3 Tactics to Boost Bank & Credit Union Cross-Selling in 2020

Posted by MeridianLink | January 2, 2020

The materials available in this article are for informational purposes only and not for the purpose of providing legal advice. You should contact your own advisors with questions regarding the content herein. The opinions expressed in this article are the opinions of the individual author and may not reflect the opinions of MeridianLink, Inc.

As we head into a new year with it come new goals and numbers that sales professionals are required to meet. The banking and credit union industry is no exception. The numbers are consistently getting more substantial, and for many organizations, a new year can be particularly terrifying as it brings with it a new quota to conquer.

Currently, bank and credit union staff rely heavily on cross-sell initiatives like seasonal and new member promotions to help meet their quotas. Still, there are other items and processes that can be put in place to help boost application volumes. This blog will examine a few cross-sell tactics that your financial institution can implement to help grow your application volume in 2020.


Loan Origination and Account Opening System Integration

It’s no secret that the better your financial institution’s software functions together, the better the outcomes will be in virtually every aspect. If your bank or credit union isn’t taking steps to integrate the systems you are currently using or in the market for a fully integrated duo, we highly recommend that it be brought up for discussion. An integrated LOS and AOS helps new members and customers not only find out what lending opportunities they qualify for but also educate them on your services for the future. For example, the LoansPQ and XpressAccounts integration allows for automatic soft credit pull and informs your in-branch staff of the opportunities that they can offer to a new or existing member or customer without any effort on their end. Additionally, the systems allow admins to set the soft credit pull as an automatic workflow to ensure a consistent cross-sell process.


Utilize Data to Personalize the Offer

Technology brings with it a sea of data. This data can tell a story about every customer and member within the financial institution. And if analyzed correctly, the financial institution can make educated guesses on what a specific consumer may be in the market for or soon to be in the market for. For example, for those that just turned 18 years old, the financial institution may want to send them a special offer for their first credit card or student loan options. Consumers that have a business deposit account may benefit from other business services that the financial institution provides. Take the time to analyze the data, learn about your members and customers, and customize their offers.


Don’t Forget the Online Consumers

The experience of the digital loan or deposit account application should be virtually identical to the one in-branch. Upon completion of an online application, prequalified cross-sell opportunities ought to be available. Or these additional offers can always be sent to the applicant within several days or weeks, via email. Within our point of sale solution, Application Portal settings allow for certain loans and account types to be available for cross-sell within the online application. Still, others can be available only as an in-branch option, it’s not an all or nothing deal.


Learn More About a Seamless Loan and Account Origination System Integration

Sandia Laboratory Federal Credit Union operates out of 10 branches and serves 89,000 members and over $2.4 billion in assets. Working in an environment designed to deliver innovative and reliable solutions in a changing world, SLFCU is dedicated to offering high value and outstanding personal service to its members. So when lending management saw that their financial offerings were challenged in meeting the members’ needs, they recognized that something had to change. Upon the adoption and implementation of the LoansPQ loan origination system and the XpressAcounts account opening system, they saw a 168% increase in the applications received, 3,300 new funded loans in a year, and other gained efficiencies and successes.

Topics: loan origination system, Account Opening System, cross selling, Deposit account opening

Written by MeridianLink

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