CROSS SELLING
Cross Selling means sell an additional increase/service to an existing customer which fosters distinguish loyalty. It costs a b regularize five times little to fool sell an existing client than to acquire a new one. Cross sell helps banks to plan, implement and maintain divulge customer relationship management programs. The success of cross selling depends on offering at the right time, the relevant product to the customer.
In the present interest rate regime, as the outspread of Banks and pecuniary institutions is diminishing by the day, Cross Selling telephone circuit has acquired greater focus with the objective of further augmenting miscellaneous and honorarium based income. The objective of the Bank is to leverage the Banks connections with the various CAG/MCG/large SME units to establish/increase cross sell of our retail PB products as well as products of our selected channel partners to constituents of these units, viz., owners / promoters, directors, employees, related vendors and dealers.
Presently in SBI, the various cross-selling products are as follows :
a) SBI LIFE products
b) rough-cut Funds of SBI MUTUAL Fund, UTI Mutual Fund, Tata Mutual Fund, Franklin-Templeton Mutual Fund and Fidelity Mutual Fund
c) SBI worldwide Insurance
d) SBI Credit Card
e) Western Union Money Transfer
Focusing on selling a boutique of products would also make the bank/branch a one stop source of financial services/investment products, thereby contributing to the all grave matter of customer loyalty/stickiness and to garner the maximum wallet-share. Incidentally, the product-customer balance in our Bank is significantly lower than that of private Banks and overseas Banks. Hence, Cross-selling has acquired strategic significance.If you want to get a full essay, order it on our website: Ordercustompaper.com
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