TAILIEUCHUNG - Lesson Cross selling of Banking Products and Financial Services

Lesson "Cross selling of Banking Products and Financial Services" provide readers with knowledge about cross-selling products at banks that need to meet the following factors: customers, products and sellers. Therefore, banks must develop their own cross-selling strategy, which must clarify issues related to the selection of target customers, to product selection, product packaging and marketing. It is impossible to ignore the training of professional sales staff. We invite you to consult. | CROSS SELLING OF BANKING PRODUCTS amp FINANCIAL SERVICES -by Gazal Badlani Ashok Sarkar PGDM 2010-12 Trimester 4 Introduction Selling of banks products services to an already existing customer Cross-selling stands for being able to offer to the existing bank customers some additional banking products with a view to expand banking business reduce the per customer cost of operations and provide more satisfaction and value to the customer and higher per customer earning. Scope of cross selling Liability side Asset side Examples of cross selling 1. Credit insurance 2. Life insurance enhancements to traditional mortgages 3. Auto and homeowners insurance 4. Medical savings accounts 5. Asset management accounts Importance Research statistics demonstrate that the average customer uses less than two services from any one depository institution Seventy percent of all customers share their banking needs with more than one financial institution Tools Enablement Ways Phone banking Web Walk in Tools CRM techniques Referral tracking Sales call tracking MIS systems activity management information 7 - steps Marketing facets 7 times expense Strong commitment to customer care at all levels Promises made must be realistic and achievable Intimate knowledge of the customer leads to excellent customer service Continuous feed back from the customers 7 steps approach Cross selling amp Relationship Banking The emphasis here is on viewing the customer as a long term business relationship Banks plan to meet the total banking requirement of the customers and expect repeat business Relationship is based on full knowledge about the customer needs and causing total customer satisfaction by providing services that exceeds his expectation An understanding of exactly what the customer is buying in critical. The basic utility he derives from the product is the nucleus of core in the center surrounded by services of both tangible and intangible attributes 7 steps model of relationship banking 7 step

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• Cross selling of banking products
• Financial Services
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• Cross selling products in banks
• Financial products
• Financial Markets and Products book 3
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