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Tag Archives: Cross-sell
The Profitable DDA Series: Long-term Relationships
Topics: Account Opening, Customer Acquisition and Retention
Tagged: Cross-sell, Demand Deposit Account
This is my third and final post in the Profitable DDA Series. I want to discuss the third, and perhaps most critical, initiative in enhancing profitability in demand deposit portfolios: creating long-term, multi-product relationships. Marketers are spending two thirds of their budgets on account acquisition, yet only 25 percent of new accounts are profitable and … Continue reading →
The More Data, The Better: The Case for Alternative Data
Topics: Credit Risk Management, Trends
Tagged: Alternative Data, Credit Risk Policy, Cross-sell, Fraud
A recent article in American Banker discussed the move toward an increased focus on the use of alternative credit scoring data by some lenders. For many banks it has typically been considered an aid in helping score the underbanked population, but more recently lenders have recognized that its use can be expanded to mainstream consumers. … Continue reading →
Redefining Rewards Programs through Personalized Decisioning & Cross-Selling
Topics: Customer Acquisition and Retention, Regulations, Trends
Tagged: Cross-sell, debit card, Durbin Amendment, Profitability
Traditionally, debit rewards programs were designed to incent consumers to use their cards more often which in turn increased revenue and profitability to a bank. There is an interesting shift in the validity of this type of siloed product approach today with the pending regulation underway known as the Durbin Amendment. Consumers continue to want … Continue reading →
Insourcing: The Value of Internal Data in Credit Risk and Cross-sell
Topics: Credit Risk Management
Tagged: Alternative Data, Credit Risk Policy, Cross-sell, Underbanked
In our business we talk about credit risk management everyday and assist our financial services clients with keeping up with their strategies to manage the ever changing credit environment. Part of what makes our company unique is that we work with a broad array of data solution providers that give our clients the ability to … Continue reading →
The Profitable DDA Series: Decreasing Costs
Topics: Account Opening, Fraud, Technology
Tagged: Alternative Data, Automation, Cross-sell, Decisioning, Demand Deposit Account
Last month, Bob Hunt, a senior analyst at TowerGroup, gave an excellent presentation at the 2011 TowerGroup Conference entitled, Rebuilding Checking Account Profitability: From Free for All to Fees for All?. The core premise being that DDA profitability is broken and banks need to think outside the box to return to the black. Mr. Hunt … Continue reading →
Customer Intimacy, Cross-sell, and the Value of Personal Financial Management
Topics: Customer Acquisition and Retention, Customer Experience
Tagged: Cross-sell, Customer Intimacy, Customer Service, Personal Financial Management
One of the hottest topics in the financial industry right now is personal financial management (PFM). This refers to a software service that allows consumers to track all of their financial accounts and obligations in a single interface. Such services usually enable consumers to track their finances, create and manage budgets, and set short-term and … Continue reading →
The Consequences of Cross-sell: How cross-sell affects CSR engagement
Topics: Account Opening, Customer Acquisition and Retention
Tagged: Cross-sell, Customer Service
This is the second in a series of posts on the topic of cross-sell. Specifically, I am exploring how banks can create effective cross-sell strategies when 60% of a bank’s customers are not interested in receiving any cross-sell offers. In my last post I explored this question from the customer’s point of view. How does … Continue reading →
The Consequences of Cross-sell: How cross-sell affects customer loyalty
Topics: Account Opening, Customer Acquisition and Retention
Tagged: Cross-sell, Customer Intimacy, Customer Service
Here’s a shocking statistic. 60% of your bank’s customers are not interested in any cross-sell offers. Doesn’t matter if they are walking into a branch, signing in to their online banking account, or checking their mailbox; they are not interested.
If we think about this statistic from the customer’s perspective, it makes sense. Committing to … Continue reading →
The Difference between Free Checking and a Demand Deposit Account
Topics: Customer Experience, Trends
Tagged: Cost Reduction, Cross-sell, Customer Service, Demand Deposit Account, Generation Y
Since the Reg E restrictions on overdraft were announced, speculation has run rampant about the future of free checking—in fact, the future of all DDA accounts. Many speculate that free checking will end, although David Kerstein of Peak Performance Consulting, noted early on that bankers are convinced that everyone else will eliminate free checking, but … Continue reading →
Adopt Enterprise Cross-Sell, Your Customers Will Thank You
Topics: Customer Experience, Trends
Tagged: Cross-sell, Customer Intimacy, Customer Service, Instant Prescreen
Enterprise cross-sell® was an emerging trend back in 2007. Several financial institutions were talking about it and looking for ways they could be more consistent across all lines of business within the bank— including consistency with attributes, credit decisions and making intelligent cross-sell offers. When the Great Recession took hold, the brakes were put on … Continue reading →