Latest / Closing Sales in Nigeria - Sales For The Nigerian Business Person: The Sales and Marketing Blueprint / From Analyst to Influencer: Leveraging Sales Skills in AML/KYC

Transcript

From Analyst to Influencer: Leveraging Sales Skills in AML/KYC · Closing Sales in Nigeria - Sales For The Nigerian Business Person: The Sales and Marketing Blueprint

• 0:01
  Hello and welcome to the show. Today I decided to tackle a
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  challenge. There are some people who listen
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  to the show who do not believe that sales and business
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  development skills can help you improve your career, improve
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  your lot as a parent, or improve your lot in whatever it is that
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  you are trying to achieve that is significant to your life or
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  whatever significant goals that you're trying to achieve.
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  So today I decided to pick the most left field discipline that
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  I can and so I'm going to look at how sales and business
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  development skills can benefit people in the AML space, the KYC
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  space and monitoring analysts in banks.
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  So now let's define some terms because some of you are
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  wondering ABC what XYZ what. So the words that I'd used were
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  AML. That just means anti money
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  laundering and then KYC, know your customer and then
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  transaction monitoring. Now there are lots of people in
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  Nigeria who work in banks and financial institutions who have
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  these job roles and they're often focused on looking for
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  suspicious activity. Now of course we know that with
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  the history that we've had in Nigeria, 419 corruption, all
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  these sorts of things and these sorts of job roles have been on
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  the rise including is it risk management or risk mitigation or
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  something like that. But today I'm just going to
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  focus on the anti money laundering crew, the know your
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  Customer crew and the transaction monitoring crew.
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  Now the reason why I'm picking on them is not just because this
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  is topical and you and I know people who work in these fields
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  in banks. In fact, you probably have a
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  relative who works at the bank carrying out these kinds of
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  functions, but also because these are people who have no
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  customer facing function. Well at least not directly,
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  because when you go into the bank, you speak to the customer,
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  customer service person, that person is lassing with you.
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  They have a customer facing function, the anti money
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  laundering people, the KYC know your customer people,
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  transaction monitoring people. Typically they sit behind a desk
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  all day, they're looking at files, they're looking at
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  computer programs, excel sheets, ledgers, you know, whatever.
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  I'm trying to figure out you know this 100 M that hit this
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  guy's account. Is it because this guy is a four
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  diner? Is it a legit transaction?
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  What are the probabilities that this is legit?
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  And should we flag the police? Should we flag the EFCC?
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  For those of you who are not Nigerian, the EFCC is the
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  Economics and Financial Crimes Commission.
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  So you could say it's the some part of the equivalent of the
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  American FBI. So yeah, so that's why I'm
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  picking these people because they have no customer facing
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  functions and I want to show how any knowledge that you have of
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  sales skills and business development skills can help you
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  even if you're in a job role that does not involve
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  interacting with the end customers.
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  So sales and business development skills are important
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  for anti money laundering People know your customer people,
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  transaction monitoring people, people who are trying to look
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  out for financial crime. It's important to you because it
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  gives you more impact on the job because sales and business
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  development skills will help you with communication skills and
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  relationship building skills and would also help you to be more
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  persuasive because it's going to help you submit your findings to
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  colleagues. Because you have to present
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  complex information and you also have to influence decisions or
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  gain some buy in. Now this is not all grammar
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  because we've all heard of well, some of us are much older I
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  think was that I think it was well my secondary school anyway.
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  Into university well ahead of the I can't remember the bank.
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  No, not Credit Suisse. But was one of these big banks
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  that had a huge trading division and there was somebody there who
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  was running bad trade that was costing the company money and
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  people. I think it ran into close to
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  billions of dollars and people were all up in arms about like
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  how can you have this guy who is a trader and your establishment
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  making all these bad deals but yet nobody knew, nobody said
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  look, let's look into this. The transactions here might be
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  shady. Now The thing is, it's not that
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  nobody knew, because let's face it, if there's somebody in the
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  business or if you work in a bank and there are people who
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  are passing all kinds of money left and right and here and
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  there and things look shady. It's not that nobody knew, but
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  that the people who knew didn't think that they had the power or
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  the authority or the persuasive skills to make this thing a red
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  hot agenda. You know, bring it to the people
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  on the board, bring it to the ex school, bring it to the head of
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  department or whatever and say look Olga, we definitely need to
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  look into this because of this, this, this and that.
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  Now those are the things that sales and business development
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  skills can help you with. If you're in an anti money
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  laundering role or if you're in a know your customer role or if
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  you're in doing transaction monitoring because you're
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  watching out for fraud, you're going to have much more
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  communication skills. You're going to be much more
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  persuasive. You're going to be able to
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  present your findings to your colleagues or to your
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  departmental chief or chairperson or chairlady or
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  whatever. And you're going to be able to
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  gain buying. Now sales and business
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  development skills. Also going to help you build
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  trust with internal stakeholders because people who work in these
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  kind of roles, you know anti money laundering, checking up on
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  fraud and things like that, they often have to work with people
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  in compliance and legal compliance.
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  Those are the people who are trying to make sure is everybody
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  following the rules. So let's say you work in
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  Ministry of Finance or CBN and there's a compliance department,
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  then the compliance people in CBN are the ones who are going
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  round. Sorry CBN.
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  For those of you who are not Nigerian, that's the Central
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  Bank of Nigeria. I think they'll be the
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  equivalent of the American and the UK Fed.
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  So you work in the CBN and you're in the compliance
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  department. Your job is to make sure that
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  you go around, You look at banks, you make sure that all
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  their capital ratios are in check.
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  How much money do you guys have in the vault?
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  How much money do you guys have to settle claims?
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  Let's see, what else? What is the ratio of the amount
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  of money that you lent out to the amount of money that you
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  guys do have involved so that you need to settle any claim?
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  You know, those sorts of things. Forgive me if I'm using the
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  wrong term, you know, because I'm a lame man here, but I trust
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  that you guys are getting the gist of what I'm trying to say.
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  So yeah, people who work in anti money laundering, fraud
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  transaction, blah, blah, blah, you always have to work with
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  compliance people. Compliance people are trying to
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  figure out is everybody following the rules and then
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  legal. It's well, legal is also part of
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  compliance. You know, is everybody following
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  the rules? How things have been set up
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  correctly? So you find out that if you work
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  in transaction monitoring or know your customer, you find
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  that you not only have to deal with people within your
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  department, you know your departmental chief, your
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  departmental head, your colleagues, your fellow
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  analysts, but you also have to deal with people across the
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  aisle in compliance and legal. So there'll be times that you
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  have to stand up, carry a file or folder and go to people in
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  compliance and say, hey look, Kunle or Sadiq Ahmed, you know,
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  this is a red hot issue. I think we should flag this.
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  We have to go after these people.
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  We have to do compliance, we have to do institute court
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  action or we have to go and chase them with police and, you
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  know, blah, blah, blah. So you have to be able to build
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  trust, build influence and be able to gain buy in, not just
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  from people in your department or people in other departments
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  as well, so that you can be effective.
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  And those are the reasons why, you know when these things hit
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  the news, you know role traders in the West or maybe in Nigeria.
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  Huge cases of corruption is not people didn't know, but there's
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  someone in department who knew that.
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  Look, this thing seems fishy. Billions of naira is just moving
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  here and there any which way. But the figure who am I lowly
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  me. I don't know how to to build the
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  case. I don't have influence.
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  I'm not connected, you know, blah blah, blah.
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  And so sales and business development skills can help you
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  be more effective in doing your job.
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  Of course sometimes people who have these sorts of functions
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  monitoring KYC, New York customer, sometimes in the
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  limited cases they do have customer facing functions and
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  that is where they have to negotiate or maybe educate
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  people on KYC things because it's not my favorite call.
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  When I receive a call from the bank saying can you come and
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  update your BVN or come and update this, come and update
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  that, you know, blah blah, blah, blah, blah.
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  And of course, it's a very frustrating thing to do because
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  I'm thinking like I set this up months ago.
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  I've already updated it twice. Why do I have to come back
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  again? Blah, blah, blah.
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  So people who are in this job role, they need sales training
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  so that they can be calm and, you know, educate the clients
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  that yes, you may have done this and done this, but this might
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  have been done incorrectly. We need to do this properly
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  because if you don't do this, it creates Ave. for fraud here,
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  here, here and here. And this is how people can steal
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  money from your account. So if you do not have customer
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  service training, sales and business development training,
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  and you work in these sorts of roles, you're going to handle
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  these conversations poorly. Because I have family members in
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  the past who have been contacted by these sorts of people.
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  And at the end of the day, you know, you rant, you complain and
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  everything, and they just say, look, I'm sorry, my you have to
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  come in because you have to come in.
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  And unfortunately, if that's your attitude, you have to come
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  in because you have to come in. The rate of compliance that
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  you're going to get is quite low because people are frustrated,
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  have lots of things to do with their lives.
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  It doesn't seem like it's important and you just say
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  coming because I say so. Chances are you talk to 100
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  people. Who knows, maybe 90 people are
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  going to ignore you. But with the proper training,
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  you're able to calm people down, you're able to be personable,
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  have a conversation, you're able to educate them on why this is
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  important, why that's important. Then who knows, You might be
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  able to talk to 100 people and maybe get 50 to come in.
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  You know it's better than having 80 or 90 people ignore you.
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  So in summary, the main benefit if you work in a bank and you
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  work in anti money laundering, know your customer, transaction
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  monitoring, monitoring, fraud, all these sorts of things.
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  Maybe you listen to the podcast but one but you think look, all
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  these things don't. It's not important to me.
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  These are skills that I'm not going to use.
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  The most important thing is this.
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  By listening to shows like this and listening to these sorts of
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  looking out for this kind of content, you're going to gain
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  skills in strategic communications and is going to
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  make you result focused. So yes, focus on your technical
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  expertise. How do you read graphs, how do
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  you read fundamentals, how do you flag fraudulent behaviour,
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  blah blah blah. But also pay attention to these
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  sorts of things because how do you communicate strategically?
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  How do you build influence? How do you do cross-border
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  collaborations or cross departmental collaborations, All
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  those sorts of things. So everyone, and believe me,
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  everyone can get better with sales training and business
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  development training. If you're not convinced, then no
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  problem. Connect with me, tell me what
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  you do and I'll make a podcast episode showing you how you can
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  be better doing your job with sales and business development
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  training. So connect with me on the
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  socials, most especially LinkedIn where I spend most of
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  my time. My name is Tavishima Ayede.
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  I'm the host of the show. You can confirm the spelling of
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  my name from the link. We're listening to this episode.
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  My e-mail address will be there so that you can hit me up if
• 11:49
  that's how you prefer. Also, connect with me on
• 11:52
  WhatsApp. My phone number is 08064662140.
• 11:59
  The country code is +234. For those of you who are not
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  Nigerian, you can hit me up on Telegram.
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  To be honest, I really checked that maybe once a month.
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  But if you hit me up on WhatsApp, I can assure you send
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  me a message today, last last tomorrow, you'd have gotten a
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  response from me. So thanks for your time and
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  attention. I'll catch you guys at the next
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  episode.