How to Improve Sales in Banking? Our 5 Tips

There is no one way to improve sales in the banking industry. Instead, there is a set of efforts that you can undertake to lift them up and generate more income. What are they? Take a look at the list below.

Evaluate and Improve Customer Service

The customer service team isn’t always directly responsible for sales. However, it still has a major impact here. This is because customer service is linked to customer experience, and the better the experience, the more likely your customers are to purchase your products.

How to improve your customer service? Begin by determining how good it already is. The best metrics for customer service evaluation include:

• ratings,
• mystery shopping scores,
• complaints and compliments,
• CS response times,
• transaction times,
• number of products per customer,
• customer lifetime value (CLV),
• customer churn,
• the number of referrals.

With all of that measured, you may improve your customer service. This requires you to:

• find ways to speed up processes,
• personalize interactions with your customers,
• offer customers multiple communication channels and the option to switch between them freely (optichannel approach),
• switch to proactive banking—predict customer problems and solve them before they occur.

Measure the Value of Your Sales Channels

How to boost sales in banking if you don’t know what works and what doesn’t? It’s impossible. This is why you need to evaluate your sales channels first.

See what channel brings you the most leads and which channel has the most leads closed. Evaluate why each channel excels or fails in this field. Finally, decide where to put your investments: if a channel clearly underperforms, it might be better to put your money elsewhere.

Optimize Customer Onboarding

Customer onboarding is a widely abandoned process, regardless of the bank. This is mostly due to the time and effort it takes to complete it. Thus, if you want to make more sales and acquire more clients, you need to optimize it.

How to do this and improve sales in your bank? Opt for automation—AI combined with biometrics will enable you to perform digital customer onboarding much faster, with less effort on both sides.

Integrate Your Data

Information from your marketing and customer service teams is important for cross-sales and up-sells, so be sure to collect them. If you use multiple systems, invest in a solution that lets you integrate the data into a single source of truth. Then, use this source as the basis for your analysis and extract insights from it.

Personalize Your Offers

You don’t sell banking products—you sell solutions to your customer’s problems. Understanding that will help you boost sales in your bank significantly, though it’s just the beginning—you still need to know what your customers’ problems are.

To do so, you should use the integrated data mentioned in the previous section. You can analyze it using AI and get insights into your customers’ banking interests and needs. Moreover, you should use it to generate intelligent product recommendations personalized to the needs of each customer. 

Such product offers do not guarantee a sale but are much more likely to turn into one. Therefore, you should utilize this strategy if you want to boost your sales.

The Takeaway

To sum this article up, how do you improve sales in banking? First, you need to enhance your customer service. Then, you should define the channels that are the most promising and invest in them. Finally, you should optimize your onboarding process, integrate the available data, and use this to personalize your offers. After all these efforts, you will see a clear increase in the number of sales, so don’t wait—start implementing these strategies as soon as possible.

You may also read: How banks manage to sell complex financial products remotely