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Business Banking Sales is now a Board-Level Issue

May 13, 2014

Last week I presented at The Growth Conference developed and produced by Bank Director. I pulled the last speaking slot of the show and I was concerned that attendance would have waned by that point.

As it turns out, my fears were unfounded. Sales process and measurement is a hot topic. While large consulting firms like PWC discussed massive transformation of bank infrastructure, I discussed what they could do in 90 days to help their bottom line. The room was nearly full.

The competition is heating up in the world of business banking. New entrants such as Wal-Mart and PayPal are serving notice to traditional banks – evolve or die – and the Board has taken notice.

Innovation and sales are now Board-level issues.

In order to compete with non-banking competitors, banks need to improve their sales process so that it is consistent and measurable. Banks need to be able to consistently recommend and sell products through any channel to truly understand potential sales and profitability.

Most business banking customers are eligible for up to eight products however they traditionally open just one or two. That means money is being left on the table…until now, it wasn’t clear how many products customers were eligible for due the inconsistencies in the sales process as well as training.

Once a consistent sales process is implemented, it can then be measured. Stay tuned for my next post on how analytics is at the core of bank sales measurement.

 

Image courtesy of Stuart Miles / FreeDigitalPhotos.net

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