Remote Sales Strategy No.1: Going Full Remote

The first remote sales strategy that we prepared for banking is: going fully remote. This means ensuring that the customer can complete as many steps of the process as possible via digital channels. How can you achieve this?

First, you will need reliable eKYC solutions that will enable you to automate and accelerate digital onboarding. Yet, they won’t be enough—you still need to meet the customer in person to discuss the products, especially if they are complex, right?

Wrong! You may use collaboration tools for digital banking that enable you to set up online meetings. This way, the customer does not have to leave the comfort of their home at all—it’s a solution commonly used in remote sales of mortgage loans.

Naturally, you will not eliminate on-site interactions entirely—the customer will still need to be present to sign the loan agreement (or any other crucial documents). Nevertheless, you can (and should) reduce such interactions to an absolute minimum.

Remote Sales Strategy No.2: Using Data to Personalize Offers and Displaying Them Online

Remote sales have an extremely important advantage in banking (and in other sectors)—you get significantly more hard data on your customers. This data allows you to tailor your offers better, achieving higher sales rates.

For instance, you can analyze clients’ transactions to determine if they need a credit card and use your systems to estimate their credit score. Thanks to this, you already know what type of credit card you should offer to your customer and what limit it should include. Now, all you have to do is make the offer.

Again, you can leverage the digital environment. By using AI-powered solutions for sales in the digital channels, like those offered in LiveBank, you can:

• Determine when the customer is most likely to purchase the product (AI analyzes historical data and client’s behavior in your digital channels to establish that).
• Offer the product automatically, in a non-invasive way (for instance, as a pop-up or an in-app notification).

Even if this system fails to sell the particular product, it doesn’t mean it won’t drive sales. Returning to our credit card example, if the client sees a credit card offer for $2000, they will know that they know more-or-less their credit score. Even if they don’t want to commit to a credit card, this may prompt them to, for instance, take out a loan for their vacation, renovation work at home, or any other purpose.

Remote Sales Strategy No.3: Let the Clients Approach You Through Traditional Channels

Our first strategy for improving remote sales in banking included going fully remote…but it did not mean that you should block your customer from approaching you through digital channels.

Some customers might prefer remote-only interactions, others will stick to traditional channels, but many customers will simply choose what’s more convenient for them. This means that if they are near a physical branch, they might enter it and try to proceed with the sales process there despite starting in the digital realm.

This means that you need to adopt the optichannel banking approach—you cannot focus only on remote channels nor block your client from leaving them. Instead, link all of them together and let the customers switch between them as they wish.

Naturally, this requires you to integrate data from all your channels and create a single source of truth…yet such efforts are necessary anyway, at least if you want to switch to the data-driven approach.

The Takeaway

We presented you with three strategies that will effectively enable you to improve remote sales in banking. How do you put them into practice? The best way is to use our LiveBank platform—a solution for digital banking that offers many functionalities that you need to carry out the strategies we proposed.

Did you like this article? You may also read: How banks manage to sell complex financial products remotely