Cross selling is not new in the financial services industry. Companies of all sizes and sectors across banks, credit unions, and insurance companies have evolved strategies to get customers or members to purchase additional products and services. According to industry experts, targeting a current customer has a 60% to 70% chance of converting, whereas the likelihood of converting a new customer is just 5% to 20%.
By leveraging Informatica, Union Bank of the Philippines was able to improve data quality from 35% to 100% in just one year, resulting in an increase in cross-sell and upsell opportunities with customers while helping to prevent unwanted money-laundering activities.
This executive brief reveal
- Top cross-Sell and upsell data challenges in Financial Services
- How these data challenges and impacts the business
- How an intelligent data platform helps improve cross-selling efforts