More Effective Cross-Selling In Seconds
It’s the simplest strategy to boost revenue potential: Offer the right customers the right product at the right time at the right price.
It is the essence of cross-selling, yet what sounds simple in theory is often more difficult to execute in real life. Financial institutions have discovered that making the cross-sell at the point of purchase can be difficult – and sometimes risky – business.
The problem has been that at that moment of purchase – typically the opening of a deposit account – banks and credit unions tend to be ill-equipped to assess the new customer’s risk or his/her interest in, say, a new credit card offer. Overestimate a new customer’s creditworthiness and risk having to withdraw the offer; underestimate and perhaps lose out on the customer’s true capacity for borrowing and purchasing other products – known in the industry as the “customer account lifetime value.”
To help maximize that customer account lifetime value, financial institutions need a powerful, comprehensive, real-time tool that helps them make better, faster decisions that can increase account values, boost revenue potential and profitability, and help mitigate risk. Equifax recognized this problem and introduced Prescreen of One.
Prescreen of One works by:
- Giving financial institutions integrated, real-time credit insights and pre-approved decisions for cross-selling opportunities at the moment the decision is made to approve a deposit account;
- Delivering, in seconds, pre-approved credit offers to the new customer such as overdraft protection, credit card, auto financing and Home Equity Line of Credit (HELOC) offers;
- Providing financial institutions with a more complete picture of a consumer’s financial capacity;
- Doing all of this without requiring the customer to re-key data, because Prescreen of One automatically leverages data already collected in the deposit account application process;
- Enhancing the client relationship because consumers are being offered products that are relevant to them.
What’s more, this tool also can help take pressure off of customer service representatives, who no longer have to make these difficult, split-second decisions or frantically search for other products to pitch to the customer.
Such is the power of offering the right customers the right product at the right time, all of them now possible through Prescreen of One. As for offering the right price, well, that’s best left to the financial institution.
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