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.Continue scrolling to learn more
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.Download White Paper
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.
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:
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.Download White Paper
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.Download White Paper
NexJ CRM for Commercial Banking has intelligence built-in, and integrates client profile, interaction, and transaction information into a comprehensive customer view.Explore Resource
Financial services firms are under tremendous pressure from customers, investors, and regulatory bodies. They are expected to improve service, increase the client-base, maximize revenues, and...Explore Resource
This whitepaper examines how organizations are no longer limited to the traditional referral model in which individuals mine their individual books of business for new clients...Explore Resource
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