Assignment Topics:

Topics:

The strategic integration of banking products and services

  • Retail products and services
  • Commercial products and services
  • Investment products and services
  • International products and services
  • Sales queues for non-Retail products
  • Non-Retail department liaisons for proper referral channel

Please read the attached PDF files, which contains chapters: 5, 7, 8, 9, 10

Readings

Chapter 5, sections 5.1 and 5.2

Chapter 7, section 7.2

Chapter 8, section 8.1

Chapter 9, section 9.1

Chapter 10: sections 10.1, 10.2, 10.3 and 10.4

The focus on this assignment is on the strategic integration of bank products and services. You will be introduced to the various and diverse types of products and services that banks offer. You will also examine who is responsible for marketing and selling these products and services, the importance of understanding products and services in other areas of the bank, and, finally you will learn how different products and services produce revenue for the organization.

Today there are new and innovative services being added to the mix every year as technology advances. This week, you will read about the products and services of banks. Later point, we will specifically examine SunTrust bank products, how to sell and market them and establishing a strong foundation of knowing what differentiates SunTrust from other banks and financial institutions.

During client interactions, it is important for the bank employee to listen for sales queues that reveal opportunities for referring clients to another area of the bank. By not acting on client queues, teammates place the bank at risk by having customers look for alternative solutions at competitive financial institutions. For example, if a bank employee is servicing an existing client, and in the conversation, the client mentions that he has recently started a new business. This should alert the bank employee to ask the client some questions about the business:

  • What type of business is it?
  • How was the new venture financed?
  • Does the business have bank accounts at the bank or elsewhere?
  • Is the business cash intensive?

If the bank employee is not in a position to ask such questions, then, the bank employee should refer the client to the Business Banking department for further consultation. It is not a bank employee’s job to know all of the bank’s offerings, but it is the bank employee’s responsibility to know how to direct the client for additional opportunities. Consider this, what if the banker just let the comment go by and this customer has begun shopping around for business loans and business accounts. The bank could very easily miss out on this opportunity and worse; run the risk of this customer eventually taking his consumer business to the new bank helping him with his business. Making quality referrals is as important as making direct sales of your area’s products and services.

It’s more comfortable to make referrals when you know who to call, thereby establishing a trusted advisor for both you and your clients. Your contribution to not only your area but other areas across departments is vital to the success of the bank.

First complete the assigned readings. Then develop responses to Assignment 6.1 questions. Be sure to cite your sources from the reading, using the APA guidelines to support your answers. You may also use few additional sources to support your answers.

Read the questions and choose 7 of the 15 questions to answer. In a Word document, respond to each of the 7 questions from a SunTrust perspective.

Assignment 6.1 questions:

  1. Why does the Federal Reserve require SunTrust Bank to keep reserves for Demand Deposits, but not for Time Deposits?
  2. Why do you think SunTrust Bank no longer offers Passbook Savings Accounts?
  3. What factors should SunTrust clients consider before purchasing a Certificate of Deposit?
  4. Why do you think SunTrust Bank offers a variety of Consumer Loans?
  5. Why might it be important for SunTrust clients to understand their credit card agreements?
  6. What incentives make home ownership and the taking on of long term debt attractive to consumers?
  7. Identify three major differences between Consumer Lending and Commercial Lending at SunTrust Bank.
  8. Why is it essential that loan analysts at SunTrust Bank understand the nature of a business, not just the balance sheets, when making a loan decision?
  9. How is it possible that SunTrust Bank might make a poor loan decision for a long time Commercial Customer?
  10. Why would SunTrust Bank be in a good position to offer trade consulting?
  11. How did the Glass-Steagall Act restrict banking services offered by SunTrust Bank?
  12. Why is SunTrust Bank now able to offer one-stop shopping to its clients?
  13. SunTrust Bank now outsources many services that it used to provide itself, what are the advantages of this?
  14. What puts SunTrust Bank in a great position to offer cash management services?
  15. What information would your clients need to know if they wanted to set up a living trust with SunTrust Bank?

 

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