Foresight Research: Who is Winning at Cross Selling - Banks or Credit Unions
ROCHESTER, Mich., May 26, 2021 /PRNewswire/ -- Who is winning - what are they selling? Is it the big banks with all their branch and digital access or the community banks who boast community involvement or is it the credit unions with their fee and interest rate advantage? To get the answer we asked almost 11,000 customers and members from coast to coast who make or participate in the household banking decisions about these issues.
As Gen Z age into the Millennial age group (18-25 moving into 26-40) the increase in the number of accounts increases significantly - 14%. Past age 40 it pretty much flattens out until Gen X age past 55. Then a second wave of cross selling occurs. The reasons are likely tied to the life stage changes that result from this maturation journey. Household formations, children, job changes to name a few for younger folks - retirement or changed family profiles for older folks.
So, what products do they add? Checking, savings and credit cards lead the pack by a lot. Mortgages also spike but they are often established at other financial institutions. But when it comes to things such as personal loans or lines of credit not much there to talk about.
Who is winning? Foresight looked at primary and secondary financial institutions. In the number one slot are primary credit unions cross selling checking and savings accounts. 18% of their members added these accounts as Gen Z members matured into Millennials. In the third spot - again primary credit unions - setting up credit card accounts at a rate of 15%. Rounding out the top five - primary community banks tied with secondary credit unions in cross selling savings accounts. And the large multi- location banks, while they have more deposit accounts and credit card customers overall, they are a last place cross selling finisher.
Check out the report - CROSS SELLING BANKING PRODUCTS AND SERVICES. It details much about cross selling – targeting customers, the role of the customer experience, reaching out to new customers and members- along with media and content that resonate – all at a fraction of custom research cost. Foresight Research is a marketing research company and a leader in cost effective syndicated market research – working with many Fortune 500 companies for over 20 years.
Contact:
Steve Bruyn
[email protected]
248-608-1878 X12
SOURCE Foresight Research
Share this article