consumer Goods Companies
www.bts.com
Asia Pacific +65 6221 2870
Australia +61 2 8243 0900
Japan +65 6221 2870
© Copyright BTS BTS_WP_LFS_002
Turbulent Skies • BTS White Paper
Turbulent Skies • BTS White Paper
Turbulent Skies
Why Customers are
Taking Longer to Make
Buying Decisions
…and What to Do About It
By Lou Schachter and Rick Cheatham
www.bts.com
© Copyright BTS
By Lou Schachter and Rick Cheatham
© Copyright BTS BTS_WP_TS_001C
Salesperson as Navigator: The world of sales is changing fast.
The notion of becoming a “trusted advisor” to customers may
be outdated and too much of sales training is locked in a legacy
worldview. Learning to challenge or provoke customers may be part
of the answer, but it’s not the whole picture.
Learning from S’mores: Lessons for the Future of Sales from FMCG:
In thinking about a different future, there is a lot to learn from the
fast-moving consumer goods (FMCG) industry, which has deployed
sales innovation faster and more successfully over the last few years
than any other industry.
Turbulent Skies: Why Customers are Taking Longer to Make Buying
Decisions and What to do About It: The pace of change has become
so bumpy that customers can no longer rely on previous experiences
to anticipate potential outcomes. In response, they are staying
put- decisions don’t get made, innovation stalls, and risk avoidance
becomes the chief priority. So, if your customers are tightly strapped
into their seat belts, anticipating the rough air ahead, what can you
do about it?
Accelerating Performance
in Retail Banking
Improving Customer Loyalty Through Your People
© Copyright BTS
By Michael Collins