A lot of people are nervous about their money these days, and understandably so. With over 50 bank failures since February, many customers would rather hide their money in their mattresses. In this environment, how do banks maintain customer loyalty?

BECU is a regional credit union that is addressing this problem with better customer service training. In the fall of 2008, after the collapse of Washington Mutual (WaMu), Seattle-based BECU experienced a surge of new members seeking security. In an effort to engage these new clients, while also calming the fears of existing members, BECU developed three new L&D programs focused on customer service. The main program goals are to increase member loyalty by building deeper relationships.

Here's a snapshot of the three programs. The first is called "Making Connections", a program directed toward BECU’s 200 call center employees. The focus is on the principles of problem resolution and being authentic and personable when dealing with customers. Training begins with a four-hour instructor-led session. Then three, 15-minute ‘huddles’ led by bank supervisors are held each week, allowing the teams to connect, discuss issues and share best practices. Each staff person is also allowed one to two hours per month for self-directed development time. According to BECU, the program is designed to create memorable member experiences by developing new service skills, while encouraging employees to bring their fully authentic selves to the workplace. The net result, then, will be more satisfied and loyal members.

The second program, called "The Member Advantage," offers training on the nuts and bolts of sales and service, such as listening to customers, explaining the benefits of certain BECU offerings, and reaching agreement on the best course of action. This program was rolled out to branch employees last year and to call center reps in February of this year. Training, which consists of one full-day class followed by seven, weekly, hour-long follow-up sessions, is expected to be completed in June. The objective of the program is to enhance the skills needed to build stronger partnerships with members.

The third program is a hybrid of the two mentioned above, and recently started rolling out to the rest of the BECU staff. The goal of this program is to provide everyone in the credit union with a shared language and shared goals. With all credit union employees sending the same message, member satisfaction and retention will ultimately improve.

Other banks and financial services institutions can learn a lot from BECU's approach. Far from chucking its L&D staff, BECU created three new L&D programs targeted at a critical need. This investment will ultimately pay off in greater customer loyalty and retention. For more examples of how financial services companies are meeting their challenges, watch for our upcoming report "The Corporate Learning Factbook: Financial Services edition" - coming soon.