Telesales, especially in banking, sounds simple: you pick up the phone and talk about your banking products to potential customers. But it's easier said than done. Grabbing a stranger's attention within the first 10 seconds of talking is an art few can master! 

Let us help you with that. Keep reading to find out more about telesales in banking. 

An Overview Of Telesales In Bank

The ultimate goal is to convince the customer to sign up for a banking product or service (Image source: Telepro). 

1. Definition

This term refers to selling the bank's products and services to customers over the phone. Telesales reps (also known as bank sales associates) typically reach out to both existing bank customers and potential new customers during this practice. 

Below is a summary of its workflow, which is quite similar to most standard telesales processes in other industries: 

First, the agent calls existing customers or reaches out to a list of prospects. They then explain the features and benefits of the bank's products they want to pitch, such as credit cards, savings accounts, or loans, and tailor their responses to individual customer's needs.

Customers may have questions about the products or the application process. Agents should be able to provide clear and accurate information.

The ultimate goal is to convince the customer to sign up for this product or service. But even if they don't make a purchase right away, telesales reps must actively continue to foster a positive relationship between the customer and the bank.

2. Examples

  • Does your existing customer have a checking account? Your reps can inform them of a new high-yield savings account with a competitive interest rate, especially if they tend to keep a large balance in their checking account.
  • Based on the customer's creditworthiness, you can contact them about a pre-approved loan offer,  such as a mortgage or auto loan.
  • Whenever applicable, present customers with a new credit card with a welcome bonus or rewards program that aligns with their spending habits.
  • When the customer's CD (certificate of deposit) is about to mature, call them to give them a reminder and offer options for reinvesting the money.

How to Measure Your Success In Telesales In Bank

1. Sales Performance

A rate above 2% is considered positive. (Image source: Flickr). 

Sales Conversion Rate

Let's say your telesales team makes 1,000 calls in a month and closes deals on 50 of them. Your conversion rate would be 5% (50 sales / 1,000 calls). 

A benchmark for good conversion rates in telesales can vary depending on the product, but generally, a rate above 2% is considered positive.

Average Sale Value

Suppose your telesales team is focused on selling a new money market account with a 2% interest rate. The minimum opening deposit to qualify for the account is $2,500.

The team successfully opened 15 new money market accounts in a month. Since the interest rate is 2%, the bank would earn $50 per year in interest on the minimum opening deposit of $2,500 (2% * $2,500). 

For simplicity, we'll assume this is the only revenue generated from the account. If 15 accounts are opened and each generates $50 per year in interest, the total monthly revenue would be $125 per month (15 accounts x $50/account/year: 12 months/year).

Now, divide the total monthly revenue ($125) by the number of accounts sold (15) to get the average sale value per account. In this example, the average sale value would be $8.33 per month ($125 total revenue / 15 accounts).

Sales per Hour (SPH)

If a telesales rep completes 4 sales in a 3-hour shift, their SPH would be 1.33 (4 sales / 3 hours). Tracking SPH can help you assess rep efficiency and identify coaching opportunities to help them improve their sales pitch or overcome objections.

2. Call Activity

An effective telesales team should know how to encourage new customers to stay with the bank. (Image source: Freerangestock). 

Dials per Hour (DPH)

A rep making 60 calls per hour has a DPH of 60. High DPH is good but shouldn't come at the expense of quality conversations, so ensure your reps focus on connecting with qualified leads.

Connect Rate

Let's say your team makes 100 calls and only reaches 60 live people. Your connect rate would be 60% (60 connections / 100 calls). A low connect rate might indicate that you need to call them during business hours or purchase better-quality calling lists.

Average Handle Time (AHT)

If the average telesales call lasts 10 minutes (0.17 hours), your AHT would be 0.17 hours. 

Of course, AHT should not be your sole focus; it must be analysed alongside the actual call recordings. Only then can you ensure your reps effectively address customer concerns while still providing excellent service.

3. Customer Satisfaction

Customer Satisfaction Score (CSAT)

You can design a short survey (1-5 star rating) asking customers about their experience with the telesales rep. A high CSAT (average rating above 4 stars) indicates a positive interaction, even if the customer didn't buy anything.

Customer Retention Rate

An effective telesales team should know how to build rapport and encourage new customers to stay with the bank. Hence, always track the percentage of customers who keep their accounts with your bank after a certain period (e.g., 1 year).

4. Campaign Performance

Return on Investment (ROI)

A positive ROI indicates the campaign is generating a profit.

Imagine your telesales campaign generates $100,000 in new sales over a month, but the program costs $20,000 to run (salaries, technology). Your ROI would be 80% (($100,000 revenue—$20,000 cost)/$20,000 cost). 

Cost per Acquisition (CPA)

If your telesales team acquires 20 new customers in a month at $4,000, your CPA would be $200 per customer ($4,000 cost / 20 new customers). Analyse this metric alongside your average sale value (refer to the section above) to ensure you're acquiring customers profitably.

How To Improve Your Success In Telesales In Bank

Always connect product features to the customer's financial goals (Image source: Flickr). 

1. Make Your Pitch Personal

Before you (or your agents) dial, take a few minutes to review the customer's profile. See if they have existing accounts with the bank, what products they might be interested in based on their demographics, or any recent life events that could be relevant (e.g., buying a house, planning a wedding, etc.)

An organised system like the virtual call centre StringeeX will be your best partner for this task, as it effectively stores and synchronises customer data across all channels to give you a good overview of their behaviour patterns. 



From our experience, a simple yet powerful tactic is to address the customer by name. It shows you've put in the effort and makes the interaction instantly feel less scripted.

Of course, the last thing you should do is rattle off product features like a pre-programmed robot. Always connect those features to the customer's financial goals! For example, instead of saying a credit card "has a high rewards rate," go into detail about how those rewards can help the customer pay for their upcoming vacation.

2. Open Impressively

The first few seconds of a telesales call are crucial. Clearly introduce yourself, your role at the bank, and your years of experience (if applicable) to establish your credibility.

Many agents want to jump immediately into a sales pitch, but that's never a good idea. First, you must offer something of value to the customer, such as financial insights, educational information, or a personalised review of their current banking situation. 

Also, if you have references to any recent financial event relevant to the customers, bring it up. This approach shows you've done your homework and care about their needs!

3. Understand The Campaign's Goals

Without a clear goal, measuring the effectiveness of your telesales techniques would be difficult (if not downright impossible). Your business would waste money and time on irrelevant leads!  

So, take time to review the campaign's goal. Do you want to increase new account openings (e.g., checking accounts, saving accounts, or credit cards) within a particular time frame? Or do you want to encourage existing customers to sign up for additional products or services within the same bank? 

Communicate these objectives clearly within your team so everyone has a full overview of their targeted audience and develops scripts accordingly. 

An Example Of A Good Script For Telesales In Bank

1. Opening

Hello, Ms. Lee. This is Sarah John calling from First National Bank. I wanted to reach out today because I noticed you've been a loyal checking account customer with us for over 5 years. We appreciate your business!

2. Establish Value Proposition

I'm calling to tell you about our new High-Yield Money Market Account that just launched. It's earning a very competitive interest rate of 2.25%, which is significantly higher than the rate you're currently earning on your checking account. 

Are you currently saving towards short-term goals, like a vacation or a down payment on a car?

3. Highlight Features & Benefits (+ Examples)

With our High-Yield Money Market Account, you can easily grow your savings while still having the flexibility to access your money when you need it. If you want to, you can make up to 6 withdrawals per month without penalty.

Let's say you opened the account with a $10,000 deposit. At the current interest rate of 2.25%, you could potentially earn over $225 in interest in just one year! 

4. Call to Action

Would you like to learn more about how this High-Yield Money Market Account could benefit you?

(If the customer is interested) Great! Let me walk you through the online application process.


When it comes to money matters, people need time to think things through. So, convincing a customer to buy a banking product after just one call isn't easy. 

We hope you find our tips for telesales in banks practical. Don't hesitate to contact us if you need assistance!