Branch sales and service: Creating an operational excellence strategy for the frontline

A recent survey conducted among UK customers revealed that the branch is still the primary channel used to purchase financial products. Scoring how different channels are being utilised, the survey had

• 3.17 mean rating for branch visits
• 2.67 for adviser meetings at branches –
• the highest among twelve others,
• such as the telephone (1.91),
• buying over the internet (1.66) and
• seeing an adviser at work (1.30).

The branch has also taken much importance as the needs-based approach catches up with the product-push approach in customer relationships.

With a well-defined needs-based strategy, the branch is the lead channel and contact point for the customer, as opposed to the widely taken product-push strategy where customer visits are treated only as sales opportunities, and they are typically required to go to alternative channels for after-sales services. Sales in the needs-based approach come from customer needs identified via dialogue with branch staff.

In this Asian Banker-organised teleconsultation, David Cavell, a branch consultant and author of several research reports on the role of the branch will talk about how banks are to maintain a prime spot for the branch in a banking relationship:

• How banks are to choose their sales and service strategy for their branches – where they should sit between two distinct branch sales and service strategy models: the product-push approach and the needs-based approach;
• The need for creating superior customer experience at the branches – from the “attract zone,” to facilities, to staff attributes;
• A case for network planning and how it is the key to a successful branch strategy;
• How banks are to undertake a branch sales operations review

Mr. Cavell is formerly a member of the General Management team at the highly successful UK Cooperative Bank. He now specialises in directing or supporting strategy and implementation projects covering branch and self service network planning and development; and new branch concept development and advanced self service applications.

This Asian Banker-organised teleconsultation will be held on Wednesday, 10^th November at 2 PM to 3 PM SG/HK time.