A Career in Sales of Banking Products
Introduction to Banking
Banking is the business activity of accepting and safeguarding money owned by other individuals and entities, and then lending out this money in order to earn a profit. Banks are permitted by the government they are operating in to accept deposits, pay interest, clear checks, make loans, act as an intermediary in financial transactions, and provide other financial services to its customers.
Banks play an important role in the economy for offering a service for people wishing to save. Banks also play an important role in offering finance to businesses who wish to invest and expand. These loans and business investment are important for enabling economic growth.
An efficient banking system is absolutely necessary for a country, if it is to progress economically. The services that an efficient banking system can render a country are indeed very valuable. Undeveloped banking system is not only an index of economic backwardness of a country, it is also an important cause of it.
- The banking system can be useful in the following ways:
- The banks create instruments of credit which are very convenient substitutes for money. This means that actual movement of money is avoided and expenses are saved.
- The banks bring the borrowers and the lenders together. They collect money from those who cannot use it, and give it to those who can. Thus, they help the movement of funds from place to place, and from person to person, in a very convenient and inexpensive manner..
- They provide safer channels of investment. In the absence of banking facilities, people would just squander their funds.
- By encouraging savings, the banks bring about accumulation of large amount of capital in the country from small individual savings. In this way, they make the resources of the country more productive, and thus contribute to the general prosperity and welfare, of the country.
- The Indian Banking Industry
- The Indian banking sector comprises the following types of banks:
- Central Bank:
- The Reserve Bank of India is the country’s central bank. It was established in 1935 in accordance with the Reserve Bank of India Act, 1934. The RBI oversees banking in India.
- Commercial Banks:
- These banks play the most important role in modern economic organisation. Their business mainly consists of receiving deposits, giving loans and financing the trade of a country. They provide short-term credit, i.e., lend money for short periods. This is their special feature.
- Savings Banks:
- These banks perform the useful service of collecting small savings. Commercial banks too run “savings departments” to mobilize the savings of men of small means. The idea is to encourage thrift. Post Office Saving Banks in India are also doing this useful work.
- Agricultural or Co-operative Banks:
- The main business of agricultural banks is to provide funds to farmers. They are worked on the co-operative principle. Long-term capital is provided by land mortgage banks, nowadays called land-development banks, while short-term loans are given by co-operative societies and co-operative banks. Long-term loans are needed by the farmers for purchasing land or for permanent improvements on land, while short-period loans help them in purchasing implements, fertilizers and seeds.
- Industrial Banks:
- There are a few industrial banks in India which perform the function of advancing loans to industrial undertakings. Industries require capital for a long period for buying machinery and equipment. Industrial banks provide this type of capital. For this purpose, industrial banks have a large capital of their own. They also receive deposits for longer periods. They are thus in a position to advance long-term loans.
- Exchange Banks:
- Exchange banks finance mostly the foreign trade in India. Their main function is to discount, accept and collect foreign bills of exchange. They also buy and sell foreign currencies and help businessmen to convert their money into any foreign money they need. Their share in the internal trade of a country is usually small. In addition, they carry on ordinary banking business too.
Sales Executive (Banking Product): Career Pathway
The sales executive is the entry-level position of banking product sales. His/her responsibilities are to:
- Lead generation of customers and closure by telecalling, e-mailing and direct mailing, and tapping walkins wherever possible.
- Proactively identify sales prospects and conduct business development activities in the assigned territory.
- Follow up on new leads and referrals to generate business.
- Achieving the monthly sales targets, assigned to him/her, for various products and services.
- Meet productivity norms defined through support of channels and own efforts.
- Follow the various internal guidelines and procedures of the bank.
- Ensure customer satisfaction through regular engagement.
- Resolve customer queries/issues and facilitate customer service.
- Maintain periodic status reports, including daily activity report and calls/follow-ups made.
To be able to successful in the field of selling, the sales executive needs to possess the following competencies:
- Have a clear understanding of each step of the sales process used by the organization to convert leads into customers.
- Be able to communicate effectively in a variety of scenarios using a variety of media in an engaging, empathetic, people-focused way.
- Be a creative problem solver.
- Have solid negotiation skills.
- Be able to quickly build relationships with people inside and outside the organisation.
| Education Pathway | ||
|---|---|---|
| Undergraduate | Post-Graduate | Some Colleges |
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B.Voc. Banking & Financial
Services B.Voc. Banking Financial Services and Insurance BBA Banking, Financial Services and Insurance BBA Banking BBA (Sales and Marketing) BBA |
MBA Sales & Marketing M.Voc.(Banking & Finance) |
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