Academic journal article ABA Banking Journal

Why Banks Still Flunk at Sales

Academic journal article ABA Banking Journal

Why Banks Still Flunk at Sales

Article excerpt

Why banks still flunk at sales

A lack of commitment--both from management and sales staff--is the main cause for bank flops in developing effective selling efforts, according to a recent survey sponsored by the Bank Marketing Association.

Forty-five percent of the banks surveyed considered themselves to be in the "still struggling to make it happen" stage of sales effectiveness, while 39% thought they were in the "not even trying" stage. Only 16% were comfortably positioned in the "sales action" stage.

The survey, conducted by Dr. Leonard L. Berry of the Department of Marketing at Texas A&M University, polled 742 retail and wholesale banks. The questions asked were identical to those in a 1983 BMA survey--indeed, some answers were nearly the same in the two association surveys. Management's fault. Concerning the failure to develop an effective selling program, 38.7% of retail bankers and 37.1% of wholesale bankers blamed lack of management commitment. In 1983, the figures were 34.6% retail and 36% wholesale. …

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