Many banks aspire to change their branches from service centers to sales centers but with only marginal success.

Bankers all agree that they need to improve their productivity as operating expenses rise due to diverse factors, including increased compliance costs, continual technology investments, and the need to add more channels while maintaining the old ones.

Cross-selling, or persuading customers to purchase additional products, is one of a bank’s most powerful and efficient revenue-boosting tools.

It is hardly new news that many banks are struggling to grow, constrained as they are by a still-slow economy, an overly aggressive regulatory environment and an often cautious customer base.

By the late 1990s, many banks understood the deficiencies of the product-centric model and began to consider the transformation needed to become customer-centric.

As banks struggle to generate new revenue, more are increasing their focus on middle-market companies (typically $10 million to $100 million in revenues) because they are attractive clients for lending, fee generating products and cross-selling.

Retail banking has never had to focus on a comprehensive sales process.

Since the recession there has been a pronounced flight to quality in consumer banking, particularly in the checking business.

So, when was the last time you went to a meeting and the subject of cross selling didn’t come up? In all likelihood, the conversation turned to the results of the latest cross-selling campaign, the plan for the next one and the projected return on investment (ROI).

Banking contact centers primarily have functioned as service hubs for customers who call for information or help with a problem.

Twenty years ago, the commercial banking relationship manager (RM) held a position of the highest prestige and power within most banks.

Mobile banking services can be used as effective tools to help banks sell additional services and improve customer relationships, but only if they are used correctly and in coordinated efforts with other delivery and sales channels.

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With its recent announcement of 30,000 job cuts, Bank of America Corp.

As banks struggle in today’s environment of reduced fee income and weak loan demand, financial institutions need to figure out a way to sell more products to their existing customers.

One result of the recent and continuing rash of government regulations is a renewed desire on the part of banks and credit unions to drive new sources of revenue and profitability.

Cross-sale? What cross-sell? Most banks offer on average over 100 products and services but 56% of customers only have one product, according to our company’s research.

As the banking industry’s ability to generate fee income comes under pressure from recent regulatory actions, financial institutions will inevitably need to place more focus on front-line sales effectiveness, particularly in the branches.