How to Sell Financial Services in a Tough Economy

sell financial services

There are a few things you should take into consideration when deciding to build up strategies to sell financial services. Increasing sales means not only finding new clients to persuade them into buying your services, but also meeting the needs and expectations for existing clients and maximising opportunities for them.

Technology has a significant impact on financial institutions that want to grow their business by using strategies to increase their efficiency, retention and quality in today’s economy.

Financial institutions can take advantage of some ways to sell credit and financial services in a tough economy:

  1. Make the Necessary Changes to Stay Competitive
  2. Identify Initiatives
  3. Recognize and Minimize Privacy Concerns
  4. Invest in Your Employees to Make Them Performant
  5. Integrate Front and Back Office Systems
  6. Increase User Experience
  7. Guide Users for Routine Transactions to Other Channels
  8. Implement a Business Model That Will Work in the Future


There’s a saying that you should always remember:

“The key to selling financial services is to focus first on building trust with your consumers.”

Trust is a real asset, and achieving it might be tricky. You need to spy your competition to get a competitive advantage and see how to outrank them. Then, in order to build trust, you’ll have to understand your audience’s credit and personal needs depending on demographics, the market demand.

1. Make the Necessary Changes to Stay Competitive

Being in the financial business requires you to stay competitive in the market and deliver the best services without misleading the users. Make a list with your top 5 competitors that deliver credits services and look at what are they offering, make a SWOT Analysis by analysing your strengths, weaknesses, opportunities and threats. Then make a list of improvements and think how easy it would be to implement the changes that you want to make.

SWOT financial analysis

After you’ve managed to make a correct analysis, you must answer this question: is your business effectively and efficiently prepared to best your clients’ overall needs?

2. Identify Initiatives

The next step you should take in order to stay competitive and get a chance to improve your credit services is identifying initiatives from a potential wish list. For that, use the Strategy Prioritization, or SPM. This tool is quick and easy to use, and it includes 4 specific categories that will allow you to make the right business decisions.

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3. Recognize and Minimize Privacy Concerns

Privacy is important. Privacy has a strong relation with trust because everybody needs to feel safe knowing his personal information is private. It turns out that digital banking services assure a higher level of trust than traditional services used to offer some time ago.

Accenture’s U.K. Financial Services report showed that consumer trust in banks has the highest percentage since 2012 (40% in 2018). They surveyed approximately 4,600 adults, and the results are due to the vast increase in digital banking services. That led to a boost in trust and satisfaction since consumers make more frequent banking transactions and spend a lot of money online. That means U.K. consumers are physically interacting with banks much less.

In order to not lose your clients, you need to assure that their personal data will never be exposed to others. That’s why we have GDPR after all.

4. Invest in Your Employees to Make Them Performant

Knowing what actions should be taken will drive even bigger results if your employees know how to implement them. That’s why you need to make sure your staff is prepared, has sales skills and all the information they need to fulfil your business’ goals and boost online sales. There are lots of events, courses and sales training programs they can take or you can facilitate sales training.

5. Integrate Front and Back Office Systems

It’s important to have efficient technology that works fast and answers to any command made by your staff. All the financial services companies should work with the IT department to make sure the programs and applications are operating accordingly and keep it that way in the long run.

If all of your tools will run smoothly, then your staff can focus on your core business and the clients.

6. Increase User Experience

Increase ease of use for clients. Look for opportunities and improve your technology to offer to your clients your best services. There are lots of banks that offer online mobile application so that they can keep track of everything that’s happening regarding their account. This way, you can communicate with them and send push notification to deliver specific information.

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When the user has the information in their pocket, and they are up-to-date with everything that happens in their account, then it is easier to trust the bank. Your online reputation can grow, and we know how important it is to maintain a positive experience online.

We live in a world where your online reputation can be your strongest asset or your biggest liability.

7. Guide Users to Other Channels

Educate your users and steer them to your various channels to keep them engaged in multiples directions. You can offer self-service online and via mobile access and for customer assistance through the call centre. This way will keep them in a circle and help them get the information they need.

Make it easy for your clients to call or send you an email whenever they have a problem.

8. Implement a Business Model That Will Work in the Future

According to Accenture, financial institutions need to become more customer-driven, omnichannel and innovative by 2020. That’s because cross-functional integrated teams will deliver 80 per cent of traditional finance services.

Bank need to interact with the customers and be very at their service through mobile apps and the available channels.

In today’s financial institutions, more sales are conducted online. That’s where the need for integrated CRM technology is rising and quickly becoming more necessary than ever.


Online technology is the future. Financial services companies will need to rethink their strategy and update their operations to become more digital to increase online sales. They need to restore their business model, to make technology their top priority, and be always available to communicate with the clients.

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