ISA sales day

Last Thursday we had an ISA sales day , as April is a key time for customers to look for this type of product and last year we only introduced the ISA half way through the year.
We actually achieved 177 sales on the day (with only a very small amount as a £1 deposit)
This shows that there really is the demand for this savings product!

One of our team - Rachael - did some mystery shopping following on from some feedback at her branch in Thornaby

As discussed mystery shopped both Barclays and Halifax today as Thornaby girls practically pounced on me that both were offering a better rate when I walked in the door.

Barclays
3.61% Golden ISA (advertised in window)
Variable rate and includes a 1% bonus for first 12 months.
CANNOT transfer existing ISA into scheme.
£1 initial deposit
Do not need a Barclay's account
Future deposits can be made in branch.

However if you are not an existing customer - you need to book an HOUR appointment to open one and produce I.D. in form of passport/ driving licence.

Halifax
3% AER (advertised in window)
Guaranteed for one year Halifax ISA Direct Reward
Open from £1,000 (must pay in at least £1,000 in first 60 days of account opening)
Open in branch/ phone/ online
Subsequent payments cannot be made in branch - over phone/ internet only.
£1,000 must remain in account for full 12 month reward period, or will drop to standard variable currently 0.50% (will NOT return to 3% if balance goes back above £1,000)
4 withdrawals permitted throughout the year, 5 or more result in the account reverting to standard variable rate currently 0.50%.

On asking about their ISA offer, I was advised she would need to look on computer as interest rates are changing daily. I asked about 3% in window and was advised "for that you've got to open with a minimum of £1,000 and who's got a spare £1,000 these days" - Great selling technique!!! (Or maybe I just look poor) On asking if I could open the account in branch, I was advised no as it is an ISA Direct account, however brochure says I can so not so good on product knowledge or closing the deal!!

I asked about other ISA if I don't have £1,000.

As I'm a Halifax customer I could apply again DIRECT and would qualify for 0.50%
Alternatively I can open one in branch which attracts a staggering 0.10%

No mention of their fixed rate ISA, again she probably presumed I didn't have the £500 to open one. (I had a suit on too)

So basically moral of the story - No competition to Thornaby and they should focus on what they've been doing in last few weeks.

Quite an interesting find though, neither bank tried to close the deal, and halifax just didn't seem interested in doing anything in branch. Whilst I was stood in the queue a lady tried to pay £500 into her ISA, the cashier passed it back through and asked is it a direct account customer didn't know, asked if set up on line customer advised yes and was told well I can't take your money it's got to be done over the phone or on line - little bit difficult when she had cash in hand!!


So ISA's are a really strong product for us - 171 customers in one day can't be wrong!!

Bureau tips to get that sale

Two branches with a different approach to getting a sale

This from one of our BDM's Nick Moriarty

BARNOLDSWICK branch will offer a free travel first aid pack or free
suitcase strap to try to clinch a currency sale where necessary. The first
aid pack and straps both sell in his branch for £2.75, however they only
cost the SPMr about 75p. It has worked as the decider to keep several
transactions when a customer would have looked elsewhere.

ACCRINGTON branch, when I was there last Friday I was serving from the
Bureau position (giving the staff the benefit of my expertise), customer
came in asking for the Euro rate. I did the usual chat, got him talking
about where he was going, how long, who with, been before? etc. He was
after £1000 of Euros and I can't remember the rates exactly, however when I
explained how many Euros for how much (and he did only want to spend £1000)
he asked what the rate was for that, I told him and he said that was lower
than Althams (pur competitor) and he would go there. I asked him to hang on a second and I
spoke to the Subpostmaster to see if he would agree to round down the sterling
equivalent (which was about £4.48), who agreed.
I went back to the customer and told him we could knock off the £4.48 to bring
it down to a round figure and he agreed and took it.

In reality, the better Althams offer would have given him about 20 Euros
more than us, maybe he didn't quite realise how much the difference was, or
he was pleased with the service but he stayed with us.

I realise the agent had to agree to a reduction in his remuneration, but
this time it worked.

Banking - Why it always makes sense to ask the question

You will have noticed the changes to your remuneration and the fact that payments fot Card account have reduced.
On the upside we've increased payments for Link Card and A&L withdrawals and so there's never been a better time to be asking all your customers
On EVERY cash/cheque transaction - "Would you like to pay be debit card?"
and on debit card transactions follow the prompt and ask - "Would you like some cash today?"

I know we've kept on about this but branches who have this discipline really notice the difference on their remuneration - AND....It's good customer service to ask.

A great Friday on upselling

As it was the last day of the financial year we decided to have a "texting around" sales day to see how many great bureau upsells we could manage leading in to the busy weekend
Here were some of the success stories

Cockermouth	TMC cross sell £100 on top of currency
Dumfries	TM & travellers Cheques +1 sale
Skipton	Upsell from £250 to £500
Skipton	Upsell from £100 to £600
Longridge	Upsell from £250 to £700
Cockermouth	£200 upsell to TMC
Fleetwood	£500 dollar sale and £3500 in travellers cheques
Garstang	Upsell from £400 to £500
Moortown	£250 upsell
Highfield Rd	From £500 to £700 - with £200 Travellers Cheques
Castleford	E top up push to day =£150 plus £14,000 growth bond and £30 upsell
Peterlee	another Growth Bond for £10,000
Boroughbridge	£100 upsell
Fleetwood	£78 upsell
Garforth	2 x £700 TMC upsell sale
Blackburn	sold £400 tmc another customer £2100 in tc's
Lytham	£300 upsell
Highfield Rd	£200 upsell and a £50 tmc

It's all about having the conversation with the customer
asking them how long they're going for. Reminding them that, due to the exchange rates declining year on year, that they need to take away between 30-35% more in Euros to have the same holiday experience otherwise they will run out of money part the way through
Simple i know but it REALLY DOES WORK!!

Give it a go and let us know how you get on

thanks as always
Phil