Branch-based product sales are at the lowest levels of the past four years, down 6.2% from 2016, and were met with a 5% drop in productivity.
The bulk of the drop in sales came from super regional banks – dropping 10 unit sales per branch per month. This 10% drop in volumes was met with an equal drop in sales productivity as super regional banks did not adjust FTE in the face of decreasing sales volumes.
Regional banks, on the other hand, saw sales drop less than one unit year-over-year and eked out a very small productivity increase from averaging 0.93 accounts per non-teller/sales FTE a day to 0.94.
As branches continue to fight for in-branch account sourcing, a focus on the quality of sales interaction, and employee expertise will play a critical role in success.