Cross-Sell Opportunities

Cross-selling products and/or services is one of the most effective ways to retain and add value to your customers. In fact, 70% of products and services are sold at key life events. With Relationship Manager, the Scenarios work quickly to notify you of notable patterns, allowing you to recommend additional products or services in a timely manner.

The Cross-Sell Scenarios flag opportunities to cross-sell additional products or services, like the following examples:

  • ACH Credit/Debit Investments – Cross-sell secondary financial products if an account receives multiple ACH credits from investment companies.
  • ACH Debit Payments to other Institutions – Cross-sell your credit card or a loan if a customer account has ACH debits to other institutions.
  • First Time ACH Deposit – Cross-sell additional products if a consumer opens a new checking account and receives a deposit.
  • Large Deposit to Consumer Account – Cross-sell investment products if a consumer receives a deposit greater than the average.
  • Movement of Funds to Liquid Accounts – Cross-sell secondary financial products if a consumer transfers money from a savings account to a checking account.
  • New Customer Onboarding – Cross-sell additional products if a consumer opens an account online.

Customer Retention 

On average, it costs $800 to acquire and $133 to retain a new customer. Given the expense, you’ll want to keep those customers happy so they will stay at your institution! The Retention Scenarios within Relationship Manager identify patterns within transactional data that signify a customer may be leaving your institution. From there, you can take appropriate action to boost retention and success.

The Retention Scenarios flag the following behaviors:

  • Decrease in Deposit Amount
  • Decrease in Deposit Volume
  • Decreased ACH Debit Activity
  • Decreased Debit Card Activity
  • Missing ACH Deposit

Leverage Existing Data

Relying on second party data to market to your consumers can be challenging. Oftentimes, this data can be outdated or even incorrect. A major benefit of Relationship Manager is that it leverages the existing transactional data that is already flowing into your institution. That ensures your results are timely, accurate and easy to implement, with no extra work needed from IT.


Immediate Notifications 

In a recent Banker’s Toolbox survey, only 6.3% of participants said their current marketing tool proactively notifies them to take action. Relationship Manager will create an Event, which will alert you when a cross-sell or retention opportunity is available. By proactively notifying you to take action, Relationship Manager saves you time and solidifies your banking business analytics strategy.


Current Transactional Data

Recent transactional data is the best indicator of a consumer’s intent. That is why Relationship Manager provides next-day data, as opposed to other over-complicated MCIF systems whose data can often be up to a month old. By utilizing timely, actionable and relevant data, you’ll feel confident that you are capturing real opportunities to cross-sell or retain your consumers.


Strengthen Relationships

Acquiring, retaining and providing real value to your consumers is what keeps your institution alive and healthy. A robust business analytics tool, Relationship Manager was designed to help you strengthen relationships with your consumers. Give your consumers what they need by offering cross-sell and retention opportunities that will add value to their experience. You’ll be thankful to have the help of Relationship Manager and Banker’s Toolbox on your side.