The Council recently surveyed over 20,000 frontline bankers from across 7,000 branches.  Initial analysis shows that banks that have a sales process that is easy to remember and follow best equip staff to sell and are therefore have the most productive bankers (measured by deposit and loan balance growth and “widgets” sold).  As executives seek to provide advice at the frontline, there is a seeming paradox between the inherent complexities of advisory interactions and the frontline’s need for simplicity.

A comparison of banks where branch bankers feel well-equipped vs. banks where they do not.

Few institutions have managed to solve this paradox.  Most simply focus their staff on needs-based sales or employ expensive advisors who have licenses to sell investments.

Benson Bank (pseudonym) proves that mass market advice is possible by creating a process that helps customer compare their financials to peers and recommends solutions that help customers feel encouraged when they leave the branch.  Customers that go through this process are much more likely to consolidate their banking relationship with Benson and typically have three times the level of savings and investment balances than customers that do not.

CFC members can download the full case study, “Mass Customized