Financial Marketing and Cross Selling Blog
What product line presents the greatest cross selling opportunity for banks?
In a recent poll posted by the BAI Community, members were asked, “What area presents the greatest cross selling opportunity for banks?” I answered by selecting “retirement”. And I wasn’t the only one. The percentage was heavily weighed towards retirement. Another poll asked if retirement products were a priority moving forward. As of today, fifty percent said “yes, definitely a priority” while the other fifty said, “yes, but other products take precedence”.
So it’s clear that banks see an opportunity with respect to retirement. And they’re not the only ones. In 2007, a study was released by the BAI and Mercatus LLC done in conjunction with Deluxe of 2,977 mass affluent US consumers (35-75 years of age with $50,0000-$2 million in investable assets). It was conducted to help banks figure out the best way to compete for retirement assets. The study grouped people into attitudinal segments to identify which segments are most likely to deal with a bank for their retirement savings. According to the study, “mass affluent consumers who are generally less confident about retirement, and who are worried they lack sufficient assets to retire, are the most receptive to bank messages.” The study also indicated that this group was relatively large “representing 69% of the mass affluent investable assets exceeding $370,000.”
So what does it take to win over retirement assets? I direct your intention to one of the leading institutions with respect to retirement assets, Fidelity. Recently, they developed a new website. It’s currently active but... Read More >>
Follow Us
-
