WAYNE, Pa. — When asked how investment and insurance programs were perceived as a core strategy of their financial institution, more than half of managers in a recent survey said they were moderately satisfied with cross-selling efforts.
The Bank Insurance & Securities Association and Truebridge Inc. surveyed 375 senior managers, marketing managers, branch managers, frontline branch employees and insurance and investment representative from more than 120 financial institutions.
Approximately twice as many participants reported that their firm was satisfied or somewhat satisfied (58%) rather than unsatisfied or somewhat unsatisfied (26%) with cross-selling efforts. Managers had a marginally higher perception of cross-selling investment and insurance products as a core strategy. Over half (52%) of managers versus 38% of sales people stated that their institution rated it "high" and "very high."
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When asked what did participants feel were the most important factors for successful cross-selling, having chemistry and a trusted relationship ranked highest. Branch referrals, the financial institution's image, Web site and mail and statement stuffers rounded out the list.
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