Lesson Cross selling of Banking Products and Financial Services

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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.

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Nội dung Text: Lesson Cross selling of Banking Products and Financial Services

CROSS SELLING OF BANKING PRODUCTS & 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 & 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 model approach
7 step model approach 1. On super - ordinate goal: Draw the vision and mission statements around the customer value 2. Strategy - Draw a strategy of market segmentation to focus on a customer 3. On structure - Restructure the organization as a cross functional and process oriented one 4. System - Design a service delivery system on quality and coordination 5. On skill - Cultivate skill as cutting edge 6. On style - Devise a suitable appraisal system and reinforce it through top management 7. On staff - Devise policies which empower staff and encourage open communication
7 steps model of personal selling
1. Prospecting & qualifying 2. Pre-approach (deciding the best approach) 3. Approach (ability to observe and listen) 4. Presentation 5. Handling objections 6. Closing 7. After sales service and follow up
Bundling
Cross selling process
Buying cycle
NPTB modeling The challenge of cross selling is to know which product to sell to which customer
NPTB modeling A next product to buy modeling promises to enhance the effectiveness of cross selling by specifying which product to sell to which customer