Banks have been forced to retreat from several markets in recent years, cutting off various revenue streams. This has prompted a renewed focus on the consumer market. Providers are recognizing the importance of increasing the breadth and depth of their customer relationships, which is ultimately key to product sales.
Find out how well the UK's biggest providers are doing at cross-selling their key products.
Understand why Australian banks are outperforming their UK counterparts in this area.
Identify the right strategies for maximizing product sales to your existing customers.
How do UK banks compare to each other when looking at cross-sales of key products?
Which factors have the most impact in driving cross-sales?
What actions can you take to improve your cross-sales performance?
Nationwide and Barclays have the best overall records in the UK for cross-selling. Nationwide enjoys high rates of combined current account and savings account ownership, and Barclays is the most successful at selling credit cards to its customers.
Australian providers have proved adept at incentivizing multiple product holding among their customers. Cross-holding rates are significantly higher than in the UK, due to the popularity of offset mortgages and the introduction of bundled packages that offer preferential rates on a wide range of products in return for a single annual fee.
To improve cross-sales performance, banks should update their IT systems to allow single-customer views that allow them to identify sales opportunities in realtime. Staff should be trained to assess customers' needs and make appropriate recommendations.