Your banking customers may have the same or a similar product but might be very different in profitability: Some banking customers have more in their checking accounts than others. Some pay more fees for overdrafts or late charges on loan payments. Some use the credit cards you issue while others do not.
At SEDONA, we understand what drives bank profitability. Cross-selling, upselling, and offering your customers the next best products or services based on accurate data is what you need to keep your bank’s profits percolating.
SEDONA CRM™ helps you do that. It uses analytical modeling to determine the next best profitable banking products to sell to a particular customer. Then, through the use of product affinity groups, the system is able to determine the likelihood of a next banking product purchase. This information is combined with your bank’s unique product profitability data and product / service-line combinations to ensure that:
- the recommended next best banking product or service is more likely to be purchased, and
- the addition of a cross-sell or upsell product will be a profitable addition to the customer’s existing portfolio.
You can also use the cross-selling / upselling data that SEDONA CRM provides to determine which banking products or services need highlighting in one-to-one marketing efforts or larger, aggregate campaigns.
Cross-selling and upselling is an art as well as a science. Contact SEDONA. We will give you a free demonstration of how SEDONA CRM can make you a cross-selling / upselling master.