Building Fee Income

Business Issue - Increasing fee income through effective cross-selling has become a major component in every bank’s overall operating strategy. However, the rapid proliferation of products has rendered traditional “reference guide” and “product profile” approaches to product knowledge training inefficient and impractical.

Omega Performance’s Solution - Building Fee Income is Omega Performance’s powerful system for building cash management product knowledge and improving relationship managers’ ability to apply that knowledge to enhancing customer relationships. The system uses exclusive mastery-building technology and in-depth participant materials to develop clearly demonstrated gains in the speed and accuracy of data recall.

What Is Included

Through a combination of self-study and workshop instruction, Building Fee Income participants develop second nature recall of product features and benefits, learn to identify customer cues to product needs, and sell more effectively by matching those needs with the right products and services.

Kickoff
Omega Performance leads an optional (but strongly recommended) one-day kickoff session in which the self-study materials are introduced and the concept of mastery is presented. Using the Asset Conversion Cycle as a framework, participants recognize the link between business customers’ needs and product solutions. To increase product knowledge efficiently and effectively, participants learn product mastery techniques and establish a practice plan for building mastery with the self-study materials prior to the workshop session.

Self-Study
Participants classify products and build mastery through focused self-study. The time required for self-study varies depending on the number of products the bank wants to include, but may average between 25 to 30 hours. Several weeks should be allotted between the kickoff and the workshop sessions for the self-study; this time allows participants to firmly grasp the product knowledge information. The self-study booklet includes the following:

Unit 1 introduces participants to the concept of mastery-building and familiarizes them with a variety of typical mastery-building exercises.

Unit 2 teaches participants to uncover sales opportunities by examining the two financial cycles that make up the business customer’s asset conversion cycle: the operating cycle (a series of daily activities required to produce and sell goods and services) and the capital investment cycle (the process that supports the purchase of production equipment and other assets). For example, the need for lockbox, controlled disbursements, and cash concentration services is created during the operating cycle; leasing is needed during the capital investment cycle.

Units 3–5 give participants practice in matching products to needs based on how the products improve the customer’s business performance. The three types of business functions covered are Managing Cash Efficiently (Unit 3), Implementing Business Support Services (Unit 4), and Financial Risk Services (Unit 5). At the end of each unit, participants complete exercises that reinforce mastery of product information and application to business issues.

Workshop
Option 1: Product workshops (Omega Performance facilitator). Clients may choose a 1- or 2-day workshop led by a certified Omega Performance trainer. The workshop builds on the concepts and product knowledge introduced in the kickoff and self-study. The focus of the workshop includes using the questioning strategy to uncover customer needs, distinguishing product features from benefits, making effective product recommendations, and applying the Asset Conversion Cycle to match products to customer needs. Participants also use their product knowledge to compete in mastery team exercises and to conduct skill practices to reinforce learning.

Option 2: Product workshops (internal trainer). Participants learn the bank’s products and services in weekly meetings delivered by internal product specialists who have been coached and prepared by Omega Performance.

Delivery Options

Building Fee Income is delivered through a combination of self-study and workshop. The program should be implemented in five stages: planning, kickoff meeting, self-study, workshop (1- or 2-day implementation), and sustainment.

Results You Can Expect

Building Fee Income helps your commercial bankers, loan officers, and relationship managers:

Speak knowledgeably about both the features and benefits of bank products
Describe how products fit into the asset conversion cycle
Use needs-based questions to uncover and respond to customers’ needs
Apply expert product knowledge to respond to customers’ questions
Expand relationships with current customers by meeting needs with confidence and competence
Build fee income through increased cross-selling

Who Should Be Trained

Building Fee Income is recommended for:

Bankers who initiate and maintain relationships with business customers
Bankers who sell noncredit services or make referrals to product specialists
Commercial loan officers who need to increase sales of fee services
Relationship managers who need to broaden the range of the products they represent

The product mastery system also broadens the consultative selling skills of commercial banking officers and accelerates management trainees’ fluency in presenting bank products and services to business customers.

Prerequisites

Building Fee Income is suitable for both entry-level trainees and experienced lenders. However, familiarity with business asset conversion cycles is recommended.