The speed and extent of change in branch activity are unprecedented.
To keep pace and promote successful branch transformation, retail banking leaders need comprehensive branch productivity and sales benchmarks and dynamic tools to translate these benchmarks into action.
SalesScape is an innovative benchmarking platform, drawing on a database of over 17,000 branches and growing, across 20+ banks in North America. The intuitive platform is designed to improve the speed and depth of branch productivity and sales diagnostics, providing bankers with easy access over 100 online reports and views relative to peers and within their own branch networks. The online platform is also part of a comprehensive program that provides ready access to Novantas productivity and sales effectiveness experts and an industry forum for discussing challenges and best practices.
Core Benefits
Increase productivity
Identify opportunities to redeploy staff, change the branch workforce structure and increase efficiency.
Improve revenue generation
Refine sales and account opening practices to focus on targeting the right customers, better capitalize on walk-in traffic, and deploy sales staff based on market opportunity.
Augment and improve decision-making
Create more accurate goal expectations based on competitive performance in similar markets, re-calibrate staffing models, and set realistic performance targets.
TRANSLATING BENCHMARKS INTO ACTION
Benchmarking Report
Annual branch performance assessment conducted by Novantas productivity experts. Includes detailed report outlining current performance relative to industry benchmarks and a working session with Novantas.
Online Tool
Cloud-based software for accessing branch performance data, bank comparisons and benchmarks. Features 100+ standard reports, a custom analytics module, a customizable dashboard, and integrated mapping technology.
Annual Symposium
Bi-Monthly surveys and executive calls to discuss shared challenges, best practices, and evolving needs with peers and Novantas experts. Includes peer networking facilitation, an annual in-person meeting.
Key METRICS
Workforce Productivity
- Teller productivity
- Sales productivity
- Sales production
- Return on sales force
Sales Effectiveness
- Household acquisition
- New-to-bank product cross-sell
- Cross-sell to existing households
- Conversion ratio
- Portfolio product penetration
- Product and household attrition
Small Business
- Business acquisition
- Deposit penetration
- Loan penetration
- Services penetration
- Product and business attrition
Further analysis of the data shows that sales per new consumer household (on book less than 90 days) has declined over the past 5 quarters. Regional banks (<1,000 branches) have consistently performed better than super regional banks (1,000 – 2,000 branches) in penetrating new consumer households. However, the year over year decline in new consumer household sales is pronounced for both, with regional banks down 8.4% and super regional banks down 9.3%. In terms of 2017Q2 performance, regional banks are selling 15 more products for every 100 new consumer households than super regionals.
Consumer household acquisition has gained slight momentum after a fall off from 2015 acquisition rates. While Super Regional banks (1,000- 2,000 branches) had an especially tough 2016, falling off 8% from 2015 rates, regionals (<1,000 branches) treaded water eking out a slight 1% gain 2015 to 2016. In 2017H1 regional banks experienced a strong performance of +7.7% from 2016 acquisition rates, and super regionals, though down 2.1 households per branch per month from 2015 rates, have also shown a positive trend.
With customer migration to digital channels on the rise, banks are finding it more challenging to deepen customer relationships through in-branch sales. The data reflects that new sales to the existing customer base has decreased from 2016 to 2017H1. As the graph shows, a shift has occurred over the past 6 months where super regional banks (1,000 – 2,000 branches) have seen a marked decrease at 20%, while regional banks (<1,000 branches) have remained flat. The decrease in super regional in-branch sales could be due to super regional banks taking better advantage of the digital selling evolution.
With customer migration to digital channels on the rise, banks are finding it more challenging to deepen customer relationships through in-branch sales. The data reflects that new sales to the existing customer base has decreased from 2016 to 2017H1. As the graph shows, a shift has occurred over the past 6 months where super regional banks (1,000 – 2,000 branches) have seen a marked decrease at 20%, while regional banks (<1,000 branches) have remained flat. The decrease in super regional in-branch sales could be due to super regional banks taking better advantage of the digital selling evolution.
Our SalesScape data shows onboarding cross-sell has increased by 4.4% in the last 12 months. On the other hand, household acquisition is down 8% and accounts sold to new-to-bank customers are down 3.8%. Banks need to understand where they stand across their network to improve activities in marketing, onboarding and adherence to process.
Cross-sell to new customers is trending up! Novantas’ SalesScape analysis indicates that in-branch new consumer household growth has declined 11.6% since 2014 for regional banks. However, the number of accounts opened in the first 90 days per new household increased 12.2% over the same time period, changing from 1.72 in 2014 to 1.93 in the first three quarters of 2016.
Snapshot of SalesScape’s granular data insights
Sales Per New Consumer Household in the First 90 Days Continue to Decline
New Household Acquisition Starts to Rebound…Slowly
Super Regionals Continue to Sell More Products Per Branch Than Regional Banks
The Digital Evolution Influences Sales Performance for Super Regional Banks
New Customer Sales Decline, Banks Are More Effective at Onboarding
Household Acquisition & Cross-Sell to New Customers in Regional Banks
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