Instead of being the versatile salespeople that most banks want, many so-called “generalist” RMs operate as de facto product specialists. They excel in selling one type of product, but they are average (or even below-average) when selling another product suite.

It makes sense that RMs gravitate toward one product. Everyone has a “comfort zone.” But we were surprised to find that nearly 40% of RMs who we surveyed during our most recent productivity assessment excel in either deposit or credit sales. But not both.

That begged the question: What makes an RM a de facto credit or deposit specialist, and what can banks do broaden an RM’s area of expertise?

For deposits, the secret seems to be experience at the bank and the extent to which the RM leverages bank-provided resources.

Compared to RMs who excel in credit, RMs who excel in deposits (a group we call Deposit Masters) are more likely to have spent their entire careers at their current bank, in their current role. And as a result, they know how to navigate the bank and less likely to rely on practices or sales methods learned from a previous employer. Deposit Masters, for example, are more likely than Credit Masters to rely on tools, to bring product support colleagues to sales calls, and to adhere to the bank’s prescribed sales process.

What other factors might explain why an RM gravitates toward deposit versus credit sales? And should business banks encourage specialization or strive to have everyone act as generalists? 

Please join us for our upcoming webinar during which we will discuss these questions and more, and please share your thoughts about the drivers of this de facto specialization at your bank.