By Bill Etmund
All financial institutions (FI) would like their customers to view the FI as their primary place for banking. To expand a customer’s relationship beyond the checking account, FIs must offer the expanded services a consumer would need. Customers who have multiple products with a bank are more stable and more profitable than single-product customers.
The best time to expand a checking relationship is the moment a customer says “yes” to opening the checking account. Using a cross-sell list as a guide, bankers can explain and explore opportunities to enhance the checking account. There are many logical, complementary products to a checking account, including:
- FREE Debit card
- FREE Online banking
- FREE Bill pay
- FREE Mobile banking
- FREE eStatements
- Savings account
- Direct Deposit
- Automatic Payments
Look at the list of items on cross-sell list above.
- Are there any products that would be bad for a customer?
Answer: None of the products are bad for consumers.
- Are there any products that are hard to understand?
Answer: Hopefully not. If so, answers are easy to find.
- Won’t all of the products help the customer live a better life?
Answer: Yes! They save money, time, hassle, etc.
- What will the products cost?
Answer: For most of the products, they’re FREE!
If a product is “FREE” – it’s not cross-selling, it’s really cross-giving. And, as an FI, we want to give these products and services away. There is no reason to withhold the cross-sell products. In fact, we’re not serving our customers when we don’t offer these products. Let’s look at this as an opportunity to help our customers live a better life. With each of the products, let’s be sure to ask, “May we help you with this, today?”