3 ways management can help boost sales at your financial institution
While interest margins have improved this year, up 7 basis points from 3Q 2019, according to creditunions.com1, financial institutions are still in a position that requires them to create revenue streams beyond lending. However, one of the challenges—particularly for service-focused organizations like credit unions—is converting to a product-driven sales culture.
In our organization, we hire salespeople and expect them to sell. We offer appropriate training, provide them with the tools they need to be successful, and expect them to go forth and conquer. They often do because that is how true salespeople are hard-wired. And, in the event that they don’t, we are sometimes forced to make changes within the organization. For financial institutions that lack a sales culture, we are essentially talking about building a sales organization from the ground up. At a minimum, this is a very daunting task with many hurdles to overcome.
For today’s lenders, many loan officers and other customer-facing personnel are not equipped for the transition from a 100% service focus to a culture that values the importance of product penetration and overall sales. This type of organizational shift requires top-down buy-in and a new perspective on how offering customers valuable products can truly be seen as a service. While your entire staff may not be ready for this type of paradigm shift, there are a few steps you can take to prepare:
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