Deposit Origination and Enterprise Cross-sell®: The Symbiotic Tug-of-Cooperation

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Webster's Dictionary defines a symbiotic relationship as: "any interdependent or mutually beneficial relationship between two persons, groups, etc." The relationship between deposit origination and enterprise cross-sell® is an example of a symbiotic relationship.

By opening more deposit accounts, FIs can increase the effectiveness of cross-sell efforts. On the other hand, by putting an emphasis on enterprise cross-sell, FIs can increase deposit origination. FIs can improve their customer relationships and increase their wallet-share by using this strategy.

When a potential customer walks into a bank to open a deposit account, they are requesting information about the bank's services and products. That is the perfect opportunity for customer service representatives to use cross-sell to their advantage.

Modern enterprise cross-sell solutions analyze customer data in order to offer them products that are relevant to their stage in life. A run-of-the-mill cross-sell solution will make generic offers to the potential customer. With personalized offers, the customer feels like the bank cares about their preferences and is trying to give them the best experience possible.

Not only will the customer open the deposit account they came for, but it is likely that they will apply for other products that will enhance their lifestyle. Deposit origination is an opportunity to enhance customer experiences and also create more profitable relationships.

In order to make enterprise cross-sell effective, it's important that it is an integrated part of how banks do business. Many banks see cross-sell as a means to promote credit products when customers are applying for simple demand deposit accounts (DDAs), but banks should leverage the opening of more time consuming products like mortgages or student loans as an opportunity to increase deposit origination.

Let's say a bank has a customer that is applying for a mortgage. It is a long (and sometimes intense) process that may require a person to go to several banks to find the best rate. If a FI offers to not only originate their mortgage, but also take care of all of their other banking needs, it creates a sense of convenience. The consumer can even pay their mortgage payment right from their new checking account. It saves them time and hassle which helps build lasting customer relationships.

Using enterprise cross-sell and deposit origination to complement each other will help FIs achieve their business goals. Customers will feel that the bank cares about their preferences and is determined to offer them products that enhance their lifestyles.

With cross-sell, banks can place emphasis on the convenience of having all of your banking products with one FI while creating stronger customer relationships and increasing deposit origination. This is one tug-of-war in which everyone wins.

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