For years, credit union training and community bank training has emphasized features and benefits, features and benefits, features and benefits (repetition intentional).
In reality, staff are much better equipped when they receive training related to benefits and features, benefits and features, benefits and features (flip of words and repetition also intentional).
Why is this?
The reality is consumers don’t get as excited about your product’s features as you think they do. While the features do matter, you probably won’t get someone to sign up for your checking account just because it has no minimum balance requirements. The same applies to lending. Most consumers don’t care about the rate (a feature) as much as they care about how much they can save each month (a benefit).
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