Question

Topic: Strategy

Effective Cross-selling In Small Bank..how ?

Posted by Anonymous on 4/6/2009 at 9:12 AM ET 250 Points
In a large bank , the accounts(current/savings) base is large enough to get on with a cross-sell initiative. How do you get onto a better cross-sell ratio or augment more cross-sell if the a/c base is small , eg, in case of a smaller bank with a lower no. of accounts base ....

Note: the smaller bank has equal product offerings (basic retail liability products + asset products + insurance etc)

Anybody has some thoughts on this ?
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  • Posted by michael on 4/6/2009 at 11:59 AM Accepted
    I actually did this when I was in the insurance industry, so here are a couple thoughts:

    1) Really doesn't make a difference having a business card in front of the teller.
    2) Really DOES make a difference if the teller asks the customer if they would like to learn more about the insurance (or other) product
    3) Paying the teller (or other employee) $25 for a referral works every time.
    4) An invisible (behind the door) bank executive is a waste.
    5) A visible bank executive who says "hi" to customers in line tells the client that the bank cares about ALL their business.

    Michael
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