Increasing sales in the banking sector differs from other sectors because it is not a transaction of money in exchange for a product or service.
Instead, there is a contracting of a banking product commonly known as “upselling”. Even so, it is increasingly common for business models to change so that banks trade products or services from other sectors (taking out insurance, selling physical products on the bank’s app, etc.).
We will analyse the different resources to increase bank revenues, covering the complete sales cycle, from brand positioning decisions to contracting processes.
Six key points to increase sales in the banking sector
Along the sales cycle we find different actions in which we can introduce improvements to increase sales or contracts of banking products:
Branding, customer loyalty and Omni-channeling.
Omni-channeling is a key factor in achieving other objectives, such as branding or customer loyalty, as it allows us to maintain a brand image and consistent customer treatment across all channels so we can be on top of mind.
Conversion Rate Optimisation
To achieve the highest CRO, we must optimise the website technically and segmenting users and reducing steps to achieving conversions.
Real-time marketing in banking
Timing is as important as the personalisation for the customer. Therefore, it will make sense to have an automation strategy capable of activating marketing actions in response to customer events. For example, if the customer requests product information, researches a product in the application or associates a new payroll, etc.
Personalisation of banking services
The customer must feel a personalised experience when navigating through the site. To achieve this, modern CMS and CRM are a must to support the strategy and get to know the customer with whom the bank is communicating with better.
The digital identity of the banking customer
Digital identity is complex but fundamental for offering a truly digital experience. Biometrics and trust in mobile devices or federation systems are essential to contracting banking products digitally and onboarding new customers.
Finally, and following on from digital banking, we will have to make it as easy as possible for banking customers to sign up for new products and services, which will enable boosting sales by attracting new customers through simple, fast and clear onboarding.