Comparing different sales channels for closing in banking business

Abstract

Closing in the banking sector is important as it provides customers with financial security and enables the banks to be successful. The purpose of the study was to find the relative channels for different branches within the banking sector. And explain how, why, and when do certain channels work over another. The aim of the study was to get an accurate comparison of each branch, how they operate in everyday work, and how the closing of sales is reached. The primary data was collected through a theme interview, allowing the interviewees to answer without specific options presented. Secondary data for the thesis was collected through literature and electronic sources. The electronic sources include the Financial Supervisory Authority and Bank of Finland, which both have a regulatory position in the industry. The research showed that the closing is done, with a customer benefit in mind, maintaining the responsibility of a bank as a financial intermediator. The different branches approach the closing differently in their relevant sales channels. The closing done in investments is mainly summary focused, while in loans the closing is done via giving examples out of the volatile market and questioning the customer. Closing in daily banking, the main channel being face to face is done by providing pros and cons to the customer. Daily banking also uses closing through examples and demonstrations.