Digitization and Competition are Changing Banks
As banks shift their go-to-market (GTM) models in response to digitization and increased competition, revenue leaders are left with several questions about “how” and “how fast” to change. Balancing the pace of change, sorting the GTM options and simultaneously driving revenue growth is complex.
In the recent Alexander Group Banking Industry Survey of over 50 U.S. banks, data from 2022 shows that there is consensus on GTM priorities. Based on banking engagements and the recent survey, the following highlights were extracted:
- Improving sales processes, value messaging and sales tool adoption rank as prominent initiatives for 2022
- GTM coverage investment towards new customer acquisition is now outpacing retention roles but hybrid hunter/farmer and x-selling models remain highly prevalent
- Transitioning from virtual to in-person client interactions remains a challenge because new sizing and workload models of teams must first be resolved
- Product specialists and inside sales are the leading roles for leveraging 2022 growth, however, other roles still rank as significant drivers
- Selling led by insights, compelling business cases and speed of delivery ranked highest as customer preferences
Do you have an interest in learning more?
For a full, complimentary briefing on Alexander Group’s 2022 Banking Industry Survey research that includes comprehensive findings and benchmarking, please complete the form and a Banking practice lead will be in contact with you soon.
