How to Make a Bank Reputation Drive Cross Selling

reputation-managementA good reputation is undoubtedly important to any financial institution. It translates into more new and more loyal customers. A recent article in American Banker, discussed the results of the American Banker second annual survey of bank reputation. This 30 bank survey was conducted by the Reputation Institute an evaluated reputation across several dimensions including corporate citizenship, financial performance, governance, innovation, leadership, perceived workplace environment and products and services.

The article noted that BBVA Compass enjoyed the most improved image, moving up 11 slots into the No. 5 position. When asked about this, the bank responded by saying that they used social media such as Twitter to monitor and respond to complaints. In other words they listened to their customers and fixed their problems, building stronger relationships than existed before the problem.  Their experience defined for them what good service is in banking.

There is another dimension to bank reputation that is seldom measured, that could have a significant impact on a bank’s ability to cross sell more products and services. Do customers see their bank as the place to go for more than deposits and loans? According to research done by Truebridge, the answer to that is no. Even for banks with a good reputation, that reputation is usually for a very narrow area of expertise.

Banks can change this, making it much easier to cross sell, but it takes more than words. Banks need to demonstrate to customers how they can help them with the financial issues they face throughout their life; from buying a house, saving for retirement, generating retirement income, and planning their estate. Customers are desperately looking for easy to understand information on these and other topics and they will do business with the one who provides that helpful information just when they need it.

Educational content, properly presented, can be the answer for banks that want to broaden their image as the place to go for more than deposits and loans. But content sitting idle on a bank’s website will not drive cross selling. Used right, educational content can be the driving force for cross selling, both in the branches and from the website.

Free Whitepaper: Using Content to Drive Sales

whitepaper_bank_contentInside you will find guidelines on how to use educational content to drive sales from both your branches and website. This paper explains how to effectively implement and use content to fully tap that potential.