Part one of a three part observation series
Over the past twenty years, it has continually amazed me just how vigorously discussed and overthought the sales process (including the marketing support function) has become in the banking industry. So many financial and human resource investments have been deployed to find the right structure that it really is one of the great industry head-scratchers to observe.
Maybe the reason behind it is due to the industry trying to hang onto the concept of differentiation based on service - flooding frontline staff members with concepts like balanced scorecards, product sales “cheat sheets”, competitive positioning tools, and sales training boot camps – and that we just can’t face reality. Service in the unspecified way that most banks use the term just doesn’t make you different. So what's left, price?