Only 19 percent of bank customers have three or more products in addition to their checking account with their primary institution.
Or, said another way, only one out of five customers have their “full wallet share” with their primary bank. This is where cross-selling of existing customers is absolutely crucial to gaining and holding market share.
Cross-sell programs deepen customer relationships and maximize retention, share of wallet, household profitability and increase their respective metrics of success. By using product propensity modeling to determine things like “next most likely product” and using segmentation to match content/creative with the needs of each target, any bank marketer can greatly expand share of wallet and household.
Additionally, automotive lending has been a hot topic for banks to grow market share over the last several years. SourceLink offers a turnkey automotive lending program proven to increase ROI by over 400%, while keeping acquisition costs for sizeable loans under $100.