Cross-seller's lament
Article Abstract:
Cross-selling products to customers poses a challenge to banks given the preference of many Americans to select financial services offering the best deal. National surveys indicate banks have not achieved much success in raising the number of products sold to each customer and in winning back market share they lost to the competition. Despite their apparent lack of progress, banks are intensifying their efforts to make their cross-selling programs a success and realize the potential benefits of this strategy. Cross-selling promises to reduce costs, since selling additional services to current customers is less expensive than looking for new customers, and to discourage customers from considering other service providers. Cross-selling campaigns require the following elements to succeed: information management, strong sales support and attractive products.
Publication Name: Banking Strategies
Subject: Business
ISSN: 1091-6385
Year: 1997
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Back office blues
Article Abstract:
The recruitment and retention of people willing to work in the back offices of banks can be a difficult task for most managers. These jobs are typically routine tasks that do not offer attractive pay while demanding speed and accuracy. Moreover, they are night-time, part-time jobs. The shortage of people willing to work in back offices can be detrimental because it pressures current employees to work longer hours, which leads to job dissatisfaction and poor quality of customer service. Back office managers are addressing these challenges by resorting to creative strategies. One technique is to expand the pool of viable candidates, which means that students, homemakers and individuals already employed are also recruited. Another approach is to improve the quality of the workplace such that back office workers are comfortable with their jobs.
Publication Name: Banking Strategies
Subject: Business
ISSN: 1091-6385
Year: 1999
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High tech or high touch?
Article Abstract:
Banks should attempt to strike a balance between personalized service and technological innovation. They should embrace the latest in technology to cut their prices and improve their reputation among customers. At the same time, they should also focus on providing personalized service to ensure strong relationships with valued clients. This equilibrium can be achieved through the segmentation of the small business customer base. This requires devoting high-touch or personal service to the most valued clients and motivating moderately profitable customers to take advantage of automated delivery channels. Managers should recognize that clients differ greatly, which should compel them to vary the mix of high-tech and high-touch, and create the right product and pricing combinations for different segments.
Publication Name: Banking Strategies
Subject: Business
ISSN: 1091-6385
Year: 1998
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