Sales and Sales Management in Financial Services: A Hands-on Guide to Global Best Practices

Friday, 07 May 2010 15:10

Book 1 in the Keys to Sales Success series – the compete guidance package for sales professionals
By Sandy Vaci


Recommended by industry leaders from MasterCard Worldwide, Citigroup, UniCredit, RBS India, AIG/AIU, The Conference Board of Canada, EFMA and the Lafferty Group – a new book that represents the best investment in your sales performance you can make

Print edition

Published: 10 December 2010

ISBN 978-1-907720-03-1

230 pages, paperback

Print: £49.95/US$80.00//€57 plus p&p

PDF: £39.95 + VAT/EU €45.60 + VAT/ RoW US64.00

Sales and Sales Management in Financial Services - Print £49.95 Add to Cart

Sales and Sales Management in Financial Services - PDF £47.95 Add to Cart

Euro and dollar prices are illustrative. Euro and dollar prices will be calculated using current exchange rates at checkout.

Discounts are available for multiple purchases, so why not share the knowledge with your team? Contact us at This e-mail address is being protected from spambots. You need JavaScript enabled to view it for details

Download the Introduction  here


Financial services sales professionals need a practical guide to sales – something that summarises all the key elements of selling and sales management in their field and provides practical examples, case studies, benchmarks and implementation templates. Based on the distilled experience of the author’s 30 years in the business, it’s packed full of practical tips. Who cares about the strategic importance of selecting the best branch location if you don’t know how to do it in practice? What are the specific rules of cross-selling – what, to whom, when and why? How should you set up your organisation cross-border? How should you manage your sales team on a daily basis by leading indicators, to guarantee success? Sales and Sales Management in Financial Services: A Hands-On Guide to Global Best Practices answers these key questions and more.



Chapter 1    Branches – an integrated approach to boost sales efficiencies            
Location selection
Macro criteria
Micro criteria
Macro scorecard
Micro scorecard
Results to be expected
Business objectives
Target segments
Overall annual department / division plans
Activity plans
Cross-functional sales processes
Cross-functional capacity planning
Case study 1: Medium-sized European bank
Components of ‘sales’
Integrated approach to boost sales efficiencies
Capacity planning
Capacity measurement
Capacity reallocation
Basic selling skills
Proactive selling
Sales management basics
Product knowledge
Management and people skills
Advanced training modules (on demand)
Sales planning and objective-setting
Sales planning within overall sales management
Planning the way to success
Leading indicators
Conversion efficiencies
Alternative approaches
Planning for objectives
Information collecting
SWOT analysis
Target segments
Agreeing objectives
Communicating goals
Sales management
Branch calendars, branch action plans
Individual sales action plans
Other elements
Sales meetings
Daily huddles
Weekly one-on-ones
Weekly branch meetings
Monthly branch meetings
Sales processes
Reactive sales processes
Proactive sales processes
Contact selection
Session preparation
Conduct session
Process differences by segment
Premium segment
Small businesses
Movement between segments
From core to premium
From micro to small, from small to medium…
Sales process closure – ‘watch outs’
Tracking and rewards
Balanced scorecard components
Reward systems
Variable sales compensation
Case study 2: Eliminating objective-setting
Other enablers
Organisational set-up and management support
Operational processes and capacity
Marketing support
Channel integration
IT support
Case studies 3 and 4: Benchmarking – integrated branch sales boost tests
Case study 3: Test 1
Case study 4: Test 2
Business results
Customer satisfaction results
Employee satisfaction results
Appendix A – Simplified sales diagnostic kit
Appendix B – Sample activity tracking tool for capacity measurements
Appendix C – Sample list of SWOT analysis questions
Appendix D – Sample scenario design and scripting exercise
– proactive cross-selling call to a customer
Appendix E – Cross-selling overview and templates
Appendix F – Recommended areas to cover in balance sales scorecards

Chapter 2    Needs-based personal selling and the consultative approach        
The three Es principle
Consumer needs
Life needs versus financial needs, hidden needs versus obvious needs
Case study 5: Consumer needs assessment
Life cycle-based needs
Life cycle modifications: wealth, sophistication, ‘other’
Case study 6: Understanding consumer sophistication
Rational versus emotional needs
Time horizon dependence
Case study 7: Time horizon planning
What does research say?
Case study 8: Quality of service
From needs to sales – pulling it together
HNWI investment sales – the five-step process
Using it all – personal selling
Basic concepts
Key pointers
Advanced pointers
Getting the most
Closing techniques

Chapter 3    Global best practices – overview        
‘No-one is afraid of selling’
‘Everyone sells’
‘Everything is process-driven and focuses on building profit’
‘Branch staff have a clear focus on cross-selling and service quality and a plan to deliver them’
‘Doing it right is second nature’
Case study 9: Pulling it all together

Chapter 4    Promoting change – implementation guide for best practices        
The proposal
Background / overview – findings of Phase 0 (already completed)
Objectives / deliverables – benefits of Phase 1
Measuring success – decision framework
A)  Project execution
B)  Infrastructure implementation
C)  Business results
D) Payback and project efficiency
E) Residual benefits
Delivery options – timing, cost, methodology
Phase 1A
Phase 1B
Phases 1C and 1D
Phase 2A
Phase 2B
Roles / responsibilities – supplier and client
Responsibilities of consultant / supplier
Responsibilities of client
Terms and conditions
Engagement and cancellation
Case study 10: Detailed implementation guide of best practices
Attachment 1: Project phases and options – Phases 0 and 1 (including Phase 1 options)
Comments / summary
Attachment 1 (continued): Project phases and options – Phase 2 options
Comments / summary
Attachment 2: Bank's resource requirements – Phase 1, Option A
Comments / summary
Attachment 3: Sales boost project – Phase 1A building blocks

Chapter 5    International sales organisations: moving cross-border        
Benefits for the bank
Benefits for the sales function
International set-ups
Segment reporting
Geographic reporting
Matrix structures
Matrix sales structures
Changing the structure
Some issues (and how to address them)
The speed of change may differ in a new market
Information taken for granted in the home market may not be available
People may not understand your offer
Your basic sales tools may not be available
Cover the downside well (better than at home)
Be ready to simplify, supplement or supply processes
Financial services regulations could be different
Target segments may be different
People define financial terms differently
Different overall regulatory frameworks drive different customer attitudes
Delivery channels develop at a different pace
Customers react differently to promotions and other offers

List of Tables
Table 1.1:    Branch break-even and payback benchmarks
Table 1.2:    Cross-functional sales process example
Table 1.3:    Sales capacity (% time) allocation between proactive and reactive sales staff
Table 1.4:    Conversion efficiency benchmarks
Table 1.5:    Setting objectives
Table 1.6:    Sample branch action plan
Table 1.7:    Sample branch activity calendar
Table 1.8:    Sample staff action plan
Table 1.9:    Sample tracking card
Table 1.10:    Sample contact follow-up chart
Table 1.11:    Percentage of total cash compensation earned as variable component
Table 1.12:    Tier-based reward system
Table 1.13:    Test 2 results from phase 1 and phase 2
Table 1.14:    Sales diagnostic template
Table 1.15:    Capacity measurement tool
Table 1.16:    Product-based cross-sell grid
Table 2.1:    Consumer needs differentiation
Table 2.2:    Consumer needs – overall vs. financial
Table 2.3:    Consumer needs – wealth versus age-based grid
Table 2.4:    Consumer needs – from rational to emotional
Table 2.5:    Research-based consumer needs – high level
Table 2.6:    Research-based consumer needs – specific
Table 2.7:    Never do cold calls!
Table 2.8:    Needs-based personal selling – main points
Table 3.1:    Sales basics of the best – 1
Table 3.2:    Sales basics of the best – 2
Table 3.3:    Building relationships in person
Table 3.4:    Cross-selling – three ‘Rules of 3s’
Table 3.5:    Why cross-selling? Why this way?
Table 3.6:    Cross-selling – a simple template
Table 3.7:    Customer service quality
Table 3.8:    Service quality – for customers
Table 3.9:    Service quality – for the bank
Table 3.10:    Service quality – three things I must always do
Table 3.11:    Seven steps to sales success
Table 3.12:    Case study 9 pilot test – outline
Table 3.13:    Case study 9 pilot test – results
Table 3.14:    Case study 9 pilot test – successes and failures
Table 3.15:    Case study 9 pilot test – evaluation
Table 3.16:    Case study 9 pilot test – lessons
Table 3.17:    Case study 9 second test – outline
Table 3.18:    Case study 9 second test – key components
Table 3.19:    Case study 9 second test – key enablers
Table 3.20:    Case study 9 second test – sales meetings structure
Table 3.21:    Case study 9 second test – sales planning
Table 3.22:    Case study 9 second test – efficiency ratios
Table 3.23:    Case study 9 – roll-out
Table 3.24:    Case study 9 roll-out – efficiencies
Table 3.25:    Case study 9 – lessons
Table 3.26:    Best sales practices summary
Table 5.1:    Benefits of a central sales function
Table 5.2:    Key matrix issues
Table 5.3:    Sales – key roles
Table 5.4:    Central sales – interaction with local sales
Table 5.5:    Four-step international sales structure review

List of Figures
Figure 1.1:    An integrated approach to boosting branch sales results
Figure 1.2:    The sales efficiency cycle
Figure 1.3:    The sales management cycle
Figure 1.4:    Components of exponential sales growth
Figure 1.5:    Two examples of methods to boost sales
Figure 1.6:    Planning your way to success
Figure 1.7:    Sample decision tree for intervention, tracking leading indicators and conversion efficiencies
Figure 1.8:    Results of starting with cross-selling, then using skills developed for later prospecting
Figure 1.9:    Sample scenario planning exercise
Figure 2.1:    Product needs-based life cycle map
Figure 2.2:    Consumer needs – time horizon dependence
Figure 3.1:    Case study 9 second test – concept
Figure 3.2:    Case study 9 second test – term deposit results 1
Figure 3.3:    Case study 9 second test – term deposit results 2
Figure 3.4:    Case study 9 second test – loan results 1
Figure 3.5:    Case study 9 second test – loan results 2
Figure 3.6:    Case study 9 second test – credit card results 1
Figure 3.7:    Case study 9 second test – credit card results 2
Figure 3.8:    Case study 9 second test – service quality results
Figure 3.9:    Case study 9 roll-out – credit card results 1
Figure 3.10:    Case study 9 roll-out – credit card results 2
Figure 3.11:    Case study 9 roll-out – cross-sell vs. prospecting
Figure 5.1:    Segment reporting structure
Figure 5.2:    Early Citi set-up
Figure 5.3:    Geographic reporting structure
Figure 5.4:    Early GE Finance set-up
Figure 5.5:    Sample matrixed sales organisation
Figure 5.6:    Speed of market contraction in CEE
Figure 5.7:    Selling in an ‘unprepared environment’
Figure 5.8:    SMEs in CEE – tax avoidance issues
Figure 5.9:    SMEs in CEE – business opacity issues  Click here for full contents in PDF format: A_Hands-On_Guide_to_Global_Best_Practice_Contents.pdf


"If you want a true 'hands-on guide' to best practices in today's global retail banking, this book is for you. Sandy Vaci never disappoints. His new book is full of practical advice – the kind banking professional everywhere can use to turbo-charge their sales activities. Highly recommended!"
Patrick Desmarès, Secretary General, EFMA (European Financial Management & Marketing Association)

"Full of templates, benchmarks, best practices, practical examples. Read it today. You'll be using it by tomorrow."
Michael Lafferty, Chairman, Lafferty Group


"As a retail banker with 26 yrs experience in the  US and  internationally I found the  book to be thoughtful and well structured, providing solid grounding in the development of a retail presence. The Scorecard logic is sound and practical. This book will help novice and experienced distribution planners alike and ensure that they have covered their options."
Michael D. Weitzman - Group Executive, MasterCard Worlwide (Customer Delivery - US Markets)


"An insider's guide to retail banking and best practices that can come only from a seasoned professional. Get it before your competitors do."
David Lim, Vice President, AIG / AIU (China, Hong Kong, Taiwan) (2006-2009)

“A must-read for all retail bankers, if they’re serious about accelerating growth.”
Puneet Bahl, Head of Retail Banking, The Royal Bank of Scotland Group, India

"These books do what their titles promise. They deliver an easy-to-use, hands-on overview of best practices. The reader will find tips for selling and sales management, with concrete examples from the financial services industry. "
Noel Cramer, Citigroup Product Head - Divestitures, EMEA Region


“Important reading for today's sales professionals. It presents sales as an integrated process – rather than just a set of commercial activities – discussed through effective case studies and concrete examples. Highly recommended for financial services salesmen and marketeers."
Zoltan Major, Executive Vice President, UniCredit, Central Eastern Europe

"This is very thorough, hands-on guide to sales management in financial services. It seems like a daunting task to summarise over 30 years of sales experience and tips into one book but Sandy has managed to do it. I can't think of a question or situation he hasn't covered!"
Perry Eisenschmid, Vice President, The Conference Board of Canada



thumb_Author_picSandy Vaci is an international bank executive with 30 years’ experience across four continents, in close to 50 countries. He has held executive positions at companies such as Citibank’s Global Consumer Bank, Procter & Gamble, the Royal Bank of Scotland Group, Raiffeisen International and the Canadian Imperial Bank of Commerce.

He is currently Senior Lecturer in Marketing and Sales at the Maastricht School of Management and the Business School of Central European University. He is also Chairman of the Supervisory Board of the Credit Bank of Moscow and advises a wide range of companies on global best practices. His client list includes Barclays Bank, UniCredit Group, Eureko Insurance, Unilever, and the National Commercial Bank of Jamaica.

As a true ‘global citizen’, Sandy has three home bases (Toronto, Vienna, Budapest) which he shares with his wife of 25 years, Judit.

Related items (by tag)

back to top