Retail banking has the early jump on utilizing AI. But sales leaders in other sectors can learn from successes and bolster their efficiency.
Successful cross selling is the closest thing in banking to a ‘secret sauce’ for profitability, but it isn’t easy.
As bank branches move from transactional hubs to sales centers, financial institutions need to focus more on hiring bankers who possess both the ability and desire to sell, say BAI Retail Delivery 2014 panelists.
Improving organic sales growth requires delivering an omnichannel experience for customers, particularly during the onboarding process.
Tactics for improving sales performance in branches should include tracking sales performance by branch, establishing market-based goals for each location and staffing based on those sales goals.
To improve sales to small businesses, bankers need to make sure they’re calling on the right prospects and handing off the sales process to the right units.
Cross-selling can boost institutional profitability if banks identify the appropriate sales opportunities, improve the customer encounter and monitor training and reward programs.
While growing in the current environment may not seem easy, it can be achieved if banks are willing to reorganize sales processes, take advantage of Big Data and partner with alternative providers.