Transforming Sales Process

After revieving the sales process of ICICI bank we see scope for improvements
Margin compression is straining revenues and new banking regulations are adding costs and
pressuring banksr systems. With slow growth expectations and a stagnant interest rate
environment, banks need to bolster their efforts in a number of ways, including these three key
areas:

1. Increasing their share-of-wallet with current customers

2. Attracting new customers away from competitors
3. Ensuring customer retention at their bank

The good news is that by improving its sales process, ICICI can adddress all of these areas at
once. Here are three ways to get banksr sales process transformation underway and to face this
challenging banking environment head on:

1. Implement Process Improvement Efforts For Sales

Just like any other process at any other bank, ICICI sales process stands to gain a lot from
an END-TO-END PROCESS IMPROVEMENT INITIATIVE. Commission a review of the end-
to-end sales processes and take steps to remove waste and non-value-added activities.

For example, much of a relationship manager’s day is spent on administrative and routine tasks,
often only spending 15-25 percent of his or her time with clients. Also, review the banking
compliance regulations within banksr sales process and ENSURE REQUIREMENTS ARE
INCORPORATED INTO THE PROCESS ITSELF RATHER THAN GATHERED OR
CHECKED AFTER THE FACT. Finally, evaluate banksr sales review and approval routines to
ensure they are as efficient as possible.

2. Capture Customer Data And Align Accordingly

Banksr next major step in transforming ICICI sales process and customer relationship is to
capture as much existing information as possible about banks customers, their businesses, their
industries and how their goals align with banks products and channels.

Ideally, banks should have a 360-degree view of banksr customers, including:

 Who they are and what they do (core customer information)

 How they interact with banksr particular bank (transaction information)
 What issues or challenges they’re facing (customer service information)

BANKS’VE ALREADY CAPTURED THIS ORGANIZATIONAL DATA SOMEWHERE, SO

FOCUS ON CONSOLIDATING IT INTO ONE PLACE OR PLATFORM. When banks bring
all of this information together into one place, make it easily and regularly accessible to banksr
salespeople – as a result, banks will TRANSFORM BANKSR CUSTOMER EXPERIENCE
ENTIRELY.

After banks collected and harnessed this initial sales data, differentiate banksr sales process from
the competition by asking and answering some basic questions about banksr customers, such as:

 What are their personal aspirations and challenges?

 What are their social interactions and structures?
 Where do they spend their time and their money?

With this information in hand, banks salespeople are empowered to better target and tailor to
particular customer needs for banks products, channels or services. In addition, ALIGNING
BANKSR BANKING OPERATIONS AND OFFERINGS WITH THIS CUSTOMER
DATA not only better satisfies current customers (growing share-of-wallet and customer
retention), but it also distinguishes banks from the competition and draws in new customers.

3. Review ICICI’s Sales Process Structures And Models

As banks implement process improvement efforts and capture more customer data, continually
review banksr sales structures and coverage models (as well as customer service coverage
models). Diversify banksr sales and customer service coverage based on customer value, where
the greatest amount of coverage is aligned with ICICI’s highest-value customers.

A critical element in this step is ENSURING THAT BANKS HAVE THE PROCESSES IN
PLACE to understand current customer value and potential customer value. Banks should
calculate this customer value through existing balance/transaction information as well as with
salesperson and market estimates – the key is to bring both the data and the estimates together in
the same place.

While ICICI bank is certainly facing a challenging environment, it shouldn’t let that hold banks
back from growth and gains in market share. Use these three steps to transform Its sales process
and watch banksr customer base grow in both width and depth.