How fostering a product-driven sales culture can help boost sales

There is no doubt that financial institutions are feeling the economic fallout from the COVID-19 pandemic. According to a report published by CFO in Q3 2020, “For the 5,066 commercial banks and savings institutions insured by the FDIC, aggregate net income totaled $18.8 billion, down $43.7 billion (70%) from a year ago. Slightly less than half of all banks reported annual declines in net income, and the share of unprofitable institutions increased to 5.4%.”

This means financial institutions are currently facing the task of creating revenue streams that go beyond lending. However, one of the challenges—particularly for service-focused organizations like credit unions—is converting to a product-driven sales culture.

Making the transition from a 100% service focus to a culture that values the importance of product penetration and overall sales requires top-down buy-in and a new perspective on how offering account holders valuable products can truly be seen as a service. In this blog post, we’ll give you tips for fostering a product-driven sales culture that will help improve sales and increase revenue for your financial institution.

 

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