This article was originally printed in BAI Banking Strategies. http://www.bai.org/bankingstrategies/Home.aspx
Branch banking is clearly at an inflection point as increased use of online and mobile banking has caused branch traffic to plummet. At the same time, most business banking accounts and 80% of consumer accounts, other than checking, are still opened at the branch and many executives still consider brick-and-mortar the best channel for serving existing customers and acquiring new ones.
To remain competitive, however, the branch needs to evolve and embrace new business processes, including the implementation of automated sales enablement tools to help establish a sales culture that is consistent and accountable. These tools help branch employees to consistently pre-qualify and recommend the right products based on customer need and eligibility and make all products easy to sell. The transaction data captured in real time then accurately reflects the needs of the customer and can be used in modeling and for forward-looking business decisions to improve profitability at the branch.
There are four steps to improving sales culture for branch profitability:
- Introduce a sales culture
- Ensure your data is not flawed
- Increase the Quality of Customer Interaction
- Use real data, not intuition, to make decisions
To read the full story in BAI Banking Strategies, http://www.bai.org/BANKINGSTRATEGIES/Marketing-and-Sales/Sales/Improving-Sales-Culture-for-Branch-Profitability?cclass=frontBurner
