Research shows that about 60% of brand new customers leave their initial interaction with a bank with exactly what they came in and asked for…a single product or service. This despite the fact that the average customer needs at least 4–8 products just to manage their daily financial lives. The result — customers are underserved and millions in potential revenues are missed at new account openings with brand new customers.
Therefore, Cohen Brown developed Increasing Cross-Sales at New Account Openings (NAOs) with Brand New Customers (“The NAO Process”), a revolutionary solution that enables financial institutions to take advantage of their golden opportunity to serve brand new customers.
The NAO Cross-Selling Process is proven to increase products and services sold/needs met at NAOs by an average of 2.0 — regardless of a bank’s existing performance or on-boarding approach. It’s a consultative and needs-based solution that also increases customer satisfaction…and there is absolutely no product pushing.
Learn more about the NAO Cross-Selling Process and how to increase your revenue NOW — attend the complimentary American Banker Webinar on October 1st.
Julie Freeman is Regional Director for Cohen Brown Management Group.
Good banking customer service is fundamental; especially in today’s business environment. If you’re asking yourself why it’s important to give the best customer service you can, then you might be “missing the boat.” Here are some ideas on why you should and how you can:
Be there for your customers
It is easier and cheaper to retain a customer rather than trying to attract a new one. Customer loyalty and/or retention is not automatic. On the contrary, loyalty needs to be earned.
Lead the way
Giving great customer service whenever a sale or any contact is made, differentiates you from other companies with mediocre customer service thus also creating a substantial competitive advantage. Don’t just rely on customer perception. Offer benefits that are real and tangible by providing products and services that help them appropriately manage their financial lives.
Engage in more effective cross-selling
Don’t be afraid of customer objections. Instead, be prepared to overcome them. Know how to bring up benefits of additional products in a succinct and compelling way.
The right training is key
Ethical selling and cross-selling especially at a New Account Opening along with knowing what to do and how to do it can improve results. For customers it builds trust at the very beginning of a relationship. For you it ensures confidence, job satisfaction and success in meeting and exceeding sales goals.