This article was originally printed in BankDirector.com
Retail banking is at an inflection point.
Together with the obvious pressures from regulations and low interest rates, non-financial institutions such as PayPal and Walmart are threatening banks’ bottom lines. They are under attack in areas they have felt most secure, such as business banking. Walmart’s Sam’s Clubs are offering Small Business Administration (SBA) loans and PayPal has hired a lending team under an executive vice president of business banking. At the same time, customers are also taking greater control of their banking relationships: They are switching banks, changing their behavior and demanding improvements.
Banks need to reestablish their relationships with their current customers and evolve their consultative sales process to be consistent and repeatable throughout all their channels. They need to adopt best practices in sales found in other retail industries, as well as measure results. They also need to embrace technology to survive and remain competitive.
All banking channels, including mobile, branch, and online, are struggling with sales productivity and performance. These reasons include:
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Come hear Mitchell Orlowsky discuss more about why sales management needs to be a board level issue at the Growth Conference on Friday May 2nd from 11:50 a.m. – 12:20 PM at the Ritz-Carlton New Orleans, LA.
