In this new Accenture document we discuss how banks can reinvent cross-selling. The presentation introduces a sales paradigm that serves the financial well-being of customers better and demonstrates a bank's value as a trusted advisor. For more information, read our blog post on bank cross-selling: bit.ly/2hLpxO1

1. Reinventing the Wheel:
Bank cross-selling of the future

2. From “cross” to “right” selling
Customer expectations are rapidly
changing, while digital-savvy new entrants
are disrupting the banking industry
In this new era, banks need to consider a
new sales paradigm to serve the financial
wellbeing of their customers better and
demonstrate their value as a trusted
advisor
Banks do not have to abandon cross-
selling; they just need to reinvent it
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3. Traditional sales models create four major
challenges for banks in the new digital age:
SALES EFFECTIVENESS
CHALLENGE:
Only 15% customers
satisfied with front-office
services
Only 20% believe
incentive system is “fair”
and “customer-oriented”
RETENTION
CHALLENGE:
15% decrease
in regional and/or
national bank clientele
COST-TO-SERVE
CHALLENGE:
Only 15% client
base engaged digitally
BRANCH USE
CHALLENGE:
87% anticipate
using branches in
the future
(Source: North America Digital Banking Survey) 3

4. In order to overcome these challenges, banks need to
consider a new sales paradigm that focuses on:
QUALITY,
NOT QUANTITY
Reorient sales
effectiveness
to measure the
value add for
the customer
Adopt a scientific
approach to
analyze customer
information and
identify sales
opportunities
Redesign sales
behaviors on
long-term
relationships
with the
customers
CUSTOMER
DEMAND
LONG-TERM GROWTH,
INSTEAD OF
“SHORT-TERMISM”
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5. BUILD
NEW
INSIGHTS
DESIGN
NEW
INCENTIVE
PLANS
BUILD
STRONG
GOVERNANCE
AND
COMPLIANCE
CULTIVATE
AN ETHICAL
SALES
CULTURE
Here are the four key steps to building this new sales paradigm:
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6. Create a 360-degree picture of
their customers by aggregating all
the different services, products,
communications, interactions, and
information the bank has with
customers
Build processes and tools to train
and educate frontline staff in
how to interact with and engage
customers
Enable an end-to-end customer
management strategy that not
only provides internal
transparency to the sales process
and pipeline, but also fosters
team selling, enabling an
enterprise wide management of
the customer relationship
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Step 1: Build new insights and understand your customer

7. Step 2: Design new incentive plans
Accurate Target/Goal Setting –
Individual sales targets should not
be based on top-down or arbitrary
targeting, but instead be driven by
data and analytics and based on
the customers’ needs, fit, and
affordability
Appropriate Sales Incentives –
Sales incentive plans should be
designed to drive intended
employee behaviors and
preferred customer outcomes
Holistic Performance
Management – Banks need to
design a customer-focused sales
performance management
system based on the right set of
sales metrics and incentives. It is
the broader performance
management system that drives
total incentives, recognition, and
reward decisions
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8. Monitor and measure the key
steps in the sales process, from
both the individual sales-person’s
perspective and the individual
customer’s perspective
Place compliance checks at all
levels of the organization and
transaction(s) flow
Assess viability of goal,
validating authenticity of
account(s), monitoring sales
methods, and auditing unusual
spikes in sales performance
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Step 3: Build strong governance and compliance

9. Foster a culture that instills the
philosophy that sales goal
achievement is secondary to
ethically serving customer needs,
and support this philosophy
with strong governance and
compliance from leadership
throughout the organization
Include an understanding of the
value of the customer and one
that identifies the roles employees
are expected to play in a team-
selling environment
Reinforce basic principle by
front-line, real-time coaching
and communication, and should
include clarity and transparency
to customers and employees of
specific values, such as: we are
proud of our products, we can
meet your needs, and we want to
earn your business
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Step 4: Cultivate an ethical sales culture

10. Successful banks of the future will develop these three traits:
Balanced sales
strategy that leverages
corporate goals with
customer satisfaction
Synchronized
coordination between all
channels involved in the
customer journey
Extensive approach,
which aligns HR with new
customer-oriented focus
in hiring, training,
incentives
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11. BUILDING EMOTIONAL LOYALTY
BASED ON MUTUAL TRUST
DEVELOPING VALUE PROPOSITION
BASED ON VOICE OF THE CUSTOMER
UNDERSTANDING CUSTOMER INTENT
ADOPTING CUSTOMER’S PURPOSE
This new sales paradigm depends on:
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12. THEIR HOLISTIC AND GENUINE NEEDS WILL BE BETTER SERVED
CUSTOMERS WILL FIND A TRUSTED FINANCIAL ADVISOR IN BANKS
Reinventing the wheel of cross-selling is a win-win…
for banks and customers alike:
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BANKS WILL DEVELOP A BETTER REPUTATION AND BUILD LOYALTY
BANKS WILL GROW FROM QUALITY IN SALES

13. ANALYZE OVERALL CUSTOMER
EXPERIENCE THROUGH
MYSTERY SHOPPING
RUN A SENTIMENT ANALYSIS
TO UNDERSTAND THE REAL
PERCEPTION OF THE BRAND
LEVERAGE INCENTIVES BASED
ON ADVANCED ANALYTICS
RETRIEVE THE VOICE OF
BUSINESS THROUGH INTERVIEW
AND CUSTOMER SURVEYS
Discover the Accenture’s “Sales Lab” to create your advisory model
“genome” and focus on quality and sustainable growth.
For more information,
contact Marc Mccollum at
marc.s.mccollum@accenture.com
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14. Additional information
Read blog post: “Cross-selling in the new era: A win-win for banks and customers”
Read our point of view: “Selling in the Age of Distraction”
Learn more about Accenture Distribution & Marketing Practice for Financial Services
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