Want to know how your bank could do better in digital sales? Our very own Tamás Braun, head of international sales and business development at W.UP, is here to share 12 strategies you can use to improve sales results.
Having the right tools and solutions to boost digital sales has never been more important. Consumer loyalty is fragile: clients leave after just three clicks if they receive a better offer. And this trend will only continue with the emergence of open banking, PSD2 regulations and competitors, including tech giants, pushing ahead.
“It’s now quite common that fintechs join forces with banks. However, big tech companies don’t need to become banks to take your customers,” Tamás Braun points out. No wonder: big techs own consumer-facing technology and integrated payment services so they can easily get insights about customers’ behaviour and understand them better than most banks.
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Financial institutions should be aware of shifting consumer trends, cut the lag in digital basics and bring more banking products online, the W.UP expert adds. It is also important for incumbents to check out what banking champions, like BBVA or JPMorgan, do in sales and re-align marketing efforts with banking sales activities if necessary to avoid losing prospects.
Another way to boost sales is cutting abandonment. Customers are quick to give up if your mobile application journeys are not seamless enough and take too much time. Making digital onboarding quick and easy is also a good idea, and so is personalising products to sell experiences. And there is one more thing many banks forget: asking for sale could actually stem hidden customer defections.
Insight-driven sales and engagement software tools from third parties can also support banks that use customer insights to create relevant, personal and timely interactions with clients. Such solutions help banks to get a better understanding of customers’ behavioural patterns and ultimately boost the profitability of products.
For more best practices in digital banking sales and key performance indicators (KPIs) with actual banking sales data, download W.UP’s white paper Digital sales: 12 strategies for banks to win in the digital world war!