The future of cross selling in banks

A recent report from the Mercator Advisory Group, Cross-Selling Through Multiple Channels: Soft Selling to the Jittery Customer, highlights the areas where banks have the greatest opportunity to cross sell to their customer base. The two areas that they have narrowed in on are somewhat of an ironic pair – smart phones and branches.

While this may seem counter intuitive to some, to us it makes perfect sense. We’ve been advocating for several years now that a banks website should not be seen as a separate touch point from the branch but rather as a touch point that can help drive customers to your branches. Too often banks view their website or mobile devices as just a convenience for their customer but in order to be successful, banks must take advantage of places like their website to help drive the client back to them for help.

To do this, banks must be doing more then talking about their specific products such as their various rates for special savings or CD accounts. Today, the American consumer is looking for answers to the many financial decisions they face throughout their life. And with all that’s going on today there’s no better time for banks to take a leading role in providing this information, not the government.