STOCKHOLM, SWEDEN and SHANGHAI, CHINA – China Minsheng Bank (CMBC), a leading Chinese financial institution, and BTS GROUP AB (publ), a world leading strategy implementation firm, were awarded a Bronze Brandon Hall Excellence Award for their Sales Training and Performance Program, announced on August 23rd, 2018. The customized solution was designed to develop strong business acumen among 800 retail banking Wealth Managers and private banking investment advisors. The program leveraged a BTS board simulation to combine knowledge and skill-building with a hands-on approach that allowed participants to practice the new customer-centric sales strategy as if in real life.
“We are very happy to be recognized with this global award.” says Wang Xiaogang, Head of Minsheng Business College at China Minsheng Bank. He adds, “The customized simulation has helped our people build their overall thinking about wealth management and understanding of customer centricity. The highly interactive and customized practice not only fits the daily work of our wealth managers, but the novelty of the simulation also drives participants’ interest and draws their attention to learning.”
After three months, the initial findings show that the program has been a big success. Participants’ overall business results have improved by 25.5% compared to previous quarter, 91.3% of the participants have completed their action plan, and 95.2% of participants’ supervisors know what their subordinates’ action plans are. In addition, participants have already proven strong mindset and behavior shifts. Their overall thinking and big-picture understanding of the business have improved and they have realized the importance of managing customers delicately, which they lacked before the workshop. Participants have also stated that they have changed the way they sell, from product oriented to customer-centric conversations and deeply exploring customer’s needs, which in turn have improved customer satisfaction and loyalty.
“Winning a Brandon Hall award shows the success of this program, and the impact that customized simulations have in changing the way people work,” expresses Patrick Fei, Managing Director of BTS Asia. “We are proud to work with such a forward-facing client and are excited to be part of Min Sheng Bank’s transformation journey,” Patrick continues.
In the two-day workshop, participants work through three simulated quarters as a Wealth Manager. They practice building their portfolio in a simulated company very similar to Minsheng Bank, giving them an understanding of the long-term impacts of their decision-making in just a short amount of time. Through this process, Wealth Managers learn to plan for execution, gain experience in a realistic environment, and can immediately receive coaching and feedback on their performance. This allows Wealth Managers to understand the optimal decisions they need to make to successfully drive results on-the-job.
In addition to the customized simulation, participants also engage in realistic role plays reflecting the most challenging customer situations. This helps Wealth Managers to work on the people side of driving the business, improving their questioning skills, exploring customer’s potential needs, and providing customer-centric support and service.