Bank managers and salespeople are generally satisfied with their banks’ ability to cross-sell investment and insurance products, but they think their institutions could do better.
Researchers at the Bank Insurance and Securities Association, Radnor, Pa., have published data supporting that finding in a summary of results from a survey of 375 managers and salespeople at 120 U.S. financial institutions.
About 58% of the survey participants said they are satisfied with their banks’ basic cross-selling strategy.
When asked to rank the most critical success factors in successful cross-selling, 89% of the participants said a trusted relationship between people in sales and those who generate their leads is most important to success, and 72% said their institutions are doing a good job in this area.
Generating referrals from the banks’ branches ranked second, with 79% of the participants citing this as important. But only 38% of the participants said their banks are doing a good job of generating branch referrals.
The bank’s image ranked third and was cited by 68% of the participants. Only 35% of the participants said their institutions have established a strong brand image.