Banking Sectors Bringing Momentum to Economy with Technology

Banking CIO Outlook | Wednesday, July 17, 2019

A successful business is every employer's dream, which can be effortlessly realized by seeking technology's help.

Fremont, CA: Current attempts to bring the banking system in line with sustainable growth are exemplary– but still a work-in-progress. The success of a bank's merchant services program is dependent on the effectiveness of the staff and their skill-standard. Soon, banking is expected to turn more interesting, and dynamic, setting new norms. Here are some best practices to keep branch employees involved in the promotion of merchant services.

Setting Goals

A bank should use a top-down leadership directive that highlights the significance of cross-selling merchant services during client interactions. For branches and staff, it is essential that the approach involves clear, achievable objectives.

Empowering Sales Staff

Employees may hesitate to sell products on which they were not fully trained. The increasing popularity of online banking implies that it's essential that branch employees capitalize on every chance to cross-sell. It may be the only opportunity with a prospect they have to talk face-to-face. Executives must ensure that all the employees should be trained in products and services.

Implementing an Incentive Campaign

Managers should encourage employees to extend through an incentive campaign for sales objectives. These campaigns may include bonuses for referrals, objectives for sold-products, campaigns for raffles, and more. Some suppliers of merchant services may sponsor incentive campaigns for their partner banks. Furthermore, incentive campaigns are not restricted to staff; banks should consider encouraging current customers through referrals.

Providing Ongoing Training

Technology for payment cards is continually evolving. Managers need to provide instruments for branch employees to assist them to remain up-to-date on present trends and changes in the sector. 

A merchant services program's achievement is based on the shoulders of the branch employees of a bank. Executives must ensure that all the instruments and expertise they need are equipped with their front-line individuals. Time and resources investment upfront will pay dividends in the future. Every victory for branch employees is the bank's win.

Weekly Brief

Read Also