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Jessica Darnbrough
Brokers who want to retain their clients long term and protect their business against competitors need to cross sell, CBA’s executive general manager third party and mobile banking Kathy Cummings has claimed.
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"Cross sell it is important because it takes care of a client’s whole financial needs,” Ms Cummings said.
In addition, Ms Cummings said cross-selling helps brokers meet the various legislative requirements outlined under NCCP.
"Under NCCP, brokers are expected to try and satisfy all of their client's financial needs. So, in this vein, cross-sell blends beautifully with that proposition.”
Ms Cummings said cross sell also benefits a brokers’ bottom line and business longevity.
“By cross selling to your clients, you effectively take them off the market,” she said.
“One thing many brokers try to do is fence their client in so that other brokers or institutions cannot poach them. For example, if you don’t cross sell a leasing product to small business customer, they might see someone else for their leasing requirements and next thing you know the mortgage goes with it.”
Ms Cummings said brokers that want to ensure all their customers are ‘clients for life’ need to diversify their core offering away from residential mortgages.
“They can do this in-house, or outsource through something such as CBA’s CONNECT referral program.”
