U.S. Banks Focusing on Cross Selling
Comperemedia, a company that monitors direct mail activity, says that U.S. financial institutions are focusing more attention on cross selling products to their customers. Although the firm didn't release specific statistics, it said mail volumes have "increased significantly" in the financial cross-selling market from January of 2004 to the first quarter of 2005.
The firm said the top cross-selling financial institution for both mortgage and banking products is Chase. Chase is joined at the top in mortgage selling by Capital One Bank, MBNA, Citibank and Wells Fargo. For other banking products, Bank of America, Capital One Bank, Wachovia/First Union and Union Bank of California joined Chase at the top of the list.
Comperemedia said the reason for the increased use of cross selling is that bank customers today are willing to shop around for their financial products so banks are gearing efforts to telling their customers what they can find in their own financial institutions.
Copyright © 2005 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 15, No. 10, 10/05
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