Account Opening + Cross-Sell = Happy (Customers + Financial Institutions)
When financial institutions (FIs) implement cross-sell into their everyday banking activities, account openings increase, consumers are more satisfied with their interactions, and FIs realize higher profits and consumer loyalty.
FIs can implement cross-sell into their everyday transactions at the point-of-contact. Whether a consumer is checking their balance online, are in the branch opening their first account, or depositing a check via remote capture, effective enterprise cross-sell® techniques can be used to expand wallet share. When FIs use modern enterprise systems, consumer information is recorded and shared over all lines of business and channels of communication. This helps FIs build up a complete picture of who the consumer is and what products they could potentially be interested in.
Account openings increase because consumers are offered products that they are likely to accept, rather than generic offers that are made to every consumer who walks in the door of the branch. FIs use credit decisioning criteria and their internal data to first determine what products the consumer is eligible for, and then what products the consumer would most likely be interested in. For example, a consumer could currently be using a student loan and living on campus, so if they qualify, it would make sense for the FI to offer them a student credit card.
Customer satisfaction is higher due to the personalization of the process. The bank builds a consumer profile that records consumer information and an offers repository tracks all offers presented and whether or not they were accepted. Because of this attention that the bank gives each consumer, irrelevant or unwanted product offers are eliminated and consumers are only presented with offers that they may be interested in. For offers that are turned down, the FI records this response and never makes the offer again. For these reasons, offer acceptance is higher and the FIs realize higher consumer profitability and wallet share.
FIs can realize higher profits and loyalty because they use information about who the consumer is and can make targeted cross-sell offers based on that information. This eliminates generic offers and decreases the amount of unwanted offers that are presented. Consumers experience increased satisfaction because the offers are personalized and they feel like the bank "knows" them. By using these processes consumers are more likely to accept offers and banks realize financial benefits.
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