Give it away

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.

  1. Are there any products that would be bad for a customer?
    Answer: None of the products are bad for consumers.
  2. Are there any products that are hard to understand?
    Answer: Hopefully not. If so, answers are easy to find.
  3. Won’t all of the products help the customer live a better life?
    Answer: Yes! They save money, time, hassle, etc.
  4. 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?”

 

 

2 Comments on “Give it away”

  1. The example that Rachael has used in the past illustrates your point so very well. If you have finished your meal in a restaurant and the wait staff brings the desert platter by your table; however, walks away without offering you an opportunity to select anything…not good. Thank you for this timely reminder!

  2. Scott – Glad you liked the reminder. I love the story that Rachael shared, as I’m a big fan of desserts – whether it’s after a meal, or on the Cross-Sell panel.
    -Bill Etmund

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