Why Banking Desperately Needs A Relationship-Based Selling Strategy
The importance of leveraging consumer insight and data is more important than ever in financial services. New tools and technologies make advanced data analytics available for all sized organizations, while digital channels and the desire for personalized offers make the investment in data analytics mandatory for success.
Unfortunately, while the use of advanced analytics for insight-driven marketing is one of the most important trends in marketing, it still ranks low on the list of priorities of banks. It’s not that the banking industry doesn’t recognize the importance of knowing their customers. According to the report, “The Power of Personalization in Banking,” all institution types and asset agreed on the importance of knowing their customers’ and members’ personal financial situation and financial behavior.
The Benefits of Relationship Selling
The study found that most financial institutions were at the midpoint of their journey towards being able to provide relationship-based selling as opposed to being product focused. While roughly 30% were doing a decent job with the concept, close to one in five were still pushing products. Those institutions who were further along their relationship-based selling journey saw the following benefits:
Increased revenue
Increased sales
Increased referrals
Increased satisfaction and loyalty
Greater use of self-service products
Challenges Faced With Relationship Selling
Building a relationship-based strategy is not easy. With the need to use real-time customer data and build an internal logic around what services should be offered at what time, many have leveraged outside resources to assist with the process of generating highly personalized engagement.
Presently, most organizations are still using traditional CRM systems or operational systems to support a personalized interaction. Far fewer organizations are using the more sophisticated and advanced technology-driven systems currently available.
CreditBPO's revolutionary credit rating solution shortens the processing time while ensuring the lowest risk exposure for banks, providing auto-generated financial condition rating using AI (Artificial Intelligence) reducing the business loan evaluation process to 30-60 days. These affords account officers more time to interact more with customers for better KYC, focusong on relationship building AND the generated report provides insight to the account officers on possible coaching/discussion points with commercial accounts.
The successful financial services organization in the future will differentiate themselves by the ability to deliver relationship-based selling solutions to enhance the customer’s daily life, driven by tools that real-time, customer-centric solution.
Source: thefinancialbrand.com
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