Simple tips for banks to increase earnings
Ghosts are haunting your industry:
From negative interest rates and strong regulation to digitalization and agile fintechs that want to exploit market niches and steal customers from the big players.
Branch closures, customers who have not seen an advisor in person at the bank for years and declining earnings are presenting board members, marketing and product managers with unprecedented challenges.
So how should change in the banking sector be approached?
Cost-cutting is one method – but you can also save yourself money. Not to mention the loss of image caused, for example, by job cuts, reduced service and the resulting customer dissatisfaction.
A more sensible method is to increase yields. You are quite rightly asking yourself how this is supposed to work – increasing yields despite the challenges mentioned at the beginning?
Let’s assume that you charge for an account that was previously free of charge or increase the price of an account that is already subject to a charge. If you justify the cost increase with higher expenses, this will not increase your customer satisfaction and loyalty.
Strengthening your own balance sheet through upselling
If you supplement the account with value-added services that only cost a fraction of the price increase in purchasing, but represent a multiple of the price increase in perceived value for your customers, this not only improves customer satisfaction, but above all your balance sheet.
After all, a value-added service tailored to the account, such as wallet protection to safeguard money and cards in the event of theft, makes your customers’ lives more secure and helps them to feel that they are in good hands with you.
Try us out and increase your commission business with cross-selling!
In addition to up-selling in the account area, we are able to sustainably increase your commission business through cross-selling with selected additional services.
In value-added programs that are already running, our clients generate around € 75 in additional income per value-added account – and these accounts are closed by over 50% of customers on average.
By the way: We also make our solutions available to you for testing with small customer groups. “By the way”, these customers will also experience a measurable improvement in customer satisfaction and loyalty, which can already be proven by the high response and effectiveness of our current programs! Many banks and savings banks are already among our satisfied customers.