ROCHESTER, Mich., Aug. 09, 2021 (GLOBE NEWSWIRE) -- Foresight Research has completed a survey that identifies the “hot spots” for banking cross selling. Foresight Research interviewed almost 11,000 people across the United States all of whom are involved in the household banking decision. The survey revealed some very interesting facts about cross selling. Foresight Research www.foresightresearch.com has pointed out that these “hot sports” enable users to target their cross-selling strategies, improve effectiveness while reducing cost.
Older customers are more likely to want multiple products and services, but many already have them in place. For example, the number of products Millennials have with their primary financial institution is 2.5. That does not change much by age – Gen X has 2.6 and Boomers 2.7. Those who are with their primary bank or credit union 3-10 years have 2.5 accounts, while the loyal customer (over 10 years) has 2.7 accounts. To find cross selling “hot sports” Foresight research analyzed the data by age anticipating that different generations would engage in different life stages requiring different banking products.
What about younger customers/members? As Gen Z age into the Millennial age cohorts (25-40) life stage changes require more checking and savings accounts as well as credit cards. Then when Millennials age into the Gen X age cohorts (41-57) that trend continues. Among older customers, look for CDs and money market accounts.
Go to the Foresight Research website www.foresightresearch.com and look for the brochure that describes the Foresight Research study CROSS SELLING BANKING PRODUCTS AND SERVICES. Find out about targeting by products and services, the role of customer satisfaction and communicating to your customers or members - media and content. And of course - bottom line – targeting the best prospects.
Syndicated research offers major advantages compared to custom research. For example, at a fraction of the cost, larger samples, local market information, all balanced to U. S. Census data to ensure accuracy. Foresight Research is a marketing research firm and a leader in cost effective syndicated research – working with Fortune 500 companies for over 20 years. For more information visit the Foresight Research website, call, or send an email.
Steve Bruyn, CEO Foresight Research
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