Credit unions must improve cross-sell efforts

first_imgDespite the fact that credit unions have talked about the importance of cross-selling for decades, few institutions have a disciplined process to take advantage of cross-selling opportunities that can grow operating revenue from existing members. For those organizations that do have a process in place, studies show that many are not targeting the offers to reflect insights readily available, thereby annoying some of the best members.by: Jim MarousOutside of an improved interest rate spread (which is unlikely in the foreseeable future), banks can only create revenue by adding new members or by deepening existing relationships. At a time when competition for new customers has never been greater from both traditional and non-traditional players, the only sustainable opportunity is to sell more to the members a credit union already has.While the findings differ a bit by study, research shows that U.S. adults own between 8-12 financial products each, with ownership of services increasing with age (until age 54), by channel (online users have more products) and by type or institution (credit unions and smaller banks do better cross-selling).“While the number of products held by a typical household hovers around 10, most customers only hold 2-3 services at any one institution.”While the number of products held by a typical household hovers around 10, most customers only hold 2-3 services at any one institution. Only the very best organizations sell more than four services to any one customer (not including ‘go with’ services such as debit cards). How can credit unions improve their penetration within their current member base? continue reading » 5SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

Marion H. Harris

first_imgMarion Holder Harris, 86, of Lawrenceburg, Indiana, passed away Monday November 19, 2018.He was born December 12, 1931 in Russell Springs, KY, son of the late Ovel Harris and Flora (Holder) Harris.He served his country as a member of the United States Air Force.He worked in maintenance for Proctor & Gamble, retiring after over 33 years of service.He was a member of Hope Ministry Community Church.Marion loved to tinker with old cars, he loved to cook and he enjoyed boating at Cumberland Lake. His favorite thing was his time spent with his family, and he will be greatly missed.Marion is survived by his daughter, Karen (Vincent) Orchelle of Aurora, IN; son, Jeffrey (Rose) Harris of Lawrenceburg, IN; grandchildren, Nathan (Brandy) Harris, Skyler Orchelle, Victoria Orchelle, Brandon (Jennifer) Harris, Kelly (Raymond) Merida, Jessica Pope, Erin Antras, Steven (Cassie) Antras; 4 great-grandchildren.He was preceded in death by parents, his loving wife, Opal Harris and a son, Paul Harris.Friends will be received Monday, November 26, 2018, 5:00 pm – 8:00 pm at the Rullman Hunger Funeral Home, 219 Mechanic Street, Aurora, Indiana.Services will be held at the Funeral Home, Tuesday, at 11:00 am with Brother Robert Lawson officiating.Interment will follow in the Greendale Cemetery, Greendale, Indiana. Military graveside services will be conducted by members of local Veterans Service Organizations.Contributions may be made to the Hope Ministry Community Church or American Diabetes Association. If unable to attend services, please call the funeral home office at (812) 926-1450 and we will notify the family of your donation with a card.Visit: www.rullmans.comlast_img read more