Case Study | National Banking and Lending Company
Our client, one of the nation’s leading financial services holding companies, provides deposit, credit, trust and investment services to a broad range of retail, business and institutional clients. The company, with more than 1,574 retail branches located throughout the southeast, wanted to reduce the fixed costs and expenses associated with its training department. At the same time, the company sought to improve the quality of employee training in order to realize its goal: to lead the industry as the #1 bank in customer satisfaction.
Substantially Reduce Costs & Reduce Time to Competency
To accomplish these objectives, the bank needed to substantially reduce staff trainer costs while increasing the availability of critical training programs designed to improve performance and customer satisfaction. While the bank had staff instructors, most had moved from other parts of the business into training. So while these instructors had adequate industry knowledge, they lacked the critical training skills required to achieve optimal training outcomes. As a result, the bank lacked confidence that they could deliver the quality of training needed to achieve their goals.
Reduce the Number of Inexperienced Staff Trainers and Augment with TTA Trainers Experienced in Financial Services
After a consulting with the client, and a thorough analysis of the true costs and actual training schedules of their staff instructors, TTA determined that the bank was spending a significant amount of money on trainers who were being grossly under-utilized. TTA proposed that the bank reduce the number of junior trainers on staff and augment their trainer bench with tenured TTA instructors possessing the desired proven experience to deliver the key classes (e.g., bank teller training, consumer lending, small business banking & lending, financial services [Series 7], new account sales, soft skills [leadership & management]). In doing so, they would ensure the higher quality training outcomes needed to reach their goal of being #1 in customer satisfaction.
By reducing the number of junior staff instructors and augmenting with professional TTA contract instructors, the bank paid for trainers ONLY when they were needed, thus eliminating the cost of under-utilized resources, and increasing the utilization rate to 100%. Bringing in more experienced trainers improved the overall quality of the bank’s training programs resulting in a very successful rollout. A more flexible model also allowed the bank to run much leaner while successfully meeting the demands of the business. By using highly experienced TTA instructors who were able to quickly master new proprietary material, the bank realized significant time savings and improved performance. Additionally, TTA was able to bring the average certification time down from 52 days to less than 30 days….a reduction of approximately 50%, resulting in significant additional cost savings.