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Customers are taking greater control of their banking relationships: switching banks, changing their behavior and demanding improvements.

Faced with unprecedented competition from non-banking competitors, new regulations that limit their ability to generate fee income and shrinking net interest income, banks are challenged to find new sources of revenue.

It’s inarguable that customer service is ingrained into the banking culture, but typically, a sales culture is not.  In order to grow, they must implement a measureable sales process.

How can this be done effectively?

Focus on the buying process at the point of sale. Most business customers are eligible for up to seven income generating products, however, only one is typically sold at the initial point of sale.

Think about merchandising. It’s the cornerstone of a best-practice sales process.

Make all channels equal. Based on their needs, the advice and products offered to them should be consistent across all channels.

Automate product recommendations. By using a digital playbook, your bank’s representatives can interact with the customer via automated, guided selling.

Empower employees to create customer loyalty. Give your branch and customer service employees the framework, the tools and the flexibility to use their creativity to provide exceptional customer service.

Enact measurement tools. Use sales analytics to track recommendations and openings to ensure your investments are paying off.

Create in-the-moment feedback mechanisms. Don’t wait for review time for your staff to provide feedback.

Coach them. Develop your low performing employees in the branch and call center by coaching them on tried and true tactics used by the higher performing members of the team.

The most successful sales programs are spearheaded, promoted or at the very least, approved and supported by the CEO.  From there, everyone can get on board with the plan.

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