Faster ROI on existing customers
Banks can generate a 70% return on initiatives targeting existing customers versus 10% when targeting new customers, according to PwC. Read the study here.
First-party data as a differentiator
Most FIs have valuable insight into their customers, including payments behavior, borrowing data, channel preferences and other first-party data. By leveraging this data, FIs can learn to anticipate customers’ needs and offer more personalized value rather than random products.
Reduce expense on unwanted offers
Throwing the kitchen sink at customers, so to speak, can diminish credibility and trust. Taking a needs-based approach to cross-selling increases conversions and reduces the risk of bothering customers with unwanted offers.
Wallet-share: automation for the win
The average number of financial products U.S. consumers carry is 8.5. An FI that has a user's checking and savings accounts and an auto loan can attain half the person’s banking wallet with one more account. The most cost-effective way to increase the share of the wallet is through testing various personalized approaches with automation.