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February 25, 2020

3 Ways Banks Can Ramp Up New Advisors

The banking industry is in flux. As one of many sectors disrupted by new technology, banks face changing business models, security threats, new competitors, and regulatory pressures. The good news is that retail and commercial banks can harness this disruptive technology to thrive in a new environment.

See our learning and readiness platform in action at the BISA Technology Innovation Lab, Great Hall Foyer, Thursday, March 5 at 11:15-11:25 AM

Competing for Customers and Employees

Digital has changed the way we bank and the way we work, shop, play, and more. Two tech-enabled trends in particular are having the most impact on the banking sector. Non-bank startups—FinTechs—have changed the competitive landscape. And demographics play an increasingly important role as banks work to attract younger clients and employees.

Millennial clients demand new services, personalized for them, and “always on” delivery. Bank personnel expect to be able to leverage the same technology they use in their personal lives at work.

The ability to survive and thrive in this new era requires agility, insight, and innovation. The banking industry is evolving into a customer-centric, digital-first space—through mobile and online banking. Traditional institutions recognize that they must rethink the way they conduct business.

Transitioning from legacy systems to modern solutions is a daunting challenge. But the benefits far outweigh the risks. New tools have emerged to help banks retain clients, grow revenue, and develop the next generation of advisors.

Modern learning and readiness platforms that combine mobile, video and peer-to-peer communication are among the innovations that give advisors the skills and knowledge to bring value to each interaction.

Transforming Training and Development

Successful banks need innovative and dynamic advisors and managers equipped with industry knowledge and a sophisticated understanding of client needs. Banks that embrace mobile and video empower advisors to react more quickly, rollout products more consistently, and make smarter decisions in the flow of work.

Here are three capabilities banks need to support the next generation of advisors.

Capability 1: Share Information More Quickly

Most financial institutions struggle to get dynamic market and product information out to advisors. They need the ability to create and share critical information in a timely manner and get messaging out to dispersed locations. Traditional voice and emails are relatively slow and cumbersome ways to share information.

Takeaway: Using a mobile platform drives efficiencies and allows immediate visibility into the most relevant content to support client conversations and practice management.

Capability 2: Launch Products More Efficiently

For advisors to engage in meaningful client conversations, they need the confidence—and competence—to present products and position them accurately and effortlessly. Yet traditional training falls short. Advisors need to not only acquire new knowledge, but also drive it into long-term memory and grab high-impact refreshers at the exact time and place of need.

Takeaway: Studies show when you add visuals to basic audio information, the retention rate goes from 10% to 65% after three days. Using video to boost product knowledge and fluency will allow advisors to have better conversations and drive more fruitful client relationships.

Capability 3: Collaborate More Effectively

Advisors need visibility into the successes and challenges of their peers. This means having access to key client-facing information and insights in near real time. Traditional approaches don’t enable advisors to collaborate as often as they need to, or at the pace they need it.

Takeaway: Driving message consistency and delivering just-in-time market and competitive intelligence can be critical differentiators. Fostering a culture of collaboration with subject matter experts and sharing best practices from peers via mobile video allows advisors to tap into the expertise of top performers.

Gaining the Competitive Advantage

With growing client expectations and an increasingly complex marketplace, it is essential for advisors today to have insight into a wide portfolio of products as well as the knowledge and expertise to confidently articulate value.

However, geographically dispersed teams and complex portfolios make it increasingly challenging for banks to provide advisors with comprehensive training, including how to articulate consistent product messaging and how to communicate with clients according to their specific financial goals, risk profiles and asset levels.

Traditional approaches to advisor development simply can’t keep up with the speed and complexity demanded by today’s banking teams. Only a modern approach to learning and readiness that combines mobile and video can ensure advisors have the support they need to build relationships, manage their client-facing teams, and generate revenue.

Meet Me at BISA 2020
Learn how you can leverage learning and readiness technology to drive revenue. Stop by Booth #111 at the Bank Insurance and Securities Association Annual Conference, March 3-6 in Hollywood, Florida.

Learn More
See our learning and readiness platform in action at the BISA Technology Innovation Lab, Great Hall Foyer, Thursday, March 5 at 11:15-11:25 AM.

About Mark Magnacca, President and Co-founder, Allego
Mark is a former financial advisor and sales coach with a focus on helping sales leaders shorten sales cycles and distribute their best ideas faster. He has worked as a presentation coach with a wide range of financial service companies by delivering innovative, practice-development and business-building strategies. Mark is the author of “So What? How To Communicate What Really Matters to Your Audience.”

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