Maximising Cross Sell in Key Banking Segments Globally - Millennial Focus - 2018
Now in its 6th year and based on 30,000 consumer interviews across 15 key markets this report examines how different markets and banks compare on cross-sell metrics, including number of products held by consumers, types of products held, products held at main bank vs. other providers and main bank cross-sell ratios. This report also examines how the main bank compares to other providers when it comes to cross-sell and how this changes throughout the customer lifecycle.
This report will:
- Allow you to identify key opportunities for cross-sell that exist for both the main bank and secondary banks.
- Understand how to increase engagement with main banking consumers to strengthen the main banking relationship and increase cross-sell.
- Understand how to target the increasingly valuable Millennial segment, primarily through service-led propositions that engage them from the moment they start banking.
- Understand drivers of choice among millennials for both banks and for key products
- Understand the importance of product vs service for millennials
- Globally consumers now hold 3.88 unique products with their main bank the highest in the last 5 years.
- Consumers now hold 59% of their total product holdings with main banks.
- While credit cards and loan products have increased, insurance products have increased the most.
- Millennials increase their product holdings the most when aged 25-29.
- Millennials also increase the products they hold the most outside their main bank at this age.
- Credit cards and home loans increase the most among millennials aged 25-29.