4 Best Practices for Digital Cross-selling in Banking
Make fewer offers
Providing too much choice can overwhelm customers. Limit the number of cross-sell offers to what the customer needs, using data to select the right offers at the right time. A laundry list of products makes it difficult for applicants to determine which offers are best for them — and you might end up selling high-service products to unprofitable customers. The right number of offers? Two or three.
Make it easy
Let current customers use a single sign-on (SSO) to respond to tailored offers. This pre-fills form data already on file — and lets customers skip annoying data entry and rigorous identity verification procedures required by Know-Your-Customer regulations.
Cross-selling from mobile banking
Responsive web design or apps that leverage smartphone or tablet cameras and touchscreens can make applying for accounts from a mobile device as painless as possible. Younger users are more likely to use mobile banking: 67% of those ages 18-29 with smartphones use mobile banking.* It’s a prime opportunity to cross-sell to and build loyalty with a new generation of consumers.
Bundle products smartly
Most new customers want both checking and savings accounts. Offer a package right out of the gate that bundles the two so you can focus on cross-selling higher margin products, like credit cards or home and auto loans.
*Board of Governors of the Federal Reserve System, Consumers and Mobile Financial Services 2016, March 2016.
Online Account Opening for Consumers Overview
Banks have traditionally relied on physical branches and paper applications. But the world has changed. Customers are unsatisfied with the old way of doing things. They want to shop and buy online - even when it comes to banking services. Banks face a digital sales and marketing divide.
First Command Bank Sees 35% Growth with Online Account Opening
After experiencing an increase in new clients, First Command Bank needed to find a way to make the process of opening accounts easier for financial advisors, since they often assist clients in setting up deposit accounts.
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