Cross-selling is essential. It can often be an institution's easiest way to build stronger relationships with their customers or members while padding their portfolios. That's why financial institutions need loan software that takes all of the work out of cross selling. The best platforms available today will not only meet institutional demand for powerful and effortless functionality, but also satisfy evolving consumer demand for mobile and online interaction as well as instantaneous turnaround times.
But just how much of a difference can one month of cross selling really make?
To help illustrate how much your institution might be missing out on, we've decided to provide a hypothetical scenario based on feedback from some of our most successful clients. Despite using somewhat-conservative estimates, you can see for yourself just how big of a return on investment effective cross-selling functionality can provide.
All of that added revenue over the life of those loans is from cross selling just 10 percent or 200 applications in one month? Yes, and some could argue it's very possible to drive those numbers even higher -- especially if you have a loan origination system that does the heavy lifting. MeridianLink provides leading cross-sell functionality while setting the standard with user-friendly functionality for even the busiest workflows.
Not only does our LoansPQ loan origination system boast industry-leading cross-sell functionality, it's the only system that operates on the same platform as our deposit account opening system (XpressAccounts). To read more about the benefits of each system and how they work together, please click the button below to download a copy of our data sheet.
Photo Credit: Bala Sivakumar