Diminish Your Training Frustrations: 4 Tips for Improving Employee Performance

Customer Appreciation Program

If your financial institution is like most these days, you’re taking a hard look at how you can drive employee performance with minimal training expense. As part of that consideration, you might be trying to maximize the partnership you have with your insurer to leverage their subject matter and industry expertise when preparing your teams to sell insurance. While leveraging your insurer relationship to train your employees can help, you aren’t alone if your FI has had some frustration with the insurer training experience.

A recently published research report entitled Bridging the Cultural Divide Between Financial Institutions and Life Insurers(sponsored by Affinion Group and conducted by Effron Company) aimed to identify the characteristics of a successful FI/insurer partnership, and also highlight opportunities for improvement. While the study was based on a pair of almost identical surveys sent to insurers and financial institutions, one of the most interesting sets of results highlighted the perceived inadequacies of training by both the FI and the insurer. To wit, there were dramatic splits between the “importance” and the “satisfaction” of the following for FI’s:

• Customer service training
• Back office support
• Training for new product roll outs
• Training for technology at point-of-sale

In each case, the financial institutions said these training programs were very important, but that the programs were not being effectively executed.

It’s not surprising that training is a point of contention, because quite frankly, it can be hard without appropriate performance support in place.

When any of your FI’s product partners are providing training, consider these tips to not only make your roll-out more successful but also make learning stick:

1. Define mutual expectations for the training initiative: Your partner should provide guidance on what you can expect from their training efforts (from drafts of materials to post-training support). Determine who within your FI will make sure that the knowledge shared is institutionalized across your organization. (Often this responsibility is spearheaded by your internal training department, but it can also include representatives from marketing and sales.)
2. Provide training context: Adults learn best when they understand why they are doing something – how will the training they’re participating in help them perform their job better?
3. Establish specific objectives: What do you want to measure? Sales? Account holder satisfaction? Remember that training should support your FI’s goals and not just be for the heck of it.
4. Create a culture of success: This goes beyond training and speaks to what type of institution you are (or aspire to be!). One 2-hour training session can’t develop an employee from an order-taker to a sales person. Rather, it takes a carefully crafted plan that is reinforced throughout the institution, for training to truly stick. Consider the skill sets of employees you are hiring, the expectations you have for your managers, and the messages you are sending – in the end, a long term strategic plan (with training included as one of the elements of employee support, rather than the only element!) will drive the best results.

Training doesn’t have to be a frustrating experience – with the right considerations early on, it can be a highly motivating, educational, and (dare I say it?) fun experience for both your institution and your insurer.

Erin Evans is the Director of Affinion Group’s Performance Solutions team, which has conducted more than 1,500 training sessions at over 160 financial institutions in the past 6 months.

As a global leader with over 35 years of experience, Affinion Group (www.affinion.com) enhances the value of its partners’ customer relationships by providing comprehensive customer engagement and loyalty solutions that enhance or extend the relationship of millions of customers with many of the largest and most respected companies in the world. For more information about Affinion Group contact Misha Bleymaier-Farrish.

Contact
Misha Bleymaier-Farrish
Senior Manager l Sales Administration
Affinion Group
Telephone: (615) 764-2492
Cellphone: (615) 796-4981
Fax: (615) 764-5492
Visit the Affinion Group web site.

2011 Identity Theft Fraud Trends

Customer Appreciation Program

Although overall fraud rates are down, the need for offering protection still greatly exists.

In the past year, the total number of identity fraud victims and dollar amount of fraud has declined¹. This is excellent news, as consumers are being more careful, and the variety of products offered by Financial Institutions, third parties, and independently are gaining adoption. While identity fraud overall has become less frequent in America, the results of the crime have graver repercussions for consumers than they have in past years.  Victims of identity fraud, on average, spend more than $630 to restore their good name. This is up from around $390 last year. And, this still translates to identity theft occurring every 4 seconds and 3.5 percent of Americans over 18 years of age becoming victims.

Offer your customers the identity fraud protection they deserve – a robust, comprehensive solution that employs a combination of benefits to address each area of risk. Offering an identity fraud solution from Affinion helps your customers prevent, detect, and resolve identity theft-related issues while helping you strengthen customer acquisition, loyalty, and satisfaction and improve overall customer profitability.

Don’t let one of your customers become the next identity fraud statistic.  Contact Misha Bleymaier at 1-800-251-2148 ext 2492 today for more information on fraud protection solutions.

1 Javelin Strategy and Research. 2011 Identity Fraud Survey Report. 

Contact
Misha Bleymaier-Farrish
Senior Manager l Sales Administration
Affinion Group
Telephone: (615) 764-2492
Cellphone: (615) 796-4981
Fax: (615) 764-5492
Visit the Affinion Group web site.

Replacing Fee Income – What is Your Plan?

Affinion understands that financial institutions across the country are seeking reliable strategies to replace lost fee income. While a fee-based checking account seems like a natural place to begin, selecting the right approach is the key to maintaining your account holders’ satisfaction. Offering consumers the ability to eliminate those fees however, is the ultimate strategy in the marketplace.  

Our Flex Checking solution provides a soft-transition from free checking to a sustainable fee based model.  Flex Checking drives profitable behaviors while delivering value that your account holders expect and will pay for – resulting in deeper relationships, more non-interest income generation, and greater lifetime value.

To learn more about Flex Checking and Afffinion’s other account holder engagement solutions, please contact:

Misha Bleymaier-Farrish
Senior Manager l Sales Administration
Affinion Group
Telephone: (615) 764-2492
Cellphone: (615) 796-4981
Fax: (615) 764-5492

Diversifying Our Portfolio
We’d assume that many of your advisors would tell your account holders that having a diverse portfolio is important, both in terms of being flexible and in terms of making sure that their investments are growing. Our insurance business is no different. Over the next few months, we ask you to keep an eye out, because we’re looking to diversify, and are planning on making a couple of announcements with regards to our insurance carriers. It should be a very exciting 2011.

Your institution is unique – Your marketing should be, too.
Affinion’s NetGain solution will develop a custom direct mail strategy that merges your institution’s specific needs with proven approaches for acquiring and retaining more profitable relationships. Visit our web site for more information.

Affinion Group Launches Flex Checking Solution for Financial Institutions

Customer Appreciation Program

Drives Incremental Fee Revenue for Financial Institutions While Rewarding Consumers for Everyday Behaviors  STAMFORD, Conn. – November 2010 – Affinion Group, a global leader in customer engagement solutions that enhance and extend the relationship and loyalty of millions of consumers of financial service, retail, hospitality and e-commerce companies, today announced the launch of Flex Checking, its newest customer engagement strategy for banks and credit unions.

Flex Checking allows financial institutions to reward consumers for certain everyday behaviors, such as switching to online statements and paying bills online or using their debit card more regularly. Consumers are also rewarded with value-added benefits such as fraud protection and everyday savings at local retailers. If consumers participate in enough of these behaviors, they can gain these rewards at no charge.

Now that the Regulation E deadline for opting in for overdraft protection has passed, financial institutions all around the country are assessing their income gap. Many are seeing a decrease in their overdraft fee income and are searching for alternative ways to regain those revenues. Value-based solutions, such as Flex Checking, can be an ideal means to help financial institutions fill that gap as they create a sustainable revenue stream and deepen the relationship with their account holders.

“Flex Checking, our latest generation in checking account strategies, provides our partners an alternative source of revenue with a sustainable solution that drives profitable customer behavior,” said Todd Werner, GVP of Affinion Group.  “Additionally, we believe that the consumers who have this account will become more loyal and engaged to their financial institution.”

The demand for relevant, timely financial services has never been stronger among consumers. Flex Checking provides financial institutions the opportunity to better engage account holders by providing valuable services consumers are seeking at little to no charge to the account holder. Additionally, the solution alleviates some of the challenges financial institutions are having with continuing to offer free checking accounts, by providing a solid strategy for financial institutions to offer better value to account holders in their checking account and creating an alternative revenue stream for the institution. It’s a win, win for consumers and financial institutions.

About Affinion Group

As a global leader with more than 37 years of experience, Affinion Group enhances the value of its partners’ customer relationships by developing and marketing loyalty solutions. As the leader, Affinion pioneered the integration of financial and non-financial benefits to deliver greater consumer value and help financial institutions differentiate their accounts and generate sustainable business models. Leveraging its expertise in customer engagement, product development and targeted marketing, Affinion provides programs in subscription-based lifestyle services, personal protection, insurance and other areas to help generate increased customer loyalty and significant incremental revenue for more than 5,500 marketing partners worldwide, including many of the largest and most respected companies in financial services, retail, travel, and Internet commerce. Based in Stamford, Conn., the company has approximately 4,000 employees throughout the United States and in 12 other countries, primarily in Europe, and markets in 15 countries globally. Affinion holds the prestigious ISO 27001 certification for the highest information security practices, is PCI compliant and Cybertrust certified. For more information, visit www.affinion.com.

If you have any questions or want more information please contact me or your Affinion Representative today!

Misha Bleymaier-Farrish
Senior Manager l Sales Administration
Affinion Group
Telephone: (615) 764-2492
Cellphone: (615) 796-4981
Fax: (615) 764-5492
Visit the Affinion Group web site.

Accidents HAP-pen!

Much of the insurance that Affinion typically offers through our Financial Institution partners is AD&D, a worthwhile benefit that offers consumers peace of mind in case of an accidental tragedy and continues to build significant revenue for our partners.

We also offer an additional supplemental protection plan that you should be aware of: Hospital Accident Protection (HAP).

HAP pays cash benefits directly to your customer or anyone they choose without any deductible in the event of a hospitalization due to a covered accident. It pays on top of the insurance that your customers may have, and covers them up to $300 per hospitalized day (which doubles for days spent in intensive care), and also $100 per emergency room visit due to a covered accident.

No medical exams are required at the time of enrollment, and coverage is guaranteed.

HAP is supplemental protection that can help secure the financial well being of your customers. While the economy is rebounding, research conducted by Affinion in 2009 showed that consumers are particularly vulnerable to unexpected costs; the type of costs that can be associated with an accident:

• Close to 2/3 of Americans surveyed are living paycheck to paycheck “often” or “always”
• Almost half of the respondents believed that an out-of-pocket cost of as little as $500 would have a “severe” impact on their financial stability.

The numbers become more concerning when you consider that the typical cost of an emergency room visit is $1,038 and increases to $8,612 when a patient needs to stay.

HAP makes sense for your customers, and includes:

• Emergency cash directly to victims of emergencies due to a covered accident
• Affordable coverage that pays in addition to other health insurance
• Emergency room visits and hospital stays
• Guaranteed acceptance
• Reasonable rates to protect spouse and dependent children
• Highly rated insurance underwriter

For you, HAP offers significant advantages as well:

• No financial risk
• Complete turnkey operations
• Absolute ease of implementation
• Toll-free member service
• Effective privacy solutions

As you prepare for Q2, consider taking advantage of the chance to offer your consumers real peace of mind in the time of an emergency.

If you haven’t yet taken advantage of the Hospital Accident Protection product and would like to be contacted by your Affinion Account Executive with more information, please let me know.

Contact
Misha Bleymaier-Farrish
Senior Manager l Sales Administration
Affinion Group
Telephone: (615) 764-2492
Cellphone: (615) 796-4981
Fax: (615) 764-5492

Affinion Group

Customer Appreciation Program / Checking Benefits Package Program

Affinion Group, formerly Trilegiant Corporation and Progeny Marketing Innovations, is a leading affinity direct marketer of value-added membership, insurance and package enhancement programs and services to consumers. With more than 30 years of experience, Affinion Group currently offers its programs and services worldwide through more than 4,500 affinity partners. Its diversified base of affinity partners includes companies in a wide variety of industries, such as: financial services, retail, travel, telecommunications, utilities, and Internet. Affinion Group also has a growing loyalty solutions operation which administers points-based loyalty programs. Based in Norwalk, CT., Affinion Group has approximately 3,600 employees throughout the United States and in 13 countries across Europe.

Contact
Kevin C. Maguire, Senior Business Development Executive
Telephone: (781) 631-7622
Visit the Affinion Group web site.