CRB Sales Techniques & Relationship Management 2 — Questions and Answers
Question 1: A customer mentions they are saving for their child's college education in 10 years. Which sales approach best addresses this need?
- Offer a short-term CD for quick returns
- Recommend a 529 education savings plan aligned with their timeline (Correct answer)
- Suggest a money market account for liquidity
- Propose a home equity line of credit for flexibility
Correct answer: Recommend a 529 education savings plan aligned with their timeline
A 529 plan is specifically designed for education savings and aligns with a long-term 10-year horizon.
Question 2: During a needs assessment, a customer says they 'just want to think about it.' What is the most effective response?
- Thank them and let them leave without further engagement
- Pressure them to decide before leaving the branch
- Acknowledge their hesitation and ask what specific concerns they have (Correct answer)
- Offer a discount to incentivize an immediate decision
Correct answer: Acknowledge their hesitation and ask what specific concerns they have
Acknowledging hesitation and uncovering specific concerns helps address objections and keeps the sales conversation productive.
Question 3: Which metric best measures the effectiveness of a retail banker's relationship management efforts over time?
- Number of new accounts opened per week
- Customer lifetime value and product penetration per household (Correct answer)
- Total deposits collected in a quarter
- Number of outbound calls made daily
Correct answer: Customer lifetime value and product penetration per household
Customer lifetime value and product penetration measure the depth of the relationship, not just transactional volume.
Question 4: A customer is upset about a fee charged to their account. How should a retail banker handle this situation to preserve the relationship?
- Immediately waive the fee without discussing the reason
- Explain the fee policy and dismiss the complaint
- Empathize, explain the fee, and explore options such as a courtesy waiver or account upgrade (Correct answer)
- Transfer the customer to the branch manager without addressing the issue
Correct answer: Empathize, explain the fee, and explore options such as a courtesy waiver or account upgrade
Empathizing and offering solutions demonstrates customer-centric service and can turn a complaint into a retention opportunity.
Question 5: What is the primary purpose of a 'financial review' appointment with an existing customer?
- To audit the customer's account for compliance violations
- To identify life changes that may create new financial needs and cross-sell opportunities (Correct answer)
- To inform the customer of upcoming rate changes
- To collect updated contact information for the bank's records
Correct answer: To identify life changes that may create new financial needs and cross-sell opportunities
Financial reviews uncover life events and evolving needs, enabling bankers to recommend relevant products and deepen the relationship.
Question 6: A customer with a basic checking account mentions they recently got married. Which proactive step reflects best relationship management practice?
- Congratulate them and move on to process their transaction
- Recommend they open a joint account and discuss shared financial goals (Correct answer)
- Suggest they close individual accounts immediately
- Inform them of interest rate changes unrelated to their situation
Correct answer: Recommend they open a joint account and discuss shared financial goals
A life event like marriage signals new joint financial needs, making it an ideal moment to deepen the banking relationship.
Question 7: Which technique involves restating a customer's concern in your own words to confirm understanding before responding?
- Feature-benefit selling
- Assumptive closing
- Reflective listening (paraphrasing) (Correct answer)
- Objection stacking
Correct answer: Reflective listening (paraphrasing)
Reflective listening or paraphrasing confirms understanding and shows the customer they have been heard before the banker responds.
CRB Sales Techniques & Relationship Management 2
A customer mentions they are saving for their child's college education in 10 years.
Which sales approach best addresses this need?