When it comes to efforts by banks and credit unions to cross-sell investment and insurance products, their attempts may be coming up short.
That's according to a survey of 120 U.S. financial institutions by the Bank Insurance and Securities Association and Truebridge Financial Marketing. The data revealed that members and customers still do not realize that the institutions offer things like investments and insurance and most front-line employees do not produce enough referrals.
"In a financial institution, you can't turn the staff necessarily into salespeople," said Steve Ryerson, of UNFCU Financial Services, a subsidiary of $2.8 billion United Nations Federal Credit Union, which has used Truebridge to boost its referrals through member education rather than a "hard sell approach."
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