More Training and a Google Search Isn’t the Answer
We recently conducted a phone shop on a community bank, asking about their current credit card promotion. When inquiring about the features on the account, we got a very interesting response. The employee told us that she wasn’t sure as to the answer. Then it happened… We were asked to hold while she googled it. She actually went to Google for information about her bank’s products. And no surprise to us, after googling it, she still wasn’t able to provide an answer. This was both really funny and very sad. While this response was a first for us, we do find it pretty common that employees have limited product knowledge. As a company that has provided training to community banks for over 20 years, we can confidently state that the answer to product knowledge is not more training. It’s been done for years and is obviously not working well. So how does your bank avoid being embarrassed by not being able to provide basic product information to customers? Take these three steps.
Test the knowledge
If you have to conduct a half-day workshop to train employees about your checking products, you’re wasting everyone’s time. A more effective approach is to have your employees read your brochures or any other information about the product you may have. The objective is not to become an expert on every single detail, but to have a working knowledge of the key features of the product. Once this is done, test your employees with an actual written exam. In addition, have your managers follow up with employees periodically, asking them, one-on-one, about particular products. It takes very little time and is extremely effective.
Use the products
We’re always amazed at how many bank employees do business with other banks. Your employees may not have a need for everything you offer, but when there is a need, it should be filled at your bank. When employees use the products, they tend to know them. At this point it makes little sense to train them on something they’re already using.
Track the knowledge
We learned about an employee’s failed attempt at using google for product knowledge with a simple phone shop. Tracking your employees’ knowledge with a phone shop each month on various products is something every community bank should be doing. This will provide valuable information on what is being missed and who is missing it. It will also let you know which employees are making your bank look good so you can thank them. Keep in mind that employees knowing they will be shopped regularly will automatically enhance their desire for more knowledge.
Don’t over complicate it
This is pretty simple. The amount of time and money wasted on product training, with very little to show for it, should be enough to make any bank take a critical look into implementing a positive change. Don’t spend a day in high-level meetings trying to figure it out. If you take these three simple steps and an employee still can’t quite get it, then maybe it’s time to move on from that employee. Have your employees take personal responsibility for knowing your bank’s products. It’s as simple as that.
