Credit unions, it’s time to rethink online cross-selling.
A recent Fiserv white paper titled "Online Banking Meets Online Buying: Five Best Practices from Online Retailers" argues that while consumers hold their financial institutions to a "higher standard" than online retailers like Amazon, there are still opportunities to market products and services through the online channel.
According to Geoff Knapp, vice president, Online Banking and Consumer Insights at Fiserv, consumers expect that their online experience will be intuitive and personalized and are open to online cross-selling from their financial institution if it is done the right way.
"Consumers don’t expect their financial institution to be Amazon," said Knapp. What does resonate is personalization and it can be as simple as using their name in welcoming them back when they log on. The point is if you are going to send alerts or offers make it relevant, know who I am. Try to use the assets you have to personalize the action and make it a little more intimate.”
Timing matters. “Don’t pepper members with ads on products they purchased years ago and don’t interrupt some important workflow like when a member is paying a bill. Consumers want it to be more insightful, based on need, relevant to their lives at that moment and done at the right place,” said Knapp. “Amazon does a good job of not being in your face about it and doing it when you complete the transaction.”
"Consumers don’t expect their financial institution to be Amazon," said Knapp. What does resonate is personalization and it can be as simple as using their name in welcoming them back when they log on. The point is if you are going to send alerts or offers make it relevant, know who I am. Try to use the assets you have to personalize the action and make it a little more intimate.”
