Selling new products to existing customers has long been on most banks’ agenda and has been constantly discussed in various internal/external meeting. Cross selling has proved to be the major principles for cultivating relationships with customers which in return helps to focus the company on increasing its ‘share of the customer wallet’ with each individual customer.  Cross-selling in few banks has had significant success Financial services companies are trying to provide a one-stop shopping experience for customers as a way of retaining them for life. 

 

Challenges 

Major challenges faced by banks/financial institutions :

  • Deciding the product centric view for Cross selling scenarios  
  • Understanding business rules to guide the sales through service initiative at the bank 
  • Maintaining the consistency a cross-selling approach to provide  control and coordination for overall sales channels 

 

Solution 

Following Insights were generated using the Cross Selling Matrix Dashboard developed by InfoCepts : 

  • Matrix showing distribution of products in to two categories : One with customers and one without customers which enabled the financial marketers for better customer targeting 
  • Segmentation of products as per the customer sales within each category which presented products performance to the financial brokers 
  • Better understanding product and customer segment using the matrix to plan better marketing strategies to sell additional products to the existing customers 
  • Cross Selling Matrix Dashboard empowered user to plan better customer targets along with analyzing product performance enabling Revenue Growth, Improved Customer Profitability by selling complementary financial products ensuring customer loyalty. 
+63%

Increased customer count

+72%

Increased product sales

+42%

Increase in marketing goals

+32%

Increased customer retention