Competitive pressure on banks to differentiate themselves to well-informed clients has never been greater. Many clients have sought to diversify their portfolios through different banks and are as well versed with the products offered across most private banks as the bankers are. This creates unprecedented challenges for the relationship managers. In order to improve the balance on cost and revenue, and improve the latter, building relationships with key clients, or strategic accounts become essential. The strategy to optimize the businesses in the existing accounts are as important (or if not more important) as expanding into new markets and acquiring new clients.

The course provides private bankers and their support team members a learning experience to relook at the accounts they manage. They will learn to identify, segment, prioritize and engage in pragmatic steps to devise a strategy to manage their strategic accounts. The trainer will share a step-by-step approach in formulating a simple but useful account management process that the RMs can modify. The content of the course includes various tools, such as buy-sell scale to evaluate client-banker relationship and participants will learn to write charter statements and actionable goals for each of their strategic accounts.

Relationship managers, product specialists, investment counsellors and client-facing service personnel.

Recommended for: Private Banking & Wealth Management

• Variation in different customer and client needs and operating environment.
• Suitability and customisation options of various product and service solutions.
• Methods of measuring customer satisfaction.
• Organisational approach to customer service and relationship management.
• Strategies to increase sales through existing or new clients.
• Product sales cycles, client profiles and product performance trends.
• Effective negotiation techniques.
• Techniques to assess business impact of account management activities.
• Formulate an action plan to cater to various customer accounts.
• Establish existing and potential customer needs and expectations based on feedback.
• Customise a customer service plan to cater to specific needs of different customers and clients.
• Adapt proposed solutions as well as sales messages to suit the customer's business context needs.
• Devise strategies to broaden or deepen relationships with existing customers.
• Develop product and service solutions that will address current and future customer needs.
• Set up processes to measure and manage customer satisfaction in line with key performance indicators.
• Oversee sales performance of a set of customer accounts.
• Assess business impact of account management activities.

Defining and Explaining the Essence of Account Management

• Two aspects of Account Management
• Five Action Steps in Account Management for PB

Step One: Accounts Overview

• 4 simple steps to conduct an overview
• Clients’ Overview One-Page View
• Productivity Analysis
• The Larger Environment Factor
• Segmentation of Accounts

Step Two: Objectives: How do Clients Measure Success

• Organizational view and expectations of RMs
• Business Objectives and Clients’ Success
• Revisiting Clients’ Interest in the Accounts
• Suitability of Product and Investment Options
• Product Life Journey and Product Sales Cycle

Step Three: Action Planning & Solutions in the Accounts

• The Buy-Sell Scale Evaluation
• An Account Management Plan Sample (2 frames)
• Frame-1
  • Field of Play
  • Action Team
  • Environmental Factors
  • Investment/Product Options – Up-sell & Cross-Sell
• Frame-2
  • Charter Statement
  • Goals Statements
  • Outcomes

Step Four: Presentation & Action

• Service experience is key
• Negotiating through the plan
• Actioning the plan

Step Five: Review & Realignment

• 90 Day Review
• Collecting Clients Service Satisfaction Indicator

KPIs in Account Management

Assessment - MCQ