Sales in banking is more than just transactions - it’s about understanding needs and recommending the right solutions. Let’s understand this in detail.

What is sales in banking?

Banking sales executives act more as a trusted advisor with deep product knowledge who understands/assesses the client’s financial situation and provides a suitable solution. 

Let’s break this down between retail and corporate strategies to see how banking sales works in practice. 

Retail vs Corporate banking sales strategies

Retail banking sales: This targets individual customers from various channels like branches, mobile apps, ATMs and digital ads. Sales staff work in branches or contribute in other ways, such as through digital or phone channels. They promote deposit accounts, credit cards, personal loans, and other mass-market products. 

For example, if a customer is opening a savings account, retail executives cross sell by pitching them a credit card or insurance policy. In the case of existing customers, they try to upsell by suggesting an upgrade to premium credit cards.

Corporate banking sales: This targets businesses from small and medium enterprises (SMEs) to large corporations. Client portfolios are usually handled by relationship managers who offer them customized solutions. They sell working-capital loans, equipment financing, trade finance (letters of credit), foreign-exchange hedging, cash-management platforms, and even corporate bond or equity offerings. 

For example, suggesting to use the bank’s forex services currency conversions and hedging against exchange rate fluctuations.

There are also niche segments like microfinance for small enterprises and NRI banking for non-indian residents with tailored products and services.

Roles & responsibilities of sales executives in banking

• Prospecting new customers.
• Work on strict monthly targets across products.
• Discuss financial goals with customers, offer suitable solutions and look for cross/upsell opportunities.
• Handling KYC documentation and compliance.
• Manage the sales pipeline by using a CRM to schedule reminders, follow-ups, and track progress to report to managers.
• Demonstrating banking products (e.g. showing how a new mobile app works, or explaining loan repayment structures). 
• Sending daily/weekly reports to branch or sales managers on leads, sales booked, and pipeline status.
• Liaising with credit/underwriting teams for loan approvals, with operations for account setups. 
• Keeping up with new bank products, systems, or incentive programs.
• Managing post-sales service to build long-term customer relationships. 
• Focus on retention and satisfaction that are crucial to prevent customer churn.

Impact of sales on financial products and services

• Sales expand customer reach via branches, digital, and phone channels.
• Drive product penetration - more loans, accounts, cards, and services.
• Contribute to business targets by generating non-interest income.
• Strengthen competitive position through access to new markets and expand services across different locations and customer segments.
• Fuel product innovation using customer feedback gathered during sales interactions.
• Digital sales transformation boosts performance - tech like digital KYC, CRM, e-signatures, and AI, combined with human trust, leads to better outcomes (Accenture).

Key skills and tools for sales in banking

1. People Skills

• Strong communication
• Active listening

2. Product & Process Knowledge

• In-depth financial product knowledge
• Data analysis (e.g., using CRM tools like Superleap to identify opportunities)
• Customer support channel knowledge (e.g., the bank’s online self-service tools)

3. Tech & Compliance

• Digital literacy (banking portals, apps, digital e-KYC/onboarding systems, chatbots, CRM)
• Compliance knowledge

Even in the banking sector, sales is crucial. It is one way of helping customers gain financial security and knowledge. Digital transformations bring about changes in sales roles, however, the core of it remains the same, understanding customers and helping them make the right financial decisions.