Our report, Customer Discovery and Relationship Selling: Overpromising and Under-Delivering, sets out to understand cross-selling practices associated with opening checking accounts in a branch and applying for a mortgage. In both areas, there are missed deepening opportunities:
- Checking accounts: While almost all the banks tried to cross-sell savings accounts and credit cards during checking account origination, few tried to understand other financial needs, particularly investments and retirement needs
- Mortgage: Only 5 of the 13 banks asked about other products during a mortgage application conversation
We believe that banks are missing golden opportunities to leverage these account opening events, where customers are fully engaged in discussing their financial relationships. Customer needs discovery at these times can strongly influence cross-sell later - but many banks are missing out on this. They're promising all the right things but typically failing to deliver.