The Ultimate Guide to Credit Union Cross-Selling in the Digital Era
If it feels like cross-selling fell out of favor over the last few years, you're not imagining things. In part due to reports of big bank employees opening up new accounts without customer authorization, the use of--and reference to--the cross-selling practice practically plummeted. In fact, it was estimated that the term was only used 86 times in presentations from publicly traded banks in 2019--as opposed to the 302 times it was used in 2015.
Of course, that doesn't mean the practice isn't still around. It goes by terms like "expanding relationships" and "increasing wallet share." It remains a crucial element of any financial institution's ongoing strategy (especially credit unions), and it's easy to overcome the stigma so long as you're capable of taking your own efforts to the next level.
It's All About Data
As is true with most elements of a credit union's operations, success in terms of your cross-selling efforts will ultimately come down to the quality of the data you're using. If you feed high-quality data into an analytical tool, you uncover high-quality insight. If your data is poor, you'll have an uphill battle on your hands. It doesn't get much more straightforward than that.
- With FLEX, this can be done easily through the data utilized within the core itself.
- Features like dashboards and full reporting make it effortless to obtain the appropriate data.
- All this can be fully customized to not only meet the unique needs of your credit union but to highlight what makes your membership so diverse to begin with.
Teaching Staff the Right Approach to Cross-Selling for Credit Unions
One must also acknowledge that the insight itself is just one part of the story. Even if you're acting on objectively high-quality information, high-intensity cross-selling strategies will almost always backfire with the modern member.
That's why you need to not only make sure that credit union employees have access to the right information at the right time but that they also have the training needed to navigate an inherently fluid situation with ease. If they come off too strong, not only are they going to miss a major cross-selling opportunity. They're likely going to damage your credit union's relationship with that member as well.
The Power of Automation
Finally, it is imperative that you take your cross-selling efforts to the next level through the use of marketing automation whenever possible. This can save a tremendous amount of time for your entire organization.
Armed with the data your credit union is already creating, you can craft targeted campaigns and use marketing automation to dramatically increase cross-selling success. The right message can allow your credit union to become someone's primary financial institution, for example. Data quality improves the ease at which you can create that message and marketing automation increases the chances of getting it in front of the right set of eyes at the right time.
At FLEX, we've always been big believers of the benefits that cross-selling brings with it--especially when it comes to a credit union's ability to increase the ever-important level of personalization that it can offer to its members. To find out more about what cross-selling can do for you, click the button below to read our eGuide on that very topic and more.