Virtual Customers: Who’s Minding the Store?

Are retail banks overlooking a major segment of their customer base? It seems improbable, especially given the intense hunt for growth in a tight market. Yet, that is exactly what’s happening at many regional banking companies. The customers in question are those who have drifted away from the branch and now do most of their banking at Read More

By |2020-05-27T18:01:17-05:00February 21st, 2012|Comments Off on Virtual Customers: Who’s Minding the Store?

Managing the Conversation with Unhappy Customers

Are you setting up your sales and service people for failure by sending them unarmed into hostile territory? Are you leaving them to their own devices in dealing with unhappy customers? According to a recent study by Gfk Research Institute, “Trust in bankers hit a low of 37 percent in 2009, when the global economy shrank and banks Read More

By |2020-05-27T18:01:28-05:00November 18th, 2011|Comments Off on Managing the Conversation with Unhappy Customers

Avoiding a Sales Productivity Crisis

With its recent announcement of 30,000 job cuts, Bank of America Corp. has fired the opening shot in an industry-wide move toward deep cost reduction in retail banking. Going into 2012, many other revenue-starved banks likely will slash branch staff as well, given the almost 40% profit decline in retail banking. But aggressive contraction re-introduces an age-old Read More

By |2020-05-27T18:01:29-05:00October 6th, 2011|Comments Off on Avoiding a Sales Productivity Crisis

Combining Sales and Service on the Frontlines

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. Shifting branch staff away from their transaction functions to more of a sales role is commonly seen as one tactic for accomplishing that. Been there, done that, Read More

By |2020-05-27T18:01:29-05:00September 20th, 2011|Comments Off on Combining Sales and Service on the Frontlines

Keys to Cross-Selling Success

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. Yet, where can these be found in today’s sluggish economy? Inevitably, banks are looking at their existing customer base with a renewed interest in cross-selling to Read More

By |2020-05-27T18:01:29-05:00September 13th, 2011|Comments Off on Keys to Cross-Selling Success

Predictive Selling for Cross Sell

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. Why? Financial products are generally complex to sell and front-line employees can only master between six to eight products. So how do banks sell more products to their current customer base Read More

By |2020-05-27T18:01:30-05:00August 17th, 2011|Comments Off on Predictive Selling for Cross Sell

Simpler is Better in Sales

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. Easier said than done, since banks have often struggled with branch sales. To provide an overview of these issues, we turned to Jay Freeman, an Read More

By |2020-05-27T18:01:30-05:00August 5th, 2011|Comments Off on Simpler is Better in Sales

Raise More Capital and Innovate

I am no fan of needless regulation. The industry has enough to deal with right now with Dodd-Frank, a new (and leaderless) Consumer Financial Protection Bureau, derivative regulations and the like. But I question the wisdom of the well-heeled lobbyists in Washington, allegedly representing the interests of the banking industry (read: top 20 banks), aggressively pushing against Read More

By |2020-05-27T18:01:31-05:00July 1st, 2011|Comments Off on Raise More Capital and Innovate

The Future of Branches: Reinvention

Many industry analysts and practitioners clearly believe the future of retail banking requires a dramatic reduction in the absolute numbers of bank branches across the U.S. In a recent column, banking investor and analyst Tom Brown went as far as to say that “sprawling branch networks are about to become high-cost millstones.” There’s a problem with this Read More

By |2020-05-27T18:01:31-05:00June 24th, 2011|Comments Off on The Future of Branches: Reinvention

Customer Experience Metrics Matter

Delivering the right customer experience at the right time means understanding the wants, needs and expectations of your customers and designing an experience that meets those needs. While it may seem intuitive that an improved customer experience equals happier and  more loyal customers, managers want quantitative proof. Fortunately, such proof is available in metrics such as increased Read More

By |2020-05-27T18:01:32-05:00April 8th, 2011|Comments Off on Customer Experience Metrics Matter