Banks today are facing a historical threat, not unlike what the publishing industry recently experienced, with non-bank competitors quietly nibbling away at their customer base. In this video, Mitchell Orlowsky, chief executive officer of Ignite Sales, Inc., discusses ways that banks can improve sales performance and competitive advantage.
Mitchell discuss why this needs to be a board level issue and more specifically the steps that can be taken to battle non-bank competitors like Walmart and Paypal.
First, pay attention to people, process and technology. Second, measure the potential of each distribution channel and understand the potential sales of each and every customer. Third, measure the gap of what you have sold against the potential.
To learn more, watch this video at BankDirector.com.