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Upsell and Cross-Sell Best Practices

Gain a better understanding of account and relationship level profitability to develop strategies to grow profitably while reducing profit risk.

Many financial institutions want to grow through upsell and cross-sell programs but do not have a data driven way to identify which customers have the propensity or the capacity to buy a product. What is the next best product for each customer? Most financial institutions don't understand that the majority of their relationships are not profitable and cross-selling more products can actually make the institution less profitable. In this topic, we teach institutions how to identify cross-sell opportunities. We will provide them with an understanding of account and relationship level profitability to allow them to develop strategy to grow profitably while reducing profit risk. You will be shown how to use propensity and capacity to determine what to sell to whom. You will understand cross sell approach for both onboarding and at-risk customers. The content will provide an overview of why cross-selling is important, will help you better understand bank products and how they help customers, tips on determining what the customer might need or want, ways of handling customer objections, and explore case studies. This topic is geared towards an intermediate level.

Runtime: 87 minutes
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Why Do We Need to Cross-Sell?

  • The Cost of Obtaining New Customers
  • Profit- Risk Defined
  • Balance Sheet Issues
  • Income Statement Stagnation

Upsell to an Interest Checking or Reward Checking

  • Low Cost
  • Low Risk
  • High Reward

Cross-Sell a CD

  • Need to Gather Deposits
  • Concern About Non- Tethered Customers (40% of Deposits, 20% of Deposit in High $ Accounts)
  • Cannibalization vs. Lost Deposits

Cross-Sell a Home Equity

  • Age, Income, Home MV, 5+ Yrs Length of Res, Home Owner
  • High ROI
  • Took Campaign to Non- Customers

Upsell and Cross-Sell From an Indirect Auto to a Direct Auto

  • Required DD
  • Checking Account
  • High ROI

Conclusion

  • Correct Capacity
  • Correct Propensity
  • Right Moment
  • Increases Profitability With High ROI
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More Program Information

Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on January 28, 2019.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Jeff Dwornicki

Jeff Dwornicki

Baker Hill Solutions, LLC

  • Guru of Funds Transfer Pricing with Baker Hill Solutions, LLC
  • More than 25 year’s background in financial analysis
  • Manages all implementations of new financial institutions as they onboard for the profitability model for Baker Hill
  • Background with General Ledgers and understanding Allocations within the model allow him to guide new clients to build the best model for their needs
  • M.B.A. degree, Portland State University; B.A. degree, University of Puget Sound
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 405357
Published 2019
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