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Building Retail Product Mastery

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Business Issue - As the competition for customers accelerates and the demand for service quality increases, employees must have the product knowledge and skills to serve the full range of their customers’ needs. The challenge is to prepare employees to support large numbers of products quickly and accurately. Staff changes, product changes, and increases in work volume make this challenge even more difficult to meet.

Omega Performance’s Solution - Building Retail Product Mastery equips retail bankers with the ability to develop and maintain strong customer relationships. Participants use Product Mastery learning techniques to build skills in identifying and responding to customer needs for products and services in the areas of money management, borrowing, and investing. These skills are enhanced by conversational mastery, which allows bankers to interact with customers in a highly confident, effective manner.

What Is Included

Kickoff
The kickoff session is divided into two modules—a one-and-one-half hour session for managers followed by a three-hour session for participants. Managers and participants are given an overview of the program, including a description of the role managers will play in facilitating the success of their direct reports, and Product Mastery cards and self-study materials are distributed. In each session, managers and participants practice Product Mastery exercises including Rapid Recall, Conversational Practice, and Product Mastery Card Review. The Product Knowledge Review is administered to benchmark participants’ knowledge, and managers create schedules for the self-study period which participants review and agree to in their session.

Self-Study
For approximately two weeks following the kickoff (or five to six hours, total), participants develop mastery using Product Mastery cards, self-study materials, and Product Mastery exercises. Participants build second-nature recall of the bank’s products and services and learn how to apply that knowledge to customers’ typical financial needs. At the conclusion of the self-study period, participants meet with their manager to demonstrate their progress.

The Banking Products Guide includes:

  • Module 1: Understanding Customer Needs teaches participants the critical first step in selling customers products—understanding their financial needs.
  • Module 2: Managing Money covers major retail banking products in the area of day-to-day money management.
  • Module 3: Borrowing Money covers major retail banking products in the area of borrowing money.
  • Module 4: Investing Money covers major retail banking products in the area of saving money.

Delivery Options

Omega Performance recommends that Building Retail Product Mastery be implemented through a kickoff, self-study, and manager-led practice. An optional one-day workshop can be scheduled approximately two weeks after the self-study period to reinforce learning through group exercises and activities.