Retail Banking

Course Overview: The retail finance sector is currently one of the most competitive in the banking industry. However, in order to succeed in such a dynamic market place, successful retail bankers require many and varied skills, such as the ability to demonstrate a deep understanding of consumer needs, an ability to develop new market entry and customer retention strategies, application of new business models and knowledge to translate them into revenue generating projects and programs. Only with a combination of successful product development, effective distribution and an efficient marketing programs will today's retail banks secure competitive advantage in the market place. Over 3 days this course will give you an opportunity to: Fully understand the impact on your bank's growth and revenue opportunities, product development and customer requirements following the global credit crunch issues Learn from a retail personal finance expert with over 35 years hands on experience in the UK and the international markets Develop, design and understand marketing and distribution strategies used by leading retail banks to meet the changing needs of your customers Acquire new techniques to maximize your sales and improve performance across all distribution channels Implement strategies to enhance cost efficiency and productivity by creating an environment where customers buy more of your products and services Who Should Attend? Head of Retail Banking Regional Managers Branch Managers General Managers Head of Marketing Distribution Managers Strategic Planning Personnel Operations Directors
Day 1 Program introduction • What will be covered over the course of the event • What will be the priorities for retail banks and yours in particular • What are the latest issues and trends impacting personal retail financial services at the moment and in the foreseeable period ahead • An opportunity for all participants to share the challenges they face in their market places and set out their course expectations • Guidance on how attendees may gain maximum value from the program through thinking less as bankers and more as customers and retailers • How to learn / gain insights that will lead to opportunities for achieving competitive advantage when attendees return to work Retail banking today • Impacts from the credit crunch • What does it mean for customers, shareholders and staff • What impact has there been on current and future strategies • The balance between revenue growth, cost management and customer centricity and productivity • Key issues to be discussed around the role and importance of trust; sales vs. advice and guidance; distribution strategies; product innovations; approach to fees and charges; creation of customer buying behaviors Current priorities / alternatives • Achieving a balance between the priorities of stakeholders, customers, shareholders and staff • What are the key drivers of success • What can you influence and how to make it work for your benefit • Distribution – where to focus expenditure and which channels give the best value for the business and the customer. Matching customers to channels / multi channel management • Delivering excellence in balancing people, environments and processes revenue growth • Has the credit crunch changed priorities? • Are the key areas of profit, acquisition and retention just as key today as in the past • Establishing and understanding the key areas of opportunity • Importance of brand development and brand fit • Role of customer behavior in managing growth • Impact of external developments and how to manage in a rapidly changing world • Areas to focus on in product development and margin management • The power of the customer experience – the new arena of competitive advantage • Staff motivation and focus to deliver results • Management of conversion rates and activity • Managing the process of change and innovation Day 2 Marketing and communication • Customer insights – how to be one step ahead of the competition • Understanding and overcoming barriers to purchase • Role of marketing – balance between products, research, advertising and merchandising • Managing the brand • Segmentation – the importance and the benefits – who does what • Communications – internal and external – alternatives for best practice • Innovation – how to manage those challenging the status quo distribution • Channel choices – what are the options? Who decides? Where is the value creation greatest • Discussion on alternate channels – what works where, learning from the leaders • Understanding the role of individual channels – their importance and value to customers and the business • The role of the branch in the community • Working in partnership – does it work / can it create value • Importance of design – can design and layout make a difference to performance • The importance of process, people, brand and environment to the customer journey • How can you understand and manage the customer journey • Measuring performance from the perspective of customers, staff and shareholders • Creating the appropriate culture to deliver results Productivity • Acquisition and retention of customers – how the leaders achieve much better revenue results over the first 3 years • Strategies for success in delivering improved profit performance • Managing target systems that don’t negatively impact overall performance • How the leaders gain results that are over 20% better than the competition through their methodologies • Characteristics of the leading retail banks that make them more productive • Sales productivity – how can it be improved – what are the triggers • Measurement and reward systems – the role they play in delivering excellence People • The importance of the “front line” • Key learning’s from the best on how to recruit, train and manage employees for improved performance • What are the most appropriate structures? • What does it mean to be customer focused? • Create an experience to give you the edge – how you achieve it and what needs to happen • Creating a more empowered business model for business success • Alternative reward structures • Power of the voice of the customer and the staff – how to capture and use for maximum advantage bank upon their return. • Preparation for the presentations and discussions on day four with the course director John Berry Day 3 Customer service • Should you invest in service or just focus on the numbers • Is there evidence of value creation? • What does service mean – balance between sales and service • Measurement criteria. How frequently to measure results • Link between rewards and recognition and service results • Fit with the customer journey • Creating the experience • Developing a quality service cycle • Power of a service theme / developing service standards • Deliver change-in service delivery • Power of advocacy – a new way of measurement / just what is possible Future business focus • Creating a framework for change • What major elements need to make up the framework • Interrelationship between sales, operations and marketing • Creating the focus for profit, acquisition and retention • Impact on business objectives and structures Summary and actions • Key priorities identified • Actions for change in the short to medium term • Plans for delivering profit and performance improvements