Can the Financial Industry Be More Client Centric and Less “Product Pushy”?

The difference between a product-centric financial institution and one that is truly client centric? The sales process. Unfortunately, investments in development of frontline staff are falling short.

by. Jeff Batchelor

Picture a customer service representative or bank teller and a line of fifteen customers at a busy time of day. What typically runs through the representative’s mind?

  • ‘All I am obligated to do is deal with their issues’
  • ‘I can move them all through in record time – lunch starts in twenty minutes’
  • ‘Selling ‘Product A’ means big points for me – tell every customer’

Chances are, these thoughts are the most prominent within a frontline sales team. But what if the CSR had a different mindset?

  • “Wow, 15 customers for which to better understand business opportunities beyond the initial request for assistance”.

In a perfect world, this could be true. However, sales training departments are given the daunting task of instilling this mindset while coping with the realities of low wages, time constraints, and part-time positions. But suppose frontline professionals were confident and properly equipped with the essential skills to take care of customers’ initial “active needs,” and then was able to unearth a “latent need” with the potential to generate a high quality internal sales referral.

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