8 Usable Techniques In Banking Sales

What Is a Bank Sales Job?

What is banking sales? He or she is responsible for achieving the monthly sales targets assigned to him or her, and for carrying out various transactions such as cross selling and fee products. Follow the bank's internal procedures and guidelines. Also, regularly engage with customers to ensure that they are satisfied.

A young lady bank teller is attending to her customer while his colleague is looking over her shoulder to learn techniques in banking sales

A direct sales representative (like so) is responsible for generating new business opportunities by conducting cold calls and interacting with existing customers. This type of position requires a high school diploma or equivalent.

In addition to being able to sell products and services, a direct sales representative also acts as the marketing and sales representative for the bank. This individual may work in a single location or within a certain area. Usually, they report to a supervisor or manager.

The marketing department is responsible for generating income and improving the bank's performance by identifying and developing new business opportunities. It also manages the relationship between the bank and its customers.

The banking industry is regarded as one of the safest jobs in the world, and it's also linked to societal acceptance. Even with the lack of vacancies, students who are graduating from college still have a hard time finding a job.

Sales In The Banking Sector/Industry

When we talk about "sales in the banking sector," it's similar to sales in any other industry, but with its unique twists.

Here's the gist:

Banks have a variety of products and services they offer to customers, right?

These can range from basic checking accounts, savings accounts, to more complex products like mortgage loans, credit cards, and investment services.

Now, the act of selling these products and services to both existing and potential customers is what we refer to as "sales in the banking sector."

So, if a customer walks into a bank to inquire about a home loan, and the banker convinces the customer to apply for the loan through their bank, that's a successful sale.

But here's the twist …

Unlike selling a tangible product, like a car or a smartphone, where customers can see and touch what they're buying, banking products are largely intangible. This makes the selling process a bit more challenging and requires excellent communication skills and a deep understanding of the customer's needs.

To add another layer, the banking sales process also includes activities like upselling and cross-selling. Upselling is when you convince a customer to purchase a more expensive version of a product they're already interested in, like a savings account with higher interest rates.

On the other hand, cross-selling is when you sell an additional product to an existing customer, like suggesting a credit card application to a customer who already has a savings account with the bank.

So, in a nutshell, sales in the banking sector or industry refers to the process of selling banking products and services to customers, and it requires a blend of understanding customer needs, offering the right solutions, and building lasting relationships.

What Are The Major Products Of A Bank?

Examples of major banking products and services:

  • Checking account
  • Savings account
  • Money market account (MMA)
  • Certificate of deposit (CD)
  • Debit card
  • Credit card
  • Mortgages
  • Home equity loans
  • Auto loans
  • Personal loans

A basic banking product is defined under Section 961F of the Corporations Act. It includes various types of deposit products and non-cash payment facilities.

A bank product refers to a set of services or facilities that are related to the cash management of a financial institution. These include the treasury, deposit, credit or debit card, and purchase card.

Depositors are usually compensated with a certain interest rate by banks. These institutions then lend the money to borrowers, who are charged higher interest rates. The banks then profit from the spread between the spread and the interest rate.

Digital products such as mobile banking, internet banking, and ATM allow customers to conduct their transactions without having to go to a branch. These products make the banking experience more convenient and reduce the time it takes to manage your finances.

A financial product is a type of instrument that allows a person to make a financial investment or borrow money. It can be used for various purposes such as investing or saving money.

Through the reach and low-cost distribution model, banks can provide their customers with various financial products and services. This type of distribution allows them to earn a fee for the services that they provide.

Who Are The Customers For Banks?

A bank customer is a person who has a bank account.

He or she deposits money into the bank and then uses the facilities to store and fruit their assets. They receive interest on the money they deposit and are also eligible to apply for additional money.

Unlike businesses and governments that may need more complex services, retail banks are designed to meet the needs of the general public. These banks are able to provide a variety of financial products and services to meet the needs of their customers.

What Do Customers Want Most From Banks?

Customers want banking products and services that are fast and easy to use, and banks want to make it even easier for customers to bank anytime and anywhere. They aim to deliver consistent experiences across all channels and products.

For instance, there are many benefits to using mobile banking. It can be used for various reasons, such as the ability to keep your money safe and secure, the ability to grow your money, and the payment of expenses when necessary.

How do Banks Target Their Customers?

In financial services marketing, various techniques and strategies are used to create awareness about their products and services. This process is then followed by a series of marketing campaigns that can convert leads into loyal customers.

Banks can send them some flyers and brochures that they can attach to their reps' business card. They will most likely prefer to be contacted by bank near their location. This step will allow them to support customers' short and medium-term goals.

How do Bank Attract Customers?

  • Engagement: customers open and reply emails
  • Balances: actively use their checking, savings, and credit card accounts. 
  • Customer Satisfaction: positive reviews based on recent surveys and net promoter scores, no open complaints or cases.

How to Increase Banking Sales

Think of these as your banking sales strategies:

Remember when you were a kid and made lemonade for the first time?  You wanted everyone in the neighborhood to buy it, right?

But simply having a lemonade stand wasn't enough. You had to attract people, tell them how refreshing your lemonade was, and convince them they needed it.

The same applies to banking sales.

1. Understand your customer's needs

Imagine you're at a party.

Would you enjoy a conversation with someone who only talks about themselves, or with someone who shows genuine interest in you? It's a no-brainer, isn't it? 

Banking is no different.

Get to know your customers, find out what they need, and tailor your services to meet those needs. Your customers will feel valued, and in turn, will be more inclined to avail your services.

2. Build Strong Relationships

It's like maintaining a garden. 

You don't just plant the seeds and forget about them, right? 

You water them, protect them, and ensure they get enough sunlight. Similarly, with customers, follow up regularly, provide excellent customer service, and show them you care. This cultivates trust and loyalty, which can lead to repeat business and referrals.

3. Embrace Technology

It's like having a superpower.

Seriously, who wouldn't want one?

A CRM system can help you keep track of customer information, follow-ups, and sales opportunities. It’s like having a personal assistant reminding you who to call, when to call, and what to discuss.

On top of that, data analytics can show you trends and patterns, helping you make informed decisions.

Boosting banking sales isn't about having a magic wand. It's about understanding your customers, building strong relationships, and leveraging technology to your advantage.

So go on, give it a try and watch your banking sales soar!

Usable Techniques When Selling For Banks

Sales are all about human interaction and the building of relationships, however, too often, salespeople just follow their natural instinct and believe that sales are all about convincing the buyer about how great their product or service is.

One of the most significant barriers to becoming successful selling for banks is focusing more on yourself as a salesperson, than the prospect in front of you.

The ability to sell a product or a service is a critical skill for a person's or an organization's success. Even if you are an employee and works on a salaried position, your ability to present and market yourself has the potential to multiply your income.

With the right marketing and selling techniques, you can position yourself at a place which you can demand a higher salary.

The best thing about any technique, not only selling technique, is that it can be trained. A person can learn and develop those techniques through a proper training program. In general, here are the summary of the banking sales techniques:

1. Prepare To Meet The Customer

Preparations or planning for sale is at the beginning of every sales process. You probably have heard this saying countless times before: "Failing to prepare is preparing to fail." There have been many approaches towards planning as we all know it, but the best planning is always the one that you find it easy to execute.

2. Opening A Sales Conversation

Impact-fully opening a sales conversation is a skill a banking staff needs to develop from Day 1. If you can pull this off, you'll get the customers' attention which available in minimal supply these days.

3. Product Presentation

In general, there are 2 things you want to focus on:

  • State the benefit(s) of a product or service
  • Add more features with essential benefits.

All these need to be at your fingertips, and you can use Technique 1 - Preparing to meet customers - to practice or rehearsing features and benefits or vice versa before you face a real customer. This is another technique for banking sales.

4. Proving What You've Said

This is the conviction step of the sales process. A skilled retail seller knows what to use to convince prospects and how to use it.

For example, to show that a product really works, you can use testimonies and stories from customers who have enjoyed the benefits of using the product. But the evidence does not work all the time.

With enough exposure and practice, you can pick up clues to what works best in a given situation.

5. Checking buy-in

This is a skill that allows you to go straight into sales closing.

To be able to reach this stage, they need to know how to read the 'buying signal,' as it is well known for. The signal comes in a different form; verbal or non-verbal. How to identify it takes practice.

6. Handling Objections/Addressing Concerns

It is not an overstatement to say that this is the most focused upon skill.

In my humble opinion, I agree that it is an overstatement. Today, there are Selling Models that do not give this particular skill the attention it used to have.

For example, Newsell (now WOMBAT Selling), founded by Dr. Michael Hewitt Gleeson. Nonetheless, it still falls into a technique you need in banking sales.

7. Closing The Sales

What it used to be when 'closing' is mentioned, is getting the prospect to sign the check.

That's not necessarily so in today's complex Buying Cycle because it can merely means moving another step further in the cycle. Asking people to commit is still another skill you need to have when selling for banks.

8. Selling Another Product

Most of the time, bank staff promotes more than one products.

To move from one product to another to another to another (and on and on) takes practice. This is not always necessary. It applies to people with multiple products.

But it is a valuable technique to learn.

Training Tips For Learning Bank Sales

First things first, it's crucial to know your products inside and out.

It's like knowing all the ingredients in your grandma's secret recipe; only then can you make that perfect dish. So, spend time learning about all the financial products and services your bank offers.

Next, put yourself in your customers' shoes. Would you buy a product you don't need?

I bet you wouldn't!

Similarly, understanding your customers' needs is vital. Train yourself to ask the right questions to uncover these needs. It's like playing detective but in a bank setting.

Now, don't forget about the power of role-playing.

Think of it like a rehearsal before a big play. Role-playing various sales scenarios can prepare you for real-life customer interactions. Practice different situations, both easy and challenging, to be ready for anything that comes your way.

Remember, selling is about building relationships, not just making transactions.

So, focus on your communication and interpersonal skills. It's like hosting a party; you make your guests feel welcome and valued. In the same way, make your customers feel appreciated and respected.

Lastly, embrace the power of continuous learning.

The banking industry, just like the plot of a good book, keeps evolving.

So, stay updated with the latest industry trends, customer behaviors, and competitive offerings. You know what they say, knowledge is power.

Remember, training for bank sales is not a one-time thing, but a journey. With each interaction, you'll learn something new.

So, stay curious, stay receptive, and keep honing your skills. Before you know it, you'll be a pro at bank sales.

To Summarize the Subject of Selling Banking Products or Services

Often we see sales positions for banks advertised unlimited income potential but it is essential that you realize, in becoming a commission based bank-salesperson, it does means that your income potential is unlimited, however, that potential is determined by your ability to learn the most effective selling tips and techniques, like:

  • thoroughly prepare to meet prospects
  • make a good opening to get their attention
  • effectively present the product or service
  • provide proof to support your claim
  • constantly check for buy-in
  • handling objections successfully
  • powerful sales closing 
  • smoothly sell another products or services


  1. Has anyone try these techniques out?

  2. As a bank’s customer, I might have different personal experiences or emotions, but I can provide an overview of common customer responses to the tactics discussed in this post.

    The "Feel, Felt, Found" technique: This technique involves the salesperson acknowledging the customer's concerns and objections, and then sharing similar experiences of other customers and how they found the solution to be effective. This can be effective in building rapport with the customer and addressing their concerns. However, some customers may see this as a generic and insincere approach.

    The "Limited Time Offer" technique: This involves presenting the customer with a limited time offer, with the goal of creating a sense of urgency. This can be effective in convincing some customers to make a quick decision, but it may also create pressure and suspicion for others.

    The "Free Trial" technique: This involves offering the customer a free trial of the product or service, with the goal of getting them to experience the benefits for themselves. This can be an effective way to build trust and demonstrate the value of the product or service. However, some customers may be wary of the commitment required after the trial period.

    Ultimately, the effectiveness of these techniques will depend on the individual customer and their needs, preferences, and concerns. It is important for salespeople to understand their customer's perspective and tailor their approach accordingly, rather than relying solely on pre-set techniques. By building a genuine and trusting relationship with the customer, salespeople can create a positive and effective sales experience.