Sales Function in Financial Services

What is Sales Function?

In the financial services industry, the sales function involves activities related to promoting and selling
various financial products and services to clients. Sales will follow up and address any questions that
could arise from clients responding to those products or services.
The sales function in financial services typically involves several key activities:
• Prospecting: Finding leads or potential customers who might be interested in buying financial goods or
services.
• Client Relationship Management: Building and maintaining relationships with clients to understand
their financial needs and preferences.
• Product Knowledge: A sales representative must be knowledgeable about the products and services
he/she offers.
• Sales Presentations: Presenting financial products and services to clients in a straightforward and
convincing manner, while also addressing any concerns and objections.
• Closing deals: Converting leads into sales by closing deals and completing documentation.
• Compliance: Ensure that all sales operations follow appropriate regulations and policies of the
organization.
• Follow-up: Following up with clients after the sale to provide ongoing support, address any issues, and
cross-sell additional products or services.

What are sales in the Banking Sector?

Sales in the banking sector involve the process of promoting and selling financial products and services
to individuals, businesses, and other organizations. The banking sector is diverse, offering a wide range
of products and services, including traditional banking products such as savings accounts, checking
accounts, and loans, as well as more complex financial instruments like investment products,
insurance, and wealth management services. In this industry, sales consist of building trust with the
customer, providing help in financial matters, and solving customers’ problems.

Here are a few things you must know on how to do sales in banking:
1. Product and Service Offerings – Offering products and services like deposits, loans, credit
cards, investment products, and insurances

2. Building Trust – Sales representatives must clearly and honestly communicate all the
information regarding financial products, particularly in an era of skepticism and doubt. Trust is
a fundamental element of the relationship between banks and their customers.
 3. Understanding Customer’s Needs – They must ask the right questions, listen to them carefully,
and suggest solutions accordingly. Effective communication strategies involve maintaining a
consistent brand message across all channels. Responding to customer inquiries or complaints
promptly and empathetically showcases a commitment to customer satisfaction.

4. Cross Selling And Up Selling - It helps customer to know the bank provides everything they
need. Selling another product or service that is not the same as they have already sold to an
existing customer and the banks offer the customer high-end products to fulfil their needs. If
these strategies are implemented as per the needs of the customers, they can be excellent
selling opportunities for the sales representatives.

5. Customer Retention - Retaining existing customers is often more cost-effective than acquiring
new ones. Therefore, banks focus on providing excellent customer service and loyalty
programs.
Sales in the banking sector require a balance between meeting the financial needs of customers and
ensuring profitability for the bank. It involves a mix of interpersonal skills, financial knowledge, and
understanding market dynamics.

Examples of SALES FUNCTION

1. Institutional Sales - The primary responsibility of the Institutional Sales role is to identify
opportunities and develop relationships with Institutional investors and investment consultants
in assigned institutional market channels.
2. A Financial Services Call Center - Financial services sales agents have different functions,
depending on the type of financial institution they work with
3. Banking Sales Reps – work with new customers to set up new bank accounts, set up
investment vehicles, and manage loan applications for cars, homes, and personal use.
4. Investment Sales Reps- sell financial products, such as securities, stocks, bonds, and
commodities, and they also manage investment trading. Part of their job is to offer wealth
management advice to help people grow their wealth, prepare for retirement, or set up their
estate for inheritance
5. Insurance Agent - An insurance agent represents one or more insurance companies and sells
their policies for a commission. They can either work full-time at insurance sales for an agency,
or as independent contractors.
6. Sales Development Representative– They are incharge of lead generation and moving leads
through the sales pipeline. This position is ogten considered an entry-level role and a stepping
into sales
7. Inside Sales Representative – they sell products and services remotely rather than face to face.
Inside sales, also called virtual sales or remote sales, involves using emails, phone call and
vidoe calls to nurture leads and make a sale.
8. Outside Sales Representative – an outside sales representative sells products and services
through face to face meetings. Also called field sales reps, an outside sales reps.