Credit unions, it's time to rethink online cross-selling.

A recent Fiserv white paper titled “Online Banking Meets OnlineBuying: Five Best Practices from Online Retailers” argues thatwhile consumers hold their financial institutions to a “higherstandard” than online retailers like Amazon, there are stillopportunities to market products and services through the onlinechannel.

According to Geoff Knapp, vice president, Online Banking andConsumer Insights at Fiserv, consumers expect that their onlineexperience will be intuitive and personalized and are open toonline cross-selling from their financial institution if it is donethe right way.

“Consumers don't expect their financial institution to beAmazon,” said Knapp. What does resonate is personalization and itcan be as simple as using their name in welcoming them back whenthey log on. The point is if you are going to send alerts or offersmake it relevant, know who I am. Try to use the assets you have topersonalize the action and make it a little more intimate.”

Timing matters. “Don't pepper members with ads on products theypurchased years ago and don't interrupt some important workflowlike when a member is paying a bill. Consumers want it to be moreinsightful, based on need, relevant to their lives at that momentand done at the right place,” said Knapp. “Amazon does a good jobof not being in your face about it and doing it when you completethe transaction.”

“Consumers don't expect their financial institution to beAmazon,” said Knapp. What does resonate is personalization and itcan be as simple as using their name in welcoming them back whenthey log on. The point is if you are going to send alerts or offersmake it relevant, know who I am. Try to use the assets you have topersonalize the action and make it a little more intimate.”