As a Bank Sales Manager, we get to learn about and sell many interesting products such as trade and working capital, mortgages, business term loans, business overdraft, micro-loans (in conjunction with the govt), bridging loans (in conjunction with the govt), current accounts, credit cards etc.
Once one gets the hang of it and goes through (by actually doing it) the sales process of any of the above, the next step to master would be in the area of 'looking' for customers. Bank customers can come in all shapes and sizes and from all walks of life. As my area of specialisation is in the Small and Medium-sized Enterprises (SMEs) market, we get to meet Directors of companies which have an employment strength of less than 3 staff to more than sometimes 20 or 30. So, in a nutshell, we get to meet Directors who own larger companies and some Directors who own smaller companies. There are other yardsticks to measure the size of a company, eg assets owned.
There are a few ways to meet customers and the below are just some of them:
1. At the bank branch
2. By calling up customers (warm or cold calls)
3. Through referrals
4. Advertisements
5. Innovative ways like searching websites (this requires some time, but the rewards can be superb).
Have a great day. =)
3 comments:
Do u know what happened to the money when a bank collapses eg. Lehman Bros etc ?
Hi There, thanks for the question. First of all, just to share with you how banks earn money. Banks do it mainly through loans and investments. There are other other ways of earning money too, eg administrative fees, but the main ways are still loans and investments. For a bank to fail, its assets must be worth so little that it is unable to meet its financial obligations. My bank is not linked to the Lehman Bros issue, therefore, I am not 100% sure what happened there, but to summarise, the money could have been invested in such a risky manner that the investments failed terribly or it could have been the lowering of credit standards by the financial institutions in a manner such as the sub-prime mortgage problem in the USA, where loans to purchase houses were given out to home buyers who had rather sub-standard credit records. So when a bank fails, the money could have been lost in these areas. I hope you were not affected by the Lehman Bros issue. FYI, the government has recently guaranteed bank deposits in Singapore and both local as well as foreign banks in Singapore are extremely safe as there are strict capital adequacy ratios to meet and to maintain assets against liability ratios by a high margin.
To elaborate on the sub-prime mortgage crises in the USA, home loans were given out to home buyers with rather sub-standard credit records and this led to many of them being unable to meet their mortgage payments, so the loans turned bad.
Post a Comment