For its bad press in 2016, cross-selling doesn’t need to be negative. Research shows that done right, banks and consumers both win.
Going beyond traditional marketing, bankers now post blogs and white papers, offer credit coaching and extended hours and pay for leads to gain an edge in pursuing small business customers.
While Millennials are certainly more tech-savvy than previous generations, they also display a surprising preference for opening checking accounts at the branch, which provides cross-sell opportunities for financial institutions.
Marketing executives say digital channels offer a great opportunity for building a bank brand but also present quantitative challenges in proving the business case.
New digital capabilities give bank marketing a prominent place at the table for designing and implementing strategies for revenue growth.
To improve their marketing outreach, financial institutions need to focus on strategy, or targeting the appropriate customer segments, and upgrading their capacity in data analytics.
First Interstate Bank in Montana used a strategic planning process to improve customer relationships and profitability.
Rather than just focusing on cost-cutting in their branches, bankers need to improve the performance of their branch workforce through predictive analytics.