Analyzing Buyer Motivation in Innovative Banking Products and Services

This document discusses the concept of buyer motivation in the context of innovative banking products and services. It explores the psychological factors and decision-making process that influence consumer purchases. The document also covers the common steps in a selling process, the importance of addressing buyer resistance, recent disruptors to traditional consumer banking services, and the changes organizations need to make to adapt to consultative selling. Additionally, it examines prospecting methods and management strategies, as well as the strengths and weaknesses of low interest personal loans. Finally, it explains the concept of cross-selling in relation to financial products.

FNS40815 Certificate IV in Finance and Mortgage
Broking
FNSSAM403Prospect for new clients
Assessment 1 - Knowledge
FNS40815_ FNSSAM403 Assessment 1 KnowledgeREAA
Released September 2024
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Activity 1
Analyse and discuss the term ‘buyer motivation’, in relation to innovative banking
products and services.
(Analyse and discuss issues relating to buyer motives).
Activity 1 Answer
Buyer motivation is the set of the psychological factor and behond this
consumer amke their decision while for buying the products. While buyer
motives should know about the needs through which the banking products and
services should know about the consumer problem. Buyer also have the fear
about their products, anxiety about the cheap or unethical, but still this factor
seems to be every effective.
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Activity 2
Describe the most common steps in a selling process.
(Describe the key features of the buying and selling processes).
Activity 2 Answer
Key features such as pre sales in which in buying mode and getting ready for
success for their products. Sales which include the dissatisfied, prospecting,
analysing, needs discovery, intervening, solution crafting, selecting,presenting
solution, commiting and securing the win towards their products and services.
At last, post sales in which implementing and developing the account for their
buying and selling products.
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Activity 3
Discuss the following statement: “Buyer resistance, or objections, indicates
interest”.
(Discuss the key features of conflict resolution and persuasion techniques,
including how to overcome buyer resistance).
Activity 3 Answer
Key features such as avoiding in using strategies that could also led for having
the overcoming buyer resistance. Accomdating to resolve the conflict while by
involving steps for satisfying the consumer demands. Compromising in finding
the more acceptable resolution while by having better parties involvmnets.
Competing for satisfying their own desires and easily make sure about those
things which seems to be selling products and services.
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Activity 4
Identify and describe some recent major disruptors to traditional consumer
banking services.
(Describe current industry product and service trends).
Activity 4 Answer
Accelerating have the main focus towards the digital transformation, emerging
fintech companies, focus on user experience, building a cognitive side for the
business, making the proper estimation for the concepts of money and hyer
personalization.
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Activity 5
Outline some of the changes organisations may need to make to their sales
process procedures to take into account the trend to ‘consultative selling’ (which
places the emphasis on the salesperson becoming a “trusted advisor” to the
customer).
(Outline the key features of organisational requirements, including policy and
procedures relevant to prospecting for new clients).
Activity 5 Answer
Creating the report with having the prospective clients, identifying the needs,
secure commitment, managing prospective client information. Employee skills
and knowledge are might be more required. Buyer motives, industry products
and services trends, sales and marketing techniques, organizational
requirement including policy and procdures for which they can easily make the
customer and make sure about selling their products and services.
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Activity 6
The average marketing/prospecting email open rate is now around 5%. Assume
your management wants you to continue this prospecting method, identify some
of the downsides of this strategy, and some alternative prospecting methods
which may have a better success rate.
(Compare and contrast prospecting methods and management strategies).
Activity 6 Answer
Management strategies can be made for having the better place for their
organization and easily make sure about the controlling and directing a
business while for achieving the better performance goals. This might be also
include the strategies such as leadership, goal-setting, business administration
or might be having the proper operational activities. Prospecting techqniues
such as scheduling and committing to the sales and also making the cold calls
in which positive results can be found.
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Activity 7
Analyses a range of low interest personal loans, and identify any strengths and
weaknesses.
(Analyse a range of relevant financial products and services, including their
strengths and weaknesses)
Activity 7 Answer
Checking accounts that allow the person for withdrawal and deposits.
Weaknesses: No interest, minimum checking balance at all times
Saving accounts: this can be the safeguard for the funds and provide a modest
interest rate along with the emergency saving for short and medium goals.
Weaknesses: low interest rates, high inflation and minimum balance
requirements.
Money market account: low transaction accounts thta could also offer the high
interest rate while having minimum balance required.
Weaknesses: in this high inflation risk, capital risk, low interest rate as compare
with the other investments.
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Activity 8
Explain the term ‘cross selling’, in relation to financial products.
(Describe the key features of sales and marketing techniques). 62
Activity 8 Answer
Segmentation, targeting and positioning for the products and serives,
marketing plan for having the better accommodation and promotional tactics
along with the monitoring and evaluation.
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