What Can Financial Institutions Glean From Retailers?
Coming from a retail background, I’ve worked at the corporate headquarters of two specialty retail clothing brands, overseeing communications and training for store leadership teams. In both roles, the mission was clear: sell by serving. Every customer who walked into a store presented an opportunity to connect, understand their needs, and ultimately provide products that converted into sales.
Retailers live and breathe by certain metrics—one of the most telling being the fitting room conversion rate. If a customer makes it to the fitting room, there’s a 65%-75% chance they’ll buy something. With that kind of insight, frontline employees are trained to guide customers intentionally and supportively toward those outcomes.
Could this mindset translate to the banking world?
When I visit my financial institutions, either personally or on behalf of the business, I don’t experience that same level of proactive engagement. Rarely does someone ask me questions about my life, my financial goals, or even take a glance at my accounts to offer helpful suggestions. Ironically, while my physical visit to the branch remains quiet, my mailbox is full of promotional offers and new account incentives.
In today’s increasingly competitive financial landscape—where fintechs are innovating rapidly and traditional banks are fighting to maintain relevance—shouldn’t upselling be a more natural, everyday part of the branch experience?
What if we reframed selling as educating and empowering?
When financial professionals take the time to ask questions, make thoughtful suggestions, and follow up in a human, consistent way, they’re not just selling—they’re serving.
They create deeper trust, stronger relationships, and more impactful financial outcomes.
How can FIs model engagements similar to retailers?
1. Make the Greeting Count
Go beyond “Hi, how can I help you today?” and ask open-ended questions:
“How’s your week going?”
“Anything on your mind regarding your finances or goals?”
Engagement doesn’t have to be scripted, but it should be intentional. You might be surprised how often someone is just waiting to be asked.
2. Review Accounts with Purpose
Even something as basic as noticing a checking-only member could spark a meaningful conversation about the benefits of building a savings cushion.
3. Personal Outreach
Most of us get plenty of generic emails from banks, but what’s missing is the personal element.
What if your financial institution had a “Book a Quick Chat” link in every advisor’s email signature? What if a banker reached out directly, not to push a product, but to offer a simple check-in?
It’s a small change that could make a huge impact on someone’s financial confidence—and loyalty.
Start Today!
- Open a conversation with your frontline teams about how to be curious and helpful.
- Look at your outreach—does it feel personal, or just promotional?
- Ask yourself: are we truly showing up for our members, or just waiting for them to ask?
