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What bankers can learn from leasing

In the past two years, banks have focused on building their equipment finance and leasing groups. Faced with slow and low margin growth in traditional commercial and industrial (C&I) lending, many institutions have turned to leasing as a source of sustainable earnings and a differentiated market approach. Some bankers also understand that leasing can provide internal best Read More

By |2020-05-27T18:00:37-05:00January 20th, 2015|Comments Off on What bankers can learn from leasing

Compensating Sales for Improved Performance

How should banks compensate sellers? Sales vice presidents want simple and motivational plans with upside potential to attract and retain the best talent and to grow the top line. Finance and Risk Management, however, often want to add controls to sales plans to curtail risky behavior and manage cost. Sales leaders can use one of two methods Read More

By |2020-05-27T18:00:38-05:00December 16th, 2014|Comments Off on Compensating Sales for Improved Performance

Cross Selling as Secret Sauce for Success

Years ago, I was trying to set up a meeting with the head of a small business group at a top five bank. When we spoke by phone, he said he only wanted to meet if I had a “secret sauce” that would lift his business. Not having any secret sauce that I could find anywhere, we Read More

By |2020-05-27T18:00:38-05:00November 21st, 2014|Comments Off on Cross Selling as Secret Sauce for Success

Simple Segmentation for Improved Sales

We live in an age of “big data” but sometimes this amounts to data overload. What we really need is more usable data that can translate into better customer service, improved sales, and greater profitability. One very effective way to organize data is to group customers or prospects into segments. The old saying “birds of a feather Read More

By |2020-05-27T18:00:39-05:00November 7th, 2014|Comments Off on Simple Segmentation for Improved Sales

Hiring Bankers Who Can Sell

With banks increasingly underscoring the importance of sales, more institutions are rethinking how they identify, attract, hire and retain the next generation of employees required to handle the expectations and needs of consumers, say panelists at the upcoming BAI Retail Delivery 2014. “Selling is all about persuading a customer to take the necessary actions to acquire a Read More

By |2020-05-27T18:00:39-05:00October 24th, 2014|Comments Off on Hiring Bankers Who Can Sell

Transforming Branches into Proactive Sales Engines

Many banks aspire to change their branches from service centers to sales centers but with only marginal success. Some have responded by evolving their operating models from having separate tellers and sales employees to “universal” employees. Others have modified their traditional branch layouts to feature a single queue for both sales and service transactions. While these changes Read More

By |2020-05-27T18:00:41-05:00August 25th, 2014|Comments Off on Transforming Branches into Proactive Sales Engines

Targeting Fundamentals for Sales

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. Virtually all of our clients involved with banking small businesses, for example, preach the need to do more with less, Read More

By |2020-05-27T18:00:41-05:00August 22nd, 2014|Comments Off on Targeting Fundamentals for Sales

No Universal Rollout for Universal Associates

With the continued accelerated adoption of non-branch channels such as mobile and the web, banks are facing the fact that branch traffic may not uptick anytime soon, if ever. This reduction in traffic not only results in lower transaction volumes but also reduces opportunities for selling – and the customer engagement that fosters account-holder loyalty. In such Read More

By |2020-05-27T18:00:42-05:00July 11th, 2014|Comments Off on No Universal Rollout for Universal Associates

Omnichannel Solutions to Increase Wallet Share

Faced with a slow-growth environment, today’s banks are focused on finding more efficient methods of increasing wallet share while continuing to increase customer satisfaction. The evolving bank customer wants to complete both mundane and complex transactions in an automated fashion, while still valuing personal interactions that enrich their overall experience and financial knowledge. Innovative banks are now Read More

By |2020-05-27T18:00:42-05:00June 20th, 2014|Comments Off on Omnichannel Solutions to Increase Wallet Share

Why Banks Succeed

What day-to-day actions make for a successful bank? We all define success differently, but in my view it requires a bank to satisfy all its stakeholders, namely, generate solid earnings and growth for investors, distinguish itself with customers, demonstrate franchise value and provide employees with a positive work environment. Consistency and sustainability are two hallmarks of success. Read More

By |2020-05-27T18:00:42-05:00June 13th, 2014|Comments Off on Why Banks Succeed

Centralizing Cash Management for Branches

The prognosticators in our industry have anticipated the decline of both brick-and-mortar branches and consumers’ use of cash for some time, but the reality of today’s market paints a very different picture. In fact, cash levels are on the rise. While the percentage of cash is lower than it was a decade ago, according to McKinsey & Read More

By |2020-05-27T18:00:44-05:00March 25th, 2014|Comments Off on Centralizing Cash Management for Branches

Strategies for Cross-Selling Success

Cross-selling, or persuading customers to purchase additional products, is one of a bank’s most powerful and efficient revenue-boosting tools. Yet, many banks do not cross-sell effectively. In today’s competitive market, banks need to develop carefully planned, measured and specialized programs to engage and target customers effectively through cross-selling. For the purposes of this article, we’ll consider cross-selling Read More

By |2020-05-27T18:00:45-05:00February 10th, 2014|Comments Off on Strategies for Cross-Selling Success

Growth is Easy

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. However, for many banks, growth is there for the taking if they are willing or able to implement the steps necessary to assess and benefit from Read More

By |2020-05-27T18:00:45-05:00February 3rd, 2014|Comments Off on Growth is Easy

Putting Transformation First for CRM

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. The idea of customer-centricity required a completely new approach to the banking business – product customization, new distribution channels, more access to bank staff, a different mentality among customer-facing staff and new performance measures. Read More

By |2020-05-27T18:01:04-05:00June 24th, 2013|Comments Off on Putting Transformation First for CRM

Winning Back the Middle Market

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. However, insufficient market differentiation, dysfunctional organizations, overstaffing or the wrong staff and an inadequate sales management process all combine to limit bank Read More

By |2020-05-27T18:01:04-05:00June 14th, 2013|Comments Off on Winning Back the Middle Market

The Strategic Implications of Tellers Selling

“Tellers must do more than transact – they must also sell!” If you’re coming to that conclusion at your bank, you are not alone and you have good reason. Tellers see more customers than anybody else in the bank. The transactions they handle often give off obvious indicators of sales opportunities. With branch volumes declining and facilities Read More

By |2020-05-27T18:01:04-05:00June 7th, 2013|Comments Off on The Strategic Implications of Tellers Selling

Improving Retail Sales with Analytics

Retail banking has never had to focus on a comprehensive sales process. Because of profits from margin, loans and fees, banks have historically never felt a need to ensure customer loyalty through multiple account commitments and have shied away from proven sales methods found in other industries. However, now that the market has become competitive, the lack Read More

By |2020-05-27T18:01:05-05:00May 15th, 2013|Comments Off on Improving Retail Sales with Analytics

More Coach Seats Needed in Retail Sales

Since the recession there has been a pronounced flight to quality in consumer banking, particularly in the checking business. But has the trend gone too far? Many retail players have consciously deemphasized mass market consumer banking, further intensifying a trend of significant decline in new customer relationships and account origination. The average regional bank branch booked only Read More

By |2020-05-27T18:01:05-05:00May 3rd, 2013|Comments Off on More Coach Seats Needed in Retail Sales

Who Owns Cross Selling (and Who Should Own It)?

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). While we’re all keenly aware of the opportunities cross selling Read More

By |2020-05-27T18:01:05-05:00May 1st, 2013|Comments Off on Who Owns Cross Selling (and Who Should Own It)?

Talking Up Sales in the Contact Center

Banking contact centers primarily have functioned as service hubs for customers who call for information or help with a problem. Now an expanded sales role is unfolding as people downplay the branch and shift more purchase-related activity to remote channels. Even as shopping for financial services providers and products is shifting online, many customers still want a Read More

By |2020-05-27T18:01:06-05:00April 5th, 2013|Comments Off on Talking Up Sales in the Contact Center