A new idea to sell Bank’s products

Dena Bank has roped in its employees taking them into confidence to sell the bank’s products. The employees have entered into an agreement with the management to sell the bank’s products. Chairman, Dena Bank said the agreement was aimed at bringing in a culture of selling even before the new business process is brought in following the implementation of core banking.

As of now, we have not included any incentive, but we have made this a part of their job profile by entering into an agreement with all staff unions and executive associations.

Each employee will canvass for five new savings bank accounts and one current account every week and meet at least five existing customers every fortnight. Traditionally in public sector banks employees have been conditioned to serve customers when they walk into the bank.

Dena Bank wants to change this and encourage employees to go out and meet customers. Employees are expected to bring in new accounts from their circle of influence or through references by meeting existing customers.

This will ensure that `know your customer’ norms are fully adhered to. The bank has set a target of 50,000 new accounts. The main benefit for the bank would be the reduction in cost of deposits, which is currently around 4.48%.

Dena Bank, staff in client acquisition agreement:

The Mumbai-headquartered Dena Bank’s employees have signed an agreement with the management to sell the bank’s products.

This is the first time that employees of a public sector bank have reached such a deal with the management. The agreement was aimed at bringing in a culture of selling even before the new business process was brought in, following the implementation of core banking.

As per the deal between staff and management, each employee will canvass for five new savings accounts and one current account every week and meet, at least, five existing customers every fortnight. For the first time in any PSU bank, the staff has made formal and specific commitments for customer acquisition. Traditionally, employees are conditioned to serve customers at the bank. Now the bank management wants to change this and encourage them to go meet clients.

This novel idea is already yielding results and the success of this marketing may be clear only after a year.