Image Cross-Selling

Cross-selling should be easy for banks and credit unions. Consumer demand is definitely there: a recent FindABetterBank survey revealed that 63% of consumers shopping for checking accounts are also shopping for other financial products.

Yet financial institutions (FI) seem to be squandering the cross-sell opportunities that come with this demand. Streamlined branches, increased self-service and investments of time, money, and resources into online channels may help cut costs and boost efficiency, but without careful planning and the right tools, they can also weaken the very personal, trust-based bond that exists between customer and financial expert.

This bond is essential to a fruitful consumer-FI relationship and lies at the heart of successful cross-selling. However, face-to-face meetings in brick-and-mortar branches are not always convenient for customers, and branch maintenance is a major expense for FIs. Online customer engagement that employs video, document sharing, and electronic signature provides the personal touch that consumers need when acquiring financial products, as well as the convenience they’ve come to expect from their banks and credit unions. This solution also offers FIs a highly effective cross-selling instrument.

Whether a customer is at home on their PC or with a technology concierge using a tablet in their local branch, experts can guide them through their FI’s product portfolio instantly. This enables bank and credit union staff to take a more proactive approach to cross-selling when meeting their clientele online.

With a secure WebRTC-based solution integrated into its existing online infrastructure, an FI can provide its staff an intelligent customer engagement tool. Upon answering a call from an existing customer, the financial expert’s user interface could display a list of products that correspond with the customer’s needs. For instance, during a meeting about a mortgage the expert’s UI could present a list of insurance products; while speaking with a couple opening a joint savings account, the expert could see a set of credit card options, as well as pension funds and mortgage offers. With this information on hand, the expert can easily share details of these products with the customer – no time is wasted searching for these items online or in the company database.

A dynamic product recommendation function could also appear alongside the video meeting window, moving the meeting forward at a pace the customer dictates.

A web-based communication solution featuring multipoint calling, sharing, and document signing can boost cross-sell opportunities even further. While meeting with a customer online, a financial expert can easily invite colleagues from other divisions of their FI, partners, and customer family members and associates to join the discussion. During this online videoconference, participants can complete and sign documents as easily and securely as they can during a person-to-person call.

Cross-selling remains a challenge to many FIs, even though consumers actually want their banks and credit unions to offer them more financial products. A more customer-oriented, omnichannel approach to doing business, supported by a robust real-time online customer engagement solution, has the potential to give consumers exactly what they want in a way that’s both cost-effective and profitable to banks and credit unions.

eFace2Face enables you to boost cross-selling opportunities with location-based call routing, HD video meetings, dynamic content sharing, and a highly secure electronic signature process. Meet company CEO Dave Patten to learn more.