There is a secret weapon that modern financial institutions can leverage in the battle for deposits: timing.
Just like landing a good joke or a quick jab, timing is everything. Cross-sell offers are no different.
That’s why at Blend we built cross-sell for deposits into the mortgage application experience itself. The process is seamless, simple, and it works: customers convert. For credit unions, cross-selling deposits is a natural piece of the mortgage experience, but every financial institution (FI) can benefit from net new deposits.
Deposit accounts not only bolster your assets and cash flow, but also strengthen the overall health of your FI through optimized operations, critical automation, and of course, stronger customer relationships.
The end of channel hopping
Forced channel hopping can often be the kiss of death with new customers. Moreso, when borrowers can stay in their channel of choice, credit unions can ensure membership requirements are met before closing day. For all FIs, Blend’s Mortgage to Deposit Accounts cross-sell eliminates interdepartmental hand-offs when opening accounts, streamlining the entire process.
For the borrower, it’s simple and easy: everything they need to do is directly in the application. For the mortgage team, the process is easier because we’ve eliminated some tasks so they can focus on mortgage fulfillment. And for the FI itself, the cross-sell process is all that much easier because they no longer rely on mortgage teams to close those new deposits. It’s all built-in.
All of these benefits add up to improved profitability and revenue growth beyond the inherent value of net new deposits. With Blend’s Mortgage to Deposit Accounts cross-sell, FIs can convert new deposits while cutting costs, increasing operational efficiency, and streamlining workflows.
The right offer at the right time
If we put the customer first, everyone benefits.
The timing of deposits cross-sell within the mortgage application experience is successful because that’s when the customer is engaged and ready to convert. It works because that’s when the customer wants it to work.
Not only does this approach to cross-sell increase conversion and capture new deposits, but it also unlocks operational efficiency. Your mortgage teams can now focus on delivering excellence in mortgage experiences while deepening engagement and earning trust.
In today’s market, this is more important than ever. Of course, credit unions can leverage the integration of mortgage and deposits for their new members, but all financial institutions can benefit from implementing effective cross-selling strategies in the race for deposits. Deliver customer satisfaction, drive growth, and streamline your operations.