egyii blog

Posts Tagged ‘Learning and Development Strategy’

Your Current Sales Process: How to Make it Successful in the Banking Environment

Monday, March 9th, 2009

 

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The Current Scenario

Your private or priority banking team management or HR has built a sales process into the sales “routine.” This is typically driven top down. Your Relationship Managers now need to ask the right questions, follow a script, fill in forms and often utilise a time consuming, data capturing CRM system.

What does this do?  It allows consistency for all sales and management so that the actions and numbers can be tracked. From a management perspective, it is a lot easier.

The Dilemma

Does this work? Does a process work  for everyone? Does it make for a successful Relationship Manager? Most likely no.

Dealing with the Dilemma

In order to make the sales process successful, the Relationship Manager needs to feel very comfortable in his own zone. He needs to be be driven by his own conviction and passion..that could be money, success or bonding with his client. Quite often, he is too focused on what he “needs” to get done (the sales process-to keep his boss happy since so much was invested to make it successful) that he actually doesn’t get done what he really should get done. It is not suggested that the complete sales process be dropped by any means, but if the Relationship Manager focuses and uses his own intuition, mixed what he is comfortable with in the sales process, he will connect.

How does he connect? The client will see that the Relationship Manager is focused on his needs and not focused purely on immediate sales results.

Isn’t this what the client wants? An undistracted focus on him and his needs?

For related materials see What Makes a Great Salesperson.

Trip Allen, Team Egyii, Singapore

How Ego Affects the Banks’ Bottom Line Business

Saturday, March 7th, 2009

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Can you imagine a business without overstuffed egos? How much more do you think could be accomplished?

Most of the time the word ego has negative connotations but having an ego can be both positive and negative to business.

Steven Smith, author of  “What Makes Ego our Greatest Asset (or Most Expensive Liability)” writes “Ego is the invisible line on everybody’s profit and loss statement.”

Guy Kawaski of Garage Technology Ventures recently interviewed Steven and asked him “Why is it invisible?” Steven’s response was “Because it hasn’t been measured, and yet the people know the costs are there. Over half of all business people estimate ego costs their company six to fifteen percent annual revenue; many believe that estimate is too conservative. But even if ego were costing six percent of revenue, the annual cost of ego would be $1.1 billion USD to the Fortune 500 Company. ” (For more read the interview)

Ego? Affecting six to fifteen percent of revenue….WOW!

If the egos were recognised, and put under control, how much money would that save banks (and other institutions) today? Not only that, how many more of the staff would feel in control, and therefore more productive? And client relationships? They would be better for sure.

Take a peek at the tools and techniques in self management - this will be a good start to help unstuff egos.

Another 6-15% in the bucket is not so bad. Agree?

Trip Allen, Team Egyii, Singapore

The Importance of Transparency in Your Banking Client Relationships

Friday, February 27th, 2009

 

There is a lot of talk today in:

Government (Obama has been promising it in recent speeches and I have just counted 33 times that The White House Blog has written on it in different postings in 3 days!)

Business (“…transparency in Pharma’s relationships with physicians is here to stay…” from MSNBC)

Banking (Geitner “..the necessary response is to try to bring more confidence, more transparency to the strength of the system…” from NPR)

…about transparency. But what is transparency?

Merriam Webster’s dictionary describes it as:

2 a: free from pretense or deceit : frank b: easily detected or seen through : obvious c: readily understood d: characterized by visibility or accessibility of information especially concerning business practices.

Transparency is clearly one of the most talked about solutions as a way out of our current crisis, as highlighted in Trusted Matters.

Transparency in Banking

How does all of this relate specifically to banking and resolving the banks woes and challenges?

After the Great Depression and the initial “big financial collapse,” the government bodies worldwide have required high levels of requirements around transparency in the banking system- to a point where both the governments, the bank employees and the general public are confused.

There is probably too much information – which makes it absurdly difficult to digest and understand.

Problem: If the governments and the bank employees are confused, aren’t the clients confused? How does this translate into concerns around relationship management with clients?

Most banking clients have lost trust and are trying to re-build the relationships with their clients. Re-building trust is not going to be easy, but by focusing on your Relationship Managers’behavioural skills it can be done. On top of that, instilling a level of personal transparency (maybe we call it “truth”?) will always be a big bonus.

Simply put, all clients (as they sift through the paperwork and legalise) want to know is “How safe is my money?” Can anyone answer that?

Trip Allen, Team Egyii, Singapore

Obama and the Financial System and Trust

Thursday, February 5th, 2009

 

That is a mouthful. And it should be.

In one of Obama’s recent public announcement, he proclaimed the following:

…in order to restore our financial system, we’ve got to restore trust.”

Obama and his team get it. Does everyone else? Probably. What is everyone else doing about it? Thinking about it? Yes. Taking action? Maybe.

There are a lot discussions on trust going around in multiple circles today and most of it is focusing on the financial institutions. Why is that? Are people fed up with the “old world” of the banking business?

Wouldn’t it make sense to make trust an integral part of the bank agenda? Certainly life and business would be easier for the relationship managers and the executives. And isn’t this what most clients want? A trusted relationship?

For more reads on trust in all the circles, read Trust, Trust, Trust by Charlie Green of Trusted Advisors. He and his team thoroughly cover trust from all perspectives.

Please also see James’ prior post Private Banks’ new journey back to credibility

Trip Allen, Team Egyii, Singapore

How Singapore Can Become the “Switzerland of the East”

Tuesday, February 3rd, 2009

 

The Singapore Government, through the Monetary Authority of Singapore (MAS) has made a bold move into the world of Islamic Banking to step ahead of their “competitors.” Congratulations to MAS for putting egg on the faces of the Hong Kong business community (and the Malaysian banking community who has traditionally held this post in the region), as per the following posting in the HK Standard Charting a Safer Route…

The government has also instituted numerous learning and development programs in the banking community through a few of the local learning institutions to bring up the standards in the banking and finance personnel. I have heard from numerous sources that a lot of money and time has been put into this with little results.

Singapore’s business community relies heavily on the government to make decisions to protect the businesses and ultimately the working people. I am not knocking this and believe it has contributed to the success of Singapore. I am pretty sure  that the government and the business community are aware that this time around, things are different and that decisions from the top may not encompass all the answers.

Do they know the difference between the “old world” of business and the “new world” of business? Probably not as reflected in their actions. What about personal development, motivation and effectiveness skills in Singapore? These areas have been overlooked and need serious considerations.

We believe the solutions lie in the people. Your people upfront  make the difference- and that difference will move the business community ahead to an area of true cometitiveness.

For more see yesterday’s posting How to Repolish the Banking Image…

Trip Allen, Team Egyii, Singapore

A message for beleaguered Chief Learning Officers

Tuesday, December 30th, 2008

How much of new learning from a training programme actually gets applied in a value-enhancing way back on the job? It’s probably somewhere between 5% and 20%. That means out of a hundred learners, only a few are actually delivering performance improvement that leads directly to business results.

The solution? Most organisations would go on a search for a ‘new’ training programme that promises to solve their immediate problems. This training will then be seen as the ‘silver bullet’ that produces the long-awaited results. Hopes are raised amid an atmosphere of expectation and excitement. And more often than not, the training proceeds according to plan, the learners finish the programme highly motivated and determined to apply their new skills, and – nothing happens. Back at their jobs they react to the same interpersonal and environmental triggers that set off their familiar patterns of behaviour, and within a few days have lost their motivation and forgotten much of what they had learnt. The trouble is, they don’t return to the same situation they were in before they went for the training. Rather, they feel deflated and exhausted, and they work with a feeling of promises broken. The impact on morale can be devastating.

Often, the reasons why the learning was not applied on the job do not lie with the training programme. Much good training has met with similar results. It is a waste of time to blame the training programme and then go on to sign up an alternative training provider in the hope that this time it will be different.

Instead, a holistic approach needs to be taken. Training on its own will never result in performance improvement. What is needed is a whole-organisation approach to performance improvement and training support. Training effectiveness is influenced by many organisational, cultural and systemic issues.

For example, research indicates that new skills will only be applied back on the job if the employee receives proactive support for the change from his line manager. In many cases, learners return to work full of enthusiasm to try out their new skills only to receive at best a lack of interest and at worst an injunction to do things the way they’ve always been done. I have received feedback many times from participants on business writing skills courses that it is all very well learning new ways to communicate, but when they produce such writing in the office their boss changes it back to the ‘old’ style of writing. What a waste!

But merely acknowledging that the learner has some new skills and passively observing him trying them out is insufficient. The line manager needs to have a method for systematically following-up with the employee, monitoring the results he produces, giving regular feedback and support, and providing the Learning and Organisational Development Department with sound evaluations of performance resulting from the training.

This is but one of a variety of actions that can and should be taken before and after the training event so that training moves from being a one-off event to a performance improvement process. It requires the inclusion of all the stakeholders, from learning executives to line managers, senior managers and employees who all need to be aligned behind an agreed set of objectives and actions to be taken.

Training done the right way is one of the most powerful methods for creating positive business results, so let’s bring it out of the closet and let it show us what it can really do.

James Irvine and the Egyii team, Singapore