The Successful Lender’s Field Guide: Commercial Lending Strategies That Maximize Value For Both Bank and Borrower (Banking Guides Book 1) by Chris Nichols

Chapter 1

L ENDING IN THE D IGITAL A GE
1-1. Four Ideas To Refine The Art Of Selling Bank
Products
Most bank calling officers could do a better job of effectively selling bank
products. This is not because most calling officers can’t sell but because the
art and science of selling bank products is rarely taught. When selling is
taught, it is often taught without an understanding of banking’s special set
of needs, including regulatory compliance, the component of credit and the
emotional content of dealing with the most private information—a person’s
or company’s financial position. While it is helpful to understand some
traditional selling techniques, marketing banking services—which are often
both intimate and intangible—is not the same as selling a widget,
something that is easily understood. Selling credit or deposit services is
clearly different. If you are a banker looking to build a steady stream of
business, you should start by understanding the unique challenges that come
with selling banking services.
Idea Number One: The Emotional Approach—Tell A Story
At the most basic level, too many bank business development officers fail
by simply presenting the details of a bank product. Maybe it is the rate or
the service, but many calling officers treat the process as checking the
boxes and feel their job is just to go through the list of product
characteristics. This is the difference between “showing” a bank product
and “selling” a bank product. The reality is that good bank sales people
don’t sell as much as they guide. The strongest approach provides a planned
path where the customer is led on a journey of self-discovery and gradual
realization of needs.
The effective bank sales process starts with asking the proper questions—
and listening!—To understand the needs of your customers and uncover
their goals, dreams, fears and pain points. Once gathered, bank calling
officers must tell a story of how they can help.

The Successful Lender’s Field Guide: Commercial Lending Strategies That Maximize Value For Both Bank and Borrower (Banking Guides Book 1) by Chris Nichols