How cross-selling in banking enables stronger relationships | Blend
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June 2, 2021 in Consumer Banking Suite

3 minutes

How cross-selling in banking enables stronger relationships

By offering relevant products to consumers at the moments that really matter, financial services firms can position themselves as indispensable.

Illustration of a person walking over a bridge supported by a financial institution

Cross-selling is by no means a new sales strategy, but it is a tried-and-tested way to build stronger, more effective customer relationships that last.

Here at Blend, we’ve prioritized the end-to-end consumer journey — and that’s the lens we use to enable more strategic cross-selling. Effective cross-selling in banking doesn’t mean a continual product push or high-pressure sales tactics. Instead, it’s about creating relevant product offers at the moments that really matter.

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Research shows that this type of approach is more successful. According to a Forrester Consulting study, 65% of banking customers hold financial products with several different institutions because they are driven by products that best meet their needs, rather than by loyalty. And 72% of those surveyed in the same study said they would prefer to work with a bank or credit union that understands and speaks to what’s happening in their lives at that moment.

By aligning financial services outreach to consumers’ changing needs, you can position your organization as indispensable. Your bottom line can also benefit from the potential combination of increased revenue and cost savings delivered by less time spent selling. After all, attracting new customers costs more than retaining existing ones.

However, in today’s digital age, it can be argued that cross-selling in banking has become more difficult, with only half of mortgage and auto finance customers presented with a cross-selling opportunity during the loan process. What’s more, disparate systems across depository institutions of all sizes can make it difficult to deliver borrowers a new opportunity.

A more effective approach is required, and this is where a digital platform can offer valuable support to lenders.

How Blend supports cross-selling in banking

At Blend, we have invested heavily in broadening our platform, including adding a new Cross-sell feature, so that you can be there as a trusted advisor for each and every one of your customers’ financial milestones. It does this by:

Offering support for multiple products

Blend’s comprehensive Consumer Banking Suite includes out-of-the-box offerings for credit cards, personal loans, auto and specialty vehicle loans, and deposit accounts. All of these products run on a single, unified platform with components that enable streamlined data verification, pre-approvals, automated processing tasks, and more.

So when a cross-selling opportunity comes up, there’s no longer a need for you to hand off borrowers to another interface. Instead, you can make relevant offers that promote and enhance a one-stop shopping experience.

Ultimately, Blend helps you to play a significant role in the consumer’s entire financial journey so you can deliver the right products at the right time.

Providing the insights to inform meaningful recommendations

The insights gained in Blend can help inform meaningful recommendations. Dynamically present cross-sell offers within the application experience based on application information, FICO score, and tradeline data.

Making applications easy

With Blend, there’s no need for borrowers to re-enter information they’ve already shared in previous applications when they apply for a different financial product. Because our platform supports a variety of financial products, you can extend a familiar experience to your customers and leverage previously provided data to streamline the application and approval process.

Maximizing efficiency for your bankers

Because it prioritizes cross-sales through digital channels, Blend reduces the time and effort your teams spend selling. Bankers and consumers see the same relevant product offers so bankers can seamlessly cross-sell in branch and on calls.

All of these capabilities combine to create a strong base to increase the efficiency and effectiveness of cross-selling in banking while also building the strong customer relationships that will serve you well into the future.

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