Question

Outline why financial institutions have adopted ‘cross-selling’ techniques to grow their businesses. (Outline general client characteristics and needs for the organisation or sector).

Answer 1

Cross selling means selling of banks product/services to an existing customer.It can be selling an existing checking account customer a credit card or selling an existing credit card customer a mortgage.Banks have been using cross sell as a marketing approach to expand their footprint and also increase their customer base.

Cross selling methods encouraging clients to use additional services and invest a little more can dramtically boost bank's sales,grow revenue and help acheive set objective.