There are three concepts that are very popular across the sales environment. “Up selling”, “cross selling” and “cycle selling”. This means offering adds on the customers current products, offer them different products and renew the old ones that are about to expire or offering new products.
If a financial institution is able to use its knowledge about its users and preferences in order to offer the best available product for that time and besides provide a customer experience which is simple and likeable, it has accomplished a great deal of the requisites that make customers satisfied and happy. Both points, customer experience and customer knowledge, are interrelated. Good customer experience is achieved when there is a great customer knowledge and a great customer knowledge enables financial institutions to know more about their customers.
Providing an excellent customer service or competitive rates is also very important. That is not under discussion. But also user experience and a high level of customer knowledge is vital in order to keep customers happy and will be even more vital in the future. Arguably this two points will differentiate financial institutions that stand out from the ones that don´t.
So the next time you are in a meeting trying to find solutions regarding how to foster loyalty among your customers try and bring these two points to the table. The moment to incorporate these processes is now, given that evidence says that those companies who are reluctant to invest on innovation and update their offering are doomed to stay behind in the tech race.
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