Taming data is key to the sales strategy at banks

The words “sales data strategy” can seem overwhelming to even the most seasoned sales executives. The right sales data strategy can provide sales leaders, managers, and salespeople with insights to make more informed decisions and drive better results.A sales data strategy is a documented plan that provides a structured framework for sales organizations to effectively manage and Read More

By |2020-05-27T18:16:25-05:00February 4th, 2020|Comments Off on Taming data is key to the sales strategy at banks

Cross-selling, without crossing the line: The powerful value proposition for smart, compliant banks

Cross-selling does not have to imply bankers conducting surreptitious behavior with their customers’ financial accounts. In fact, knowledgeable, timely outreach to consumers and small businesses—backed with intelligent insights and sound financial recommendations—can have a significant, measurable impact on customer satisfaction, loyalty and on the improvement of customers’ financial lives. This article cites a Barlow Research Associates Flash Read More

By |2020-05-27T17:58:38-05:00March 23rd, 2018|Comments Off on Cross-selling, without crossing the line: The powerful value proposition for smart, compliant banks

How cost shifting helps banks make the most of branches

Ultimately, every organization shares an identical purpose: to create operating leverage by growing revenue faster than expenses. Over time, organizations that focus on achieving this goal become more productive and efficient. Conversely, organizations that fail to recognize the importance of creating operating leverage become inefficient. Simply put, layering on additional expense over time without a corresponding lift Read More

By |2020-05-27T17:58:40-05:00February 7th, 2018|Comments Off on How cost shifting helps banks make the most of branches

Setting sale: How to build a winning cross-silo referral program

It’s one of the most ubiquitous sales programs in the banking industry and should be one of the most productive: the cross-silo referral program. So why does it often fail? After all, customers welcome an apt referral because it means getting needed help from a place they trust.   The bank welcomes a good referral because it Read More

By |2020-05-27T17:58:41-05:00January 19th, 2018|Comments Off on Setting sale: How to build a winning cross-silo referral program

Top results for the bottom line: Four steps to transform banking sales through better tech

You’re packing for a flight—tomorrow. You’re all out of travel-sized mouthwash and don’t have time to fight traffic to pick up one tiny toiletry. So instead you hop on Amazon and in four clicks, the mouthwash is set to arrive before you dash off to the airport. Or better yet: You tell your Amazon Echo to reorder Read More

By |2020-05-27T17:58:41-05:00January 12th, 2018|Comments Off on Top results for the bottom line: Four steps to transform banking sales through better tech

Four more risky sales practices: Accent on accident avoidance

In the sales enablement world, leaders are learning a new language—the language of risk. Part two of this series discusses four more ways that sales enablement practices expose companies to unwanted dangers. To read the first four ways covered in part one, click here. Five: Easy ethics The expectations that well-trained bank associates will employ strong ethics Read More

By |2020-05-27T17:58:44-05:00October 27th, 2017|Comments Off on Four more risky sales practices: Accent on accident avoidance

Podcast: The art and science of social selling

On this episode of the BAI Banking Strategies podcast, we talk with Avril Castagnetta, senior manager at Ernst & Young. Castagnetta explains the fine points of social selling, which uses social media platforms such as LinkedIn to foster deep sales relationships, as well as how to set up a social selling platform in less than a week. Read More

By |2020-05-27T17:59:46-05:00April 21st, 2017|Comments Off on Podcast: The art and science of social selling

Best practices make perfect: Customer perspectives on sales and financial services

If you follow the headlines about aggressive sales practices in the financial services industry, you might think our nation’s retail banks and investment advisory offices have become sales-obsessed pressure cookers focused solely on moving new product. Fallout from the Wells Fargo scandal and rhetoric surrounding the Department of Labor’s Fiduciary Rule have done much to support that Read More

By |2020-05-27T17:59:47-05:00April 6th, 2017|Comments Off on Best practices make perfect: Customer perspectives on sales and financial services

Happy ‘grew’ year: Five best sales practices for banks in 2017

With just a few weeks left in the calendar year, 2016 has presented financial institutions with a multitude of growing-edge challenges sure to spill over into 2017. Like: How should banks partner with emerging FinTech players to attract and keep new customers? And: How do financial institutions address their growing concerns over personalized customer experience in an Read More

By |2020-05-27T18:00:04-05:00November 9th, 2016|Comments Off on Happy ‘grew’ year: Five best sales practices for banks in 2017

Data reshaping sales and product design

Data is taking a new role front and center at many financial institutions. No longer relegated to backroom functions, bank-collected and third-party data is being used to boost sales and profit and even create whole new lines of business. Indeed, some financial institutions see their future as providers of information above and beyond transactional activities. “We’ve concluded Read More

By |2020-05-27T18:00:04-05:00November 2nd, 2016|Comments Off on Data reshaping sales and product design

Seven solid principles for winning customer trust

When consumers run into issues with a megabank, one of two outcomes are all but certain: Some customers will forgive, forget and stay—while others will take action, along with their accounts, and leave. In light of those potential actions, community bankers likewise have two choices: You can open your doors every morning and hope you get more Read More

By |2020-05-27T18:00:05-05:00October 19th, 2016|Comments Off on Seven solid principles for winning customer trust

The transformation of the retail branch with workforce management

How will retail banking’s changing service model define the branch of the future? With adoption of online and mobile banking on the rise, customers are visiting branches less frequently. But when they do, they’re looking to conduct high value transactions that require more personalized service. Results of a 2014 GenPact and YouGov online survey confirm this trend, indicating that younger bank customers are migrating Read More

By |2020-05-27T18:00:07-05:00August 15th, 2016|Comments Off on The transformation of the retail branch with workforce management

Get started with social selling

The buying process has changed, and the sales function must follow. Customers have more access to information than ever before, giving them the ability to educate themselves throughout the sales process. Purchasing has become a self-guided process, often relying on advice from trusted connections on social media. Instead of relying on cold outreach, sales professionals should establish Read More

By |2020-05-27T18:00:08-05:00July 29th, 2016|Comments Off on Get started with social selling

Success factors for fixing the bank

When channel switching on TV, I always tend to linger on three programs: Kitchen Nightmares with the always-profane Gordon Ramsey, Restaurant: Impossible with Robert Irvine, and Bar Rescue with Jon Taffer. Each host operates as a consultant dealing with booze or food rather than financial issues, but the situations they address, their approach to problem solving and Read More

By |2020-05-27T18:00:08-05:00July 22nd, 2016|Comments Off on Success factors for fixing the bank

Leveraging digital advertising

Marketing has changed more in the past three years than in the previous thirty as new media channels, including social, have proliferated. Bank marketers know they need to move an increasing portion of their ad budget to digital. The questions are: how much and to what?The first thing to do is clearly understand who you are targeting Read More

By |2020-05-27T18:00:09-05:00July 5th, 2016|Comments Off on Leveraging digital advertising

From customer friendly to customer intimate

In any company, rigorous strategic planning is bound to cause discomfort as old assumptions and long-held mindsets are challenged and re-examined. This was certainly the case for Billings, Montana-based First Interstate, an $8.7 billion community banking organization operating over 80 offices throughout Montana, Wyoming and South Dakota.Our strategic planning process explored new terrain and definitely shook things Read More

By |2020-05-27T18:00:10-05:00June 6th, 2016|Comments Off on From customer friendly to customer intimate

Transforming branch staff with predictive analytics

In recent years, banks have been focused on driving costs out of the branch network with self-service technology, branch closures and staff reductions. Yet, there is a genuine risk that driving any more cost out of the branches with across-the-board staff cuts will drive customers out of the bank altogether.“Workforce is the lifeblood of any organization,” according Read More

By |2020-05-27T18:00:10-05:00May 15th, 2016|Comments Off on Transforming branch staff with predictive analytics

Nine tips for improving branch lobby performance

At one end of the continuum for branch lobby services and sales are those banks whose frontline staff are well trained and equipped to combine prompt, knowledgeable and courteous service with enviable cross-sale rates. At the other end … well, let’s just say no financial services provider wants to be there.Where does your branch performance land on Read More

By |2020-05-27T18:00:11-05:00May 12th, 2016|Comments Off on Nine tips for improving branch lobby performance

Reconfiguring branch staffing for sales

As consumer digital migration drains ever more branch traffic, banks have been working through a delicate transition with branch staffing.Amid all the pressing questions, sales, service, headcount and skills, executives have drawn comfort from the assumption that they at least had a rough idea of how consumer branch usage would shake out. Ultimately, it has been thought, Read More

By |2020-05-27T18:00:11-05:00May 6th, 2016|Comments Off on Reconfiguring branch staffing for sales

Ten steps to succeed with microbusinesses

Microbusinesses, defined as firms with annual revenues of less than $1 million, constitute 90% of all businesses and thus represent a significant opportunity for banks. But given the small size of loans involved in this segment, how does a bank profitably serve these customers?The following is a suggested ten-step process for improving branch sales and service to Read More

By |2020-05-27T18:00:11-05:00May 2nd, 2016|Comments Off on Ten steps to succeed with microbusinesses