The DriveSales™ | Banking and NBFC Sales: A Roadmap to Upsell and Cross Sell Loans, Cards and all Other Financial Products!
The Banking industry is on the cusp of revolution. Now that non-financial businesses generate $200 billion in global financial services revenues, banks are bolstering their offering to be more comprehensive, seamless, and smart.
After a decade marked by resilience in banking, the industry is now entering a period of growth. Indeed, banks are greatly raising the stakes. We are seeing more and more Banking as a Service — or ecosystem — offerings, with multiple products packaged together to offer customers an all-inclusive service.
Why are sales important in Banking?
Banks are no longer limited to depositing and lending money. Banks have become financial product sellers. Besides taking deposits from clients and lending money on different pretexts, banks are selling financial products like-Investments, Insurance, CASA, Salary A/c, Loan etc.
Selling banking products is easier than selling any other products because, in this digital world, people are growing and using more like digital products, and according to the new era, people are using online payment more than offline notes.
“Good bankers, like a good tea, can only be appreciated when they are not into Hot Water” — Jaffar Hussein
What is Loan & its types?
A loan is a debt incurred by an individual or some entity. The other party in the transaction is called a lender — it is usually a government, financial institution, or corporation.
They lend the required sum of money to the borrower. In return, the borrowers agree to pay a certain set of terms, including any finance charges, interest, etc. with the initially borrowed money.
Types of Loan-
Unsecured Loan-Lenders take more of a risk by making this loan, because there is no asset to recover in case of default. Therefore, the interest rates are higher. Since there’s no collateral, financial institutions give out unsecured loans based on your credit score and history of repaying past debts.
Advantage-
· Require no collateral
· Flexible Repayment Options
· Less risk for borrower
Examples of Unsecured Loan-
· Personal Loan
· Education Loan
· House Renovation Loan
Secured Loans — Secured loans are the most common way to borrow large amounts of money. A lender is only going to loan a large sum with a promise that it will be repaid. Putting your home on the line is a way to make sure you will do all you can to repay the loan. A secured loan means you are providing security that your loan will be repaid. The risk is if you can’t repay a secured loan, the lender can sell your collateral to pay off the loan.
Advantage-
· Longer Repayment
· Higher Borrowing Limits
· Lower Rates
Examples of Secured Loan-
· Mortgage
· Auto Loan
· Loan Against Property
Sales Techniques to Cross-sell and Upsell Financial Products:
· Know the Client
· Use value-added content to educate, inform and build trust
· Sell Yourself
· Maintain a level of Confidence & build credibility in the borrower’s eyes
· Do Not Give Up
· People won’t buy what they don’t understand
· Drives for Results
· Never forget the client after sell is done
Now, as an effective SALESPERSON! We can do three things from here.
1. Not ignoring the opportunity and blaming the situation for revenue loss.
2. Taking important notes and going back to revisit your sales strategy with the growth mindset.
3. Reaching out to The DriveSales™ if you need any specialized help for sales.
To conclude, what you choose to think also provides some idea of your development as a consultative salesperson. It is something like Jaffar Hussein quotes “Good bankers, like a good tea, can only be appreciated when they are not into Hot Water”
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