Retail banking

Close up of female accountant or banker making calculations

Customer service training in the retail banking sector

With huge challenges in the banking world and the way that we use banking services, outstanding customer service is essential to regain the confidence of customers and to encourage them to trust the banks to give them good advice.

Increased competition between the different retail banks, including the creation of new banking options, means that customers now have a much greater choice as to where to entrust their money. Sustained low interest rates have forced customers to shop around for the best deal for their savings and investments, resulting in a spread portfolio of accounts and financial institutions. Loyalty to the bank where they first opened a current account when they left school has greatly diminished with the easing and speed of transferring from one bank to another.

One of the criticisms of retail financial institutions, that now includes the Post Office, is the pressure put on customers by staff to purchase another or upgraded service. This has caused customers to avoid going into places where they feel they might feel staff might try to sell them something. This helps to drive customers away from physical branches to internet banking services where they can conduct their transactions without this hassle as well as shop around in the comfort of their own space.

The key factors for developing retail banking staff of the future include:

  • Focusing on customer care first and foremost.
  • Building or re-building long-term sustainable loyalty with customers.
  • Making life easier for customers who have busy lives and need their financial institution to take care of things without the hassle.
  • Protecting customers and preparing them for their future and the futures of their loved ones.
  • Being genuine and if there are other alternatives letting customers know.

Our training is therefore tailored to help organisations involved in the financial world develop staff that truly meet the needs of existing and future customers and any concerns or complaints they may have. It aims to help staff inspire and wow their customers, to ensure that customers go back to them whenever they need help with their finances – to see someone they can trust.

Our thanks to Scott for writing this page.

Scott is our practice lead for customer service training in the banking and financial services sector. He worked with NatWest for more than 20 years, primarily in the retail banking division (as Mortgage Advisor, Graduate Account Relationship Manager and FOCUS Sales Manager), before using his extensive experience to train and coach bank employees in service, sales and support roles in both branches and call centres. Based in Hertfordshire, Scott provides customer service training and one-to-one coaching across the UK for front-line staff in face-to-face, telephone and internet service roles.

Some of our other trainers are also very experienced in the banking and financial services sector, including Jocelyn in Southampton (whose clients include Santander) and David (ex-Barclays, with clients including Coutts Private Bank (Switzerland), American Express, Barclays, Royal Bank of Scotland, Deutsche Bank, Standard Chartered Bank (Hong Kong), Lloyds of London, Co-operative Bank, LV=, Ulster Bank, Nat West, etc) in the Midlands.

If you’d like a chat with any of our trainers to discuss your customer service training requirements, do please give us a call on 01582 714285 and we’d be delighted to arrange it for you.