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Cross-Selling Financial Services in Australia
Datamonitor, July 2011, Pages: 57
Introduction
This report analyzes cross-selling in the Australian financial services market. The report draws upon a survey of 1,981 Australian consumers aged 18 and above in July 2011. Cross-selling is set to become yet more important as banks are challenged by increasing competitive pressure. However, new technological developments provide both opportunities and challenges.
Features and benefits
- Looks at the key drivers of cross-selling and its state across different product categories.
- Analyzes which factors are most important to customers when bundling or acquiring additional products.
- Provides analysis of best practice for financial services providers.
- Analyzes key action points for providers to increase cross-selling.
- Provides a framework for understanding strengths and weaknesses across products to be used for cross-selling.
Highlights
The institution with which consumers hold their main transaction account almost invariably determines which one they regard as their main financial institution (MFI). Indeed, 93% of major bank MFI customers have their main transaction account with that MFI.
Credit cards offer some distinctive prospects for cross-selling. For starters, the credit card is a common product that most often is held with a customer's MFI, similar to savings accounts. Indeed, 54% of major bank MFI customers have a main credit card with their MFI.
In order to harness the full power of the online channel to increase cross-selling, financial institutions will first have to integrate their products on their online platform. Accessing the online banking platform should provide an easy overview in one place of diverse products.
Your key questions answered
- How can a bank increase cross-selling metrics to its customers?
- Which metrics are most important to track to maintain longterm high average product holding metrics?
- What will the future hold in terms of developments in the cross-selling space?
- How should banks adapt to the changing market ladnscape when it comes to cross-selling?
- How do average product holdings differ between the major banks?
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