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Take a look at these banking facts below and you’d conclude that successful cross selling was the key to profits in the banking industry. And you’d be right.
Cross-sell moves the needle
According to research by Bain published on this website by Gerard du Toit and Maureen Burns, U.S. banks acquired new customers at a paltry rate of just 3.6% over the past year, but some 41% of customers opened a new banking product over the past year, and half of those people bought from their primary bank. Cross sell is also significantly cheaper than new customer acquisition. It’s easy to see that success in cross-sell is the prize everyone ought to aspire for.
That prize isn’t small either. Research published by Brad Strothkamp of Forrester Research shows that increasing the average number of products owned by a customer from 3 to 5 doubles the profitability of the financial institution. Beyond five, the profitability grows even faster.
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