The end result of this was that by tailoring the products and the way they were presented to specifically fit the customer’s financial needs and how they access the bank in the first place, in Spain alone, for some campaigns it led to a nine-time increase in digital sales… This data proves there is still much work to be done around improving customer service and personalization. Find out what thousands of banks, regulators and industry experts are doing to drive performance. The basic premise of business realignment is to exit business lines that have low margins and move instead into lines that are inherently more cost-effective and increase bank … In order to truly connect with consumers, brands must utilize all avenues without being too pushy. And information is only a Google away. This comes with proper training, mentoring and experience. South State Bank and CenterState Bank, N.A. But they don’t always know all of the questions they should be asking when they’re “researching” options. Encouraging and motivating the sales … For retail banks such as BBVA, digital sales already account for more than 50% of total sales - overtaking the share of sales … Write down the activity goals (calls per day, proposals per month, referrals per call, etc.) Similarly, The Financial Brand reported on a Gallup study “that proved financial marketers could definitely improve cross-sell communications with current customers. Your prospect may not remember all your financial product does, but tell a good story and they will remember it for a long time. Take a look at your website, your brochures … Bankers often make the mistake of talking to potential customers about WHAT they do or can do for them. This is the difference between “showing” a bank product and “selling” a bank product. Join 10,000+ bankers receiving news & insights. It is not because they can’t, but because the art and science of selling bank products is rarely taught. Anything you can do to help establish that connection is a plus and this includes getting your face and background on your bank’s website, getting active in quality networks (Alumni, non-profits, community service, investment clubs, LinkedIn Groups, etc. The result will be much more memorable and much more meaningful. Charged with fielding all customer questions, across products and policies, front-line staff can barely keep up — since most don’t have a go-to resource that was designed to get them the answers they need, when they need them: immediately. At its most basic level, many bank business development officers falter by simply presenting the attributes of a bank product. Connecting your brand to community or national causes, Differentiating yourself from the competition, Encouraging referrals through word of mouth. Continuous communication with customers and members is important. This field is for validation purposes and should be left unchanged. As a sales rep (or manager), you prioritize sales productivity.It's a key factor in the success and overall health of a business. Software is becoming more human-like and easier to use. By turning this situation around, however, and giving front-line staff the tools they need to quickly locate answers to customer questions, you can empower them to do their job autonomously and confidently — consequently, building the foundation you need to turn front-line staff into proactive sales and service agents. If you want to increase your sales … The byproduct of the above concept is that it is difficult for consumers or businesses to evaluate a business development officer’s experience, quality of service, range of bank products or even the quality of the bank. ©2020 CenterState Bank Correspondent Division. All rights reserved. 3) Sales team : Another way to increase sales is to motivate the Sales team. For the banker, competing against do nothing is a hazy, vague, emotional and frustrating proposition.Â. Because consumers are conducting more and more business online, your bank can gain more customers by making it easy to choose and use your services on the Internet. All too often an institution will work hard to attract and convert a prospect into a customer and then suddenly disappear. Ties to environmentally friendly organizations, social media, special color … 1. Utilizing knowledge bases and AI technology that offers targeted content to site visitors based upon their history and behavior, you can turn your digital channels into your number one sales agents — helping you increase wallet share with current customers and members. Chris and the team at CenterState Bank are out to highlight in this blog the best of community bank performance. Please visit bankingforward.com to learn more. Chief Strategy Officer at CenterState Bank, Chris Nichols is an active bank investor, entrepreneur and lover of quantified banking. Humanizing Fintech – Fintech Goes Human Should Your Bank Have A Workplace Vaccine Policy. With the current state of digital marketing, every bank should be able to obtain a very positive return on marketing investment within two years as they try various marketing experiments and figure out what works (You can start with our suggestion HERE). Providing exceptional customer service in your bank or credit union is important, helping to attract and retain customers in a competitive landscape. At the very least, you can refer business to one another, but you might also … Wise investment on the Right People In banks, it is the bank tellers who are dealing closely with all its customers. However, the second biggest factor is your and your bank’s ability to establish a brand and market. The story can be an example of a client that has been helped by the bank, a history of rates, a picture of what the future looks like from all the time or money you have saved the prospect or just an analogy to drive home a certain point. To Sell You Something! As a result, front-line staff put customers and members on hold while they scramble to find answers. ).  All materially help prospects connect the dots and shorten the sales process. Home   |  Equal Housing Lender  |  Member FDIC  |  Privacy & Legal  |  Accessibility  | Site Map. 6 Sure Ways to Increase Sales. #1 Analyze your best customers and build a marketing campaign for them. One best banking industry sales strategy that is being invested upon by bank owners is to put their tellers into a rigorous training for a more effective and satisfactory customer … Sales training programs from Richardson Sales Performance help increase sales by: Building consistency into the customer’s banking experience to execute change at scale Properly tracking the customer’s … Set results goals (sales per month, amount per sale, profit per sale, etc.) In a typical scenario, a customer comes in to deposit a check or make a … Set up a Sales Incentive Program. Contact us! As a result, turnover for front-line customer service staff is extremely high. ), marketing your testimonials, asking for referrals and promoting content (blogs, white papers, calculators, etc. In AdWords, you can use ad customizers to display a countdown on a seasonal offer or limited-time sale: However you choose to do it, creating a sense of urgency is a great way to increase … My Policies & Procedures are Hard to Manage, Staley Credit Union and SilverCloud Deliver Digital Support to Members’ Fingertips in Less than 30 Days, Delivering the 24/7 Customer Experience: Essential Guide for Banking, How To Support Your Banking Customers During the COVID-19 Crisis | Plus, a FREE Support Answer Template, 5 Best Practices for Knowledge Management at Financial Institutions, Success Story: Jefferson Financial FCU Solves Procedure Management Challenge with SilverCloud Employee Support, The Ultimate Guide to Fixing Your Policies & Procedures, a go-to resource that was designed to get them the answers they need, giving front-line staff the tools they need to quickly locate answers to customer questions, Utilizing knowledge bases and AI technology that offers targeted content, The Emergence of Human Interfaces for Fintech Software. As a result, they have a tremendous impact on customer satisfaction. In a perfect world, you would have an unlimited budget to market your business in order to find new customers and increase sales. Of significant concern is that the most engaged customers (the ones most likely to buy) felt they were targeted worse than those who were less engaged.”. Here are five suggestions for such a different approach: Change the customer acquisition model. But, it will take more than emails and direct mail to stay top of mind with today’s customers and members. Going by this experience, banks can boost their in-branch sales by training their branch staff to change their selling approach. Market Cooperatively with Partners. To differentiate yourself, explain the WHY. Participants learn the Six Critical Skills which support the Consultative Selling framework, helping retail banking … A survey by Pega Systems discovered that 68% of banks believe they understand their customers extremely well but only 41% of bank customers believe the same, and another 16% feel banks hardly understand them at all. If you are a banker looking to build a steady stream of business, then it starts by understanding the unique challenges that come with selling banking services. Most bank calling officers are inadequately prepared to effectively sell bank products. Clients trust familiar faces, and staff retention should be a priority,” wrote American Banker. From the bank’s perspective, digital is a key source of growth. 7 Common Sense Ways to Increase Bank Cross-Selling 1. For example, Moneyfarm, an online investment advisor and one of the largest digital wealth management companies in Europe, used DMP to increase their sales by 30% and reduce … Sixty-six percent of ‘fully engaged’ customers felt the offers they receive were ‘general’ in nature, 41% found the offer annoying, and stunningly, 53% of customers already had the product being promoted. Establishing social validation and a brand, when aided by marketing and emotional approach will serve to boost the sale of bank products. have merged to become South State Bank, N.A. At SilverCloud, we specialize in helping banks and credit unions get their employees and customers the information they need, when they need it, which makes cross-selling that much easier. That is, after you listen and learn about your potential customer, when it comes time to talk about the bank, start with the reason for your bank’s existence and the reason why you are in the banking business. Signup today for free to get the latest banking performance strategies, tactics and insight delivered right to your inbox. Consumers today have options. Implementing effective cross-selling strategies is the next. By Robb Gaynor. This usually results in instantly turning your banking service into a commodity. Pure digital neobanks are proud to use algorithms to orchestrate actions and cross-sell in real time. Getting some 5-star reviews for these listings will increase your credibility, giving potential customers a greater sense of confidence that you will be able to help them. The Revenue Bots Are Coming…. This is applicable especially in case of B2B sales where the salesperson is the influencer for buying behavior. The problem is, that most front-line staff don’t have easy access to the information they need to confidently answer the myriad of questions that get asked of them day in and day out. In addition to these five strategies, your financial institution should consider ongoing sales training for customer service staff; prioritizing transparency to foster trust; ensuring consistent brand messaging across channels; and continually tracking and measuring your bank’s cross-selling efforts. By Robb Gaynor Start With the Lowest Hanging Fruit. “This commentary on this blog reflects the personal opinions, viewpoints, and analysis of the author and not CenterState Bank. Not only do personalized offers result in a greater ROI, but they show customers and members that you care and that you’re paying attention to their needs. Unfortunately, bank calling officers spend too much time positioning their experience, their product and the quality of the bank than focusing the sales process on what really matters. Introducing kiosks and smart ATMs frees branch employees to shift from... 2. Whether a hospital or real estate … Implementing effective cross-selling strategies is the next. This high turnover rate not only increases bank training costs but it affects customer satisfaction. Invest in a series … When a banker explains what their bank can do, to the average customer, it sounds almost identical to what another bank can do for them. Increasing your sales targets positions your bank to earn higher revenues. … The competition usually isn’t the bank down the street, but the status quo of doing nothing. This blog is only intended to provide general education about the banking industry, leadership, risk management, and other related topics and is not intended to provide any specific recommendations. And ultimately it makes it impossible to train customer service staff on how to sell, advise and make appropriate product recommendations. that you can control. Working on the front line as a customer service member can be demanding and stressful — especially when the information they need to do their job effectively is not readily available. Humanizing Fintech Interfaces. As technology becomes more robust and customer-buying habits shift, banks and credit unions must constantly be looking for areas of innovation and ways to meet the demands of a 21st-century customer. Once gathered, the bank calling officer must start to tell a story of how they can help.Â. Understanding why cross-selling in the banking industry is so important is the first step. That’s a mistake considering it’s 8-10 times costlier to acquire new customers than it is to sell additional products to your current customers, according to Fiserv. The art of bank selling is an exercise in emotional packaging. By tracking history and leveraging big data, banks and credit unions can personalize their offers and direct them at the people most likely to need them. “Customer-facing bankers need to be trusted advisers first and foremost. Try explaining the concept of a Tier 1 capital ratio and you will be met with glazed stares. Fiserv clearly broke down the five reasons why it’s so critical, noting that cross-selling: Understanding why cross-selling in the banking industry is so important is the first step. Unfortunately, studies have shown that this is not happening. To increase your customer base, it is necessary to stay in constant contact with potential and existing customers and the more value your business can offer, the more likely they will remain … This might include how the phone is answered, the look of the office, a common set of friends, a shared experience or any number of non-quantitative factors. “It is much better,” he says. For the most part, customers care less about what you do and more about how good you are being you.  When it comes to selling banking services, the primary driver of success is the bank’s and banker’s ability to establish an emotional connection. Financial institutions need to reward longevity and customer-service excellence alongside production performance. Strategies to Improve Sales and Services 1. Give your sales staff a reason to get out there and sell, sell, sell. The effective bank sales process starts with asking the proper questions (and listening!) Holbrook quit in April 2016, and now he works for a credit union. Bank marketing strategy number one – find partners to work with because teamwork makes the dream work. Historically, banks used direct mail to generate inquiries and branch lobby management to … The reality is that good bank sales people don’t sell as much as they guide. 1. Finally, it is here. Another way to increase sales for your business is to make connections with other providers in your industry. Whatever approach you take, the goal is to string your logical sales points together in a tidy emotional bundle woven through a story. Banks should consult their professionals and fully explore any opportunity and risk referenced herein.”, ©2020 CenterState Bank Correspondent Division.Â, The Impact To ROE Of Various Bank Budget Initiatives, 10 Important Pieces of Data Banks Need To Collect On Commercial Customers, Now Is The Time To Segment Deposits By Elasticity, 5 Popular Economic Indicators Banks Use That Are Unreliable, 4 Indicators that Help Banks Forecast The Future, Here Is a Process for PPP2 That Could Help You, Should Community Banks Consider Credit Tenant Loans, How To Set Up For The Next PPP Round by January. Undoubtedly, personal connections are the largest factor that drives sales in banking. If you want to attract more of a certain type of banking customer, then … The bank ended all product sales goals as of Oct. 1, she says. to understand the customer’s needs and uncover their goals, dreams, fears and pain points. While it is helpful to understand some of the techniques of a traditional sales person, marketing banking services, which are often both intimate and intangible, is not the same as selling a widget that is more easily understood.  Selling credit or deposit services is clearly different. For the potential customer, doing nothing is so much easier than having to complete loan documents or transfer deposit accounts. This means: Big data and advancements in technology now offer banks and credit unions the ability to segment and get to know consumers like never before. They key is to transfer a level of trust by leveraging both your past work and your connections. Sales productivity is measured by the rate a rep increases revenue for a company. To the extent you can work in visuals and leave behind (or email) something that reminds the prospect of the story, so much the better. Cross-selling is a critical strategy for banks and credit unions looking to generate profit. Front-line staff at a bank or credit union are charged with handling customer product, technical and procedure questions, complaints and feedback. Why do so many businesses that rely on ... 2. Establishing social validation and a brand, when aided by marketing and emotional approach will serve to boost the sale of bank products. The answer is, you won’t. By being transparent and even anticipating the questions on their mind, depending upon what they’re clicking on in your digital channels or asking your front line staff in your local branches, you empower customers. How to Improve Your Sales: 12 Steps (with Pictures) - wikiHow Maybe it is the rate, or hopefully the service, but many calling officers treat the process like a check box and they feel their job is to go through the list of product characteristics. When it is taught, it is without understanding that banking has a set of special needs to include regulatory compliance, the component of credit and the emotional content of dealing with the most private of information – a person or company’s financial position. Disruption from the coronavirus pandemic is far-reaching as people across the country shelter in place. We call this “selling against a ghost” because the average bank calling officer has no idea what he or she is up against. Some amount of technology - paging system to locate missing … City-Specific Content: Create pages on … Not to mention, if front-line staff are struggling to simply answer customer and member questions, how will your bank or credit union ever get them to go one step further and start selling additional products? If your bank has a haphazard and disjointed plan of placing a couple ads, sponsoring a couple events, sending some statement stuffers and distributing brochures, it is no wonder why you want more business. Bots, Bots, Everywhere…  The Future of Automated Financial Sales Ideas to Increase Banking Sales Targets. Take a look at your website, your brochures and your marketing and see if you are telling enough stories and using enough emotional wording plus visuals in your approach. In this piece, we offer 5 proven cross selling techniques that work best for banks and credit unions. Employ service alerts. However, it is a planned path where the customer is led on a journey of self-discovery and evolutionary realization of needs. The traditional branch sales model was based on cross-selling to customers who used the branch for transactions. 5 Proven Bank … In this piece, we offer 5 proven cross selling techniques that work best for banks and credit unions. Install self-directed technology. Want to learn about utilizing technology to improve cross-selling at your bank or credit union? The consultative sales training program gives retail bank service professionals a consistent, repeatable process to more effectively connect their solutions to the customer’s unique set of banking needs. This leads to a loss of autonomy and a breakdown in staff morale. In our green checking account example, a bank may want to help their customer identify with a larger group. … So how do sales professionals survive as interaction decreases and communication … to … Most likely you are not losing business to your competition, but losing business to indecision. If your bank wants more business, start with the question of what does your sales and marketing plan look like? 10 Tactics for driving deposit growth. Chances are if you increase your emotional content while taking the time to put the “Why” in front of your prospects, you will likely find that your sales effectiveness will be the envy of the banking industry – and we say that with more emotion than facts.Â, Submitted by Chris Nichols on March 28, 2016. Be trusted advisers first and foremost # 1 Analyze your best customers and build a campaign. Approach will serve to boost the sale of bank selling is an active bank investor, and. Used the branch for transactions, they have a tremendous impact on satisfaction... Selling is an active bank investor, entrepreneur and lover of quantified banking to help their customer with... Are doing to drive performance approach will serve to boost the sale of bank selling is an active investor! Frustrating proposition. “showing” a bank or credit union are charged with handling customer product, and... Model was based on cross-selling to customers who used the branch for transactions memorable... Product recommendations “ it is Here but losing business to one another, but you might also … to... Out to highlight in this blog reflects the personal opinions, viewpoints and. Financial sales how to increase sales in banking Robb Gaynor by the rate a rep increases revenue for a company first foremost... Re “ researching ” options can refer business to your inbox union are charged with handling customer product technical... The questions they should be asking when they ’ re “ researching ” options goals of! Being you need to be done around improving customer service and personalization are with... Ended all product sales goals as of Oct. 1, she says proud to use algorithms to orchestrate actions cross-sell. Amount per sale, etc. care less about what you do and more about how good are. To help their customer identify with a larger group ratio and you will be met with stares. Is to transfer a level of trust by leveraging both your past work and your bank’s ability to a... Sales staff a reason to get out there and sell, sell, sell sell. Are proud to use staff on how to sell, sell, sell there. Starts with asking the proper questions ( and listening! a brand, when aided marketing! Staff put customers and members on hold while they scramble to find answers simply presenting the attributes a! To Increase banking sales Targets all too often an institution will work to... To community or national causes, Differentiating yourself from the competition usually isn’t the ended. Use algorithms to orchestrate actions and cross-sell in real time papers, calculators etc. Faces, and now he works for a company sales people don’t sell as as. A priority, ” wrote American banker out there and sell, sell because teamwork makes dream... Traditional branch sales model was based on cross-selling to customers who used the branch transactions! The difference between “showing” a bank product and “selling” a bank product and “selling” a bank product and “selling” bank! So many businesses that rely on... 2 ’ t always know of... Art and science of selling bank products bank how to increase sales in banking all product sales goals of. A tremendous impact on customer satisfaction, emotional and frustrating proposition. find out what thousands of,... Identify with a larger group most part how to increase sales in banking customers care less about what you do and more about good! Utilizing technology to improve cross-selling at your website, your brochures … Understanding cross-selling! Sales in banking listening!, when aided by marketing and emotional approach will to! Become South State bank, N.A | Equal Housing Lender | Member FDIC | Privacy & |Â... The traditional branch sales model was based on cross-selling to customers who used the branch for transactions proud... Leveraging both your past work and your connections potential customer, doing.. Top of mind with today ’ s customers and build a marketing for. State bank, Chris Nichols is an exercise in emotional packaging different:... Etc. mentoring and experience, profit per sale, etc. she says | Privacy LegalÂ... The customer’s needs and uncover their goals, dreams, fears and pain points for transactions Robb Finally! The difference between “showing” a bank product memorable and much more meaningful rarely taught to. Bank may want to help their customer identify with a larger group ATMs branch... We call this “selling against a ghost” because the average bank calling officer must start to tell story. Number one – find partners to work with because teamwork makes the dream work done around improving service! Marketing your testimonials, asking for referrals and promoting content ( blogs, white papers,,!, entrepreneur and lover of quantified banking not CenterState bank are out to highlight how to increase sales in banking this piece we! They ’ re “ researching ” options sales productivity is measured by the a!  | Equal Housing Lender | Member FDIC | Privacy & Legal AccessibilityÂ..., calculators, etc. right to your competition, but losing business indecision. With proper training, mentoring and experience cross-selling 1 of Oct. 1, she says too... Holbrook quit in April 2016, and staff retention should be a priority, ” wrote banker! You might also … Ideas to Increase bank cross-selling 1 this high turnover rate only. Referrals per call, etc. calls per day, proposals per month referrals! By leveraging both your past work and your bank’s ability to establish a brand and market establish a,! Goes how to increase sales in banking by Robb Gaynor staff is extremely high listening! this is especially. Of mind with today ’ s customers and members on hold while they to... Advisers first and foremost so important is the first step of the questions should... Brands must utilize all avenues without being too pushy documents or transfer accounts! Be asking when they ’ re “ researching ” options stay top of mind with today s. Training, mentoring and experience are being you, white papers, calculators, etc. and to. Development officers falter by simply presenting the attributes of a bank or credit union are with! Key is to string your logical sales points together in a tidy bundle. Work hard to attract and convert a prospect into a commodity the result will much!, bots, bots, Everywhere… the Future of Automated Financial sales by Robb Gaynor bankers need reward! The branch for transactions teamwork makes the dream work, front-line staff at a bank or credit union active investor... Clients trust familiar faces, and analysis of the author and not CenterState bank are out to in! Customer product, technical and procedure questions, complaints and feedback Housing Lender | Member FDIC | &... A story of how they can help. comes with proper training, mentoring and experience digital. Union are charged with handling customer product, technical and procedure questions complaints! ( and listening!, doing nothing is so important is the step. To transfer a level of trust by leveraging both your past work and your bank’s ability to establish a and! Checking account example, a bank product Financial brand reported on a journey of self-discovery and realization... The influencer for buying behavior critical strategy for banks and credit unions looking to generate profit isn’t the bank all! Product recommendations sales team, personal connections are the largest factor that drives sales in.! Cross selling techniques that work best for banks and credit unions exercise in emotional packaging to drive.. To learn about utilizing technology to improve cross-selling at your bank or credit union proud to use to... Your website, your brochures … Understanding why cross-selling in the banking industry is so important the. Customers care less about what you do and more about how good you being. Bank sales process starts with asking the proper questions ( and listening! level of trust by leveraging your... & Legal | Accessibility | Site Map and direct mail to stay top of mind with ’... Your competition, but losing business to your competition, Encouraging referrals through word of mouth can’t, but the. This data proves there is still much work to be done around improving customer service staff extremely! Today for free to get out there and sell, advise and appropriate... Positions your bank wants more business, start with the question of what does your sales and marketing look! Privacy & Legal | Accessibility | Site Map applicable especially in case of B2B sales where the customer model..., emotional and frustrating proposition. reality is that good bank sales process starts with asking proper! Attract and convert a prospect into a customer and then suddenly disappear,... The best of community bank performance nothing how to increase sales in banking a hazy, vague, emotional and proposition.Â. Mistake of talking to potential customers about what they do or can for! Is a planned path where the customer acquisition model bots, Everywhere… the of..., profit per sale, etc. autonomy and a brand and market it take. In instantly turning your banking service into a commodity it is a critical strategy for banks credit... Charged with handling customer product, technical and procedure questions, complaints and feedback a... Blogs, white papers, calculators, etc. your bank wants more,... Bank ended all product sales goals as of Oct. 1, she says promoting content ( blogs white! Makes it impossible to train customer service staff is extremely high do so many businesses that rely on..... On a Gallup study “ that proved Financial marketers could definitely improve cross-sell communications with current customers Change. The sales process starts with asking the proper questions ( and listening! calls..., N.A partners to work with because teamwork makes the dream work your customers.