Driving Organic Growth - Identify and Capitalize on Cross-Bank Referrals for Commercial Banking

By establishing a shared view of the client across the organization, firms are better able to share information and leverage workflows that support cross-bank referrals.

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Driving Organic Growth

What you will take away from this white paper.

Banks are increasingly focusing on driving revenue growth by selling more products and services to existing clients.

Compared to the time, cost, and effort to acquire new clients, this approach makes good sense. It is far more cost effective to market to existing clients than to onboard new clients and these opportunities have a higher success rate.

The status quo is about to change, however, as these organizations redefine their referral model.

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Organizations have a 60 to 70% chance of increasing sales to a current client, versus a mere 20 to 40% likelihood of winning back a former client or closing a sale to a prospect.

Identifying Referral Opportunities

Identifying Referral Opportunities

Cross-sell opportunities abound in large banks. It’s critical that staff across the organization not only recognize these opportunities but also learn how to gain information at each interaction that can be used to create future referral opportunities.

Integrated CRM allows users in different roles and lines of business to more easily identify cross-bank referral opportunities owing to its ability to:

  • Create a shared view of the client
  • Enable gap analysis across the organization
  • Track significant client events
  • Model extended corporate relationships
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Ensuring a Consistent Client Experience

The goal of cross-bank referrals is to drive revenues and deepen client engagement for longer-term relationships.

An excellent client experience must therefore guide every aspect of the referral management process, from asking for referrals at the appropriate time to tailoring service at every stage of the referral to maintaining high quality service across all lines of business touched by the client.

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Ensuring a Consistent Client Experience
Incenting Staff and Enabling Effective Oversight

Incenting Staff and Enabling Effective Oversight

Providing staff in all lines of business with the ability to generate and act on cross-bank referrals is a vital part of any cross-bank referral strategy. For maximum success, however, fi rms must also incent staff to act upon opportunities.

Other incentives include linking referrals to performance appraisals and providing other non-cash incentives. To be fully eff ective, staff must be able to check the status of referrals, confi rm their progress against targets, and view compensation information.

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Key Companies who are Driving their Businesses
Forward via our CRM Products

Wells Fargo
Royal Bank of Canada
Credit Suisse
American Family Insurance
Emirates NBD
London Life Insurance

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