Traits of A Good Bank Sales Staff

Some people regard aggressiveness as an important trait of a sales person. So what they mean is that this 'aggressive' person must talk alot and be very persuasive and convincing to succeed as a sales person. That is what most people I come across have as their opinion.
For me, I beg to differ, I believe that one needs to be sincere, humble and sensitive to be able to succeed as a sales person, especially in bank sales. No use being too pushy, nobody likes people who are just thinking about selling their products and do not care about customers' real needs.
What do you think? Please leave comments if you have something to say, much appreciated. Thanks.

SMEs To Lead Recovery

SMEs could be the ones leading the economic recovery. Please read. Interesting article indeed.

Bank Clerical Staff

Now for a slightly different side of the bank sales environment. As you know, there are many clerical officers (COs) who support the Bank RMs in executing their daily work.
These clerical staff could be doing simple filing, data entry, photocopying, scanning, faxing, emailing and making certain calls to customers to verify certain information.
There are some COs who are really diligent in their work and are impartial towards supporting the RMs. On the other hand, there are a handful who are in the bank or the office to create all sorts of problems. They could be the ones hindering the flow of the bank sales process by favouring certain RMs or they could be there to talk and laugh with certain colleagues or RMs and slow down the work of the RMs who really want to work and bring in lots of sales for the bank. Many many other examples (some too nasty to mention) of ways in which these COs can be a thorn in any bank sales working environment.
So it is the duty of the Sales Team Manager/Team Head/Branch Manager to be sharp enough to pinpoint who exactly are the ones who are causing problems. Identify them and turn things around.

Unscrupulous RMs

Some RMs, for the sake of money, will promise their customers all the positives and hide all the negatives. For example, the particular bank product states that the principle sum of money invested is protected. However, there is a clause which states that only the first $5,000 invested is protected. So if a customer invests $10,000 (and is not aware of this clause), and if market conditions are good and positive gains are made, then there is no issue. On the other hand, if the investment turns sour because of bad market conditions, and the principle sum of $10,000 loses $7,000 of its value, the customer will lose $2,000.
In the long run, this isn't healthy because once customers find out the negatives, some will lodge a complaint with the bank and/or with the relevant authorities (eg MAS, CASE).
The RM will not only get himself/herself into trouble but will also tarnish the reputaion of the bank he/she works for.
So in my humble opinion, please refrain from doing the above for the sake of a few thousand dollars of extra commission. It is a lose-lose-lose situation for the customer, the bank and the RM involved.

Banks' Growth Forecasts For Countries

Please read this article. Alot of information regarding Forecasted Growth Rates of certain countries.

Trusted Banker

Anyone who wants to sign up for products with banks, should seek the advice of a trusted banker. Someone who they have had dealings with previously and who will more often than not have their clients' interests at heart.
If you do not know anyone from the banking industry, then there is not much of a choice but to 'try' someone out, otherwise ask friends for recommendations. That way, at least you can have some references from them about your potential banker.
Whether or not it is to invest your hard earned money or to apply for loans or to re-structure your deposits, it is always advisable to have someone trustworthy to explain the 'hidden' terms of the deal.

I become a bank customer for one day

I went to do certain banking stuff and some of these front counter staff, some call them first-impression officers, really need some hard core training on their manners.
They only know how to greet customers by saying 'Good morning or afternoon' and at the end say 'Thank you'. These are all good, but the in-betweens can be really a sour experience for customers.
An example was this staff who pointed me towards the teller area and said, 'do it over there'. It sounded more like a command. And another staff who answered one of my questions in an irritated manner by saying, 'No, we dont do it here, like I said, we only do it at the back end'.
Would it not have been nicer to say 'Sir, could you please proceed over there to complete your transaction' and for the latter to say, 'Sir, I'm sorry, but like I was saying earlier, we can only do it at the back end and not here, hope you understand'.
Which sounds better?

Bank Sales Environment and Chart

When one does well in his/her sales, there will usually be a board placed somewhere in the office to show who the top performers for that month/quarter are.
Perhaps an email from senior mgt to show who the top sales staff are as well.
If one is among the top few, it makes them feel proud of their accomplishments.

Bank Sales Management

Bank Sales Management (Team Manager) is a funny art or science whichever you want to put it. On the one hand, you have to motivate your staff to work hard for you by trying to bring in as many sales as possible, but on the other hand, you have to think about your costs.
So in a nutshell, to be a Team Manager, is to be a sales person yourself, you have to motivate and push your staff to work hard and bring in sales, but at the same time, you have to weigh all the costs involved and see if it's profitable for you to give out so much commission. It requires a crucial balancing act.
If not done well, you will make your staff angry and frustrated with you because they will have the impression that you are always dangling the carrot (sales target and commission) too far ahead of them and no matter how hard they work, they will always miss it.
A good manager will know what to do in this situation. If your staff thinks you are 'cheating' them, you have failed badly in your role as a Sales Team Manager.

Management Associate (MA) Role

There are some people who choose to take the ambitious path of taking on the challenge of becoming a MA at a bank.

This is an interesting role as it exposes the person to many departments in a particular division within the bank. The MA could be at one department for 6 months and move onto another for another 6 months.

During this period, the MA will be pushed to the limits with lots of projects to study the way things are done in the departments and recommend ways to improve the process flow, attend meetings, make presentations, do up reports, attend trainings, may go on overseas assignments, write summary reports, basically, it is a very stressful and demanding role which needs long hours at work.

The entire stint may range from 2-3years, after which the MA will be well-trained in the various facets of the division's work.

The MA will then be well-suited to take up the role of a manager in one of the division's area of work. This is the fruit of the MA's labour over the entire 2-3years of hard work.

Safest Banks

Have a look at this article. Can you believe that some of the banks are in there after the recent lehman brothers scandal?

Some Senior Management Are A Real Pain While Some Sales Staff Are Equally Lousy

There are some senior management people who are a pain for hardworking sales staff. The sales staff who work hard are the ones who suffer because they are the cash cows for the bank.
They work so hard and bring in sales but the management will know how to limit their earnings by finding ways to either raise their sales targets or look for ways to sabotage their end of the month/quarter sales so as to make them miss by a little their higher tier target.
In this way, they will save costs and maximise their revenue. These type of management people are the worst of the lot. They do not protect their sales staff and are insincere people who are out to 'cheat' their hardworking subordinates.
On the other hand, there are sales staff who are cunning enough and they will not work hard and instead suck the bank of the commission by 'playing hide and seek' with their sales. They will keep their sales and put them together in a certain quarter/month and earn large commission while keeping up the trend of inconsistent performances.
So, there are senior management staff who are lousy people and also sales staff who are crap as well. Put the two together and it spells disaster.

Australian Unemployment Rate

Please read this article. Australia has over recent years been enjoying very good economic success, but looks like it too has been vastly affected by this global economic crisis.