Good Record Keeping = Better Close Rate

If given the choice between selling to new or existing customers, it’s really a no-brainer.

Statistics vary, but in general, it is between five and ten times more costly to acquire a new customer than sell to someone who already does business with your financial institution.

When it comes to banking, businesses and individuals use a variety of products – checking accounts, lines of credit, business loans, retirement investments, and the list goes on. It seems that many of these accounts are spread out between institutions – but it doesn’t have to be that way. In fact, it makes sense to reach out and offer additional products to existing customers. Customers appreciate the attention and your institution can increase revenue.

However, executing a plan of this kind requires a data-focused approach. You need to carefully build your prospect list, and then diligently document the process from prospecting to booking. A document management system, such as AccuAccount, can be very useful to a bank’s pipeline for cross-selling and up-selling.

Here’s how.

The Dangers of Disintegration

Of your customers with business checking accounts, what percentage also have commercial loans or utilize lines of credit? If your information is spread across multiple legacy systems, spreadsheets, and users, is it even possible to answer this question? Probably not.

Our team routinely encounters banks that have these types of disintegrated approaches to information management. In fact, one bank (we’ll call it State Bank) recently contacted us due to its difficulties with prospecting through loan booking. Because of its various systems for credit, loan, and other accounts, there was not a central database for collecting and sharing important customer information to cross-reference for marketing purposes.

It was also a challenge to identify customers who met pre-qualifications for other products and to keep track of bank associates’ interaction with these prospects throughout the sales cycle.

Better Data, More Sales Opportunities

Seeing State Bank’s need to centralize all customer documentation, the AccuSystems team recommended implementing AccuAccount. As a fully-integrated document and exception tracking system, AccuAccount allows all documentation, exceptions, and account information to be accessed in a few simple mouse clicks.

create new booked loan

After implementing AccuAccount, State Bank’s prospecting process has become much easier, less time-intensive, and more lucrative. State Bank runs reports to see which customers are good candidates for various products and can have its representatives start the sales process. Now, instead of taking a half-hearted approach to generating new business with customers, it can develop and implement a multi-faceted marketing approach. The net result has led to more loans being closed and happier, engaged customers.

The new system is equipped to track correspondence, tasks, calls, and notes, so anyone in the department who is involved can see what has been said and done. As an added advantage, AccuAccount gathers all this information into pipeline reports, which are easily accessible through its dashboard, so administrators get a more accurate view of potential business and key performance indicators.

Bank Customer Information Summary Page

Streamline Your Prospecting Efforts

Is your prospecting haphazard? Do campaigns get started and then fade as spreadsheets or lists become cumbersome or simply not used? Gather more of the low-hanging fruit by capitalizing on selling additional products to customers who have already come to know and trust your bank.

Ready to start seeing even more business from your customers? Call us today for a risk-free evaluation of your institution’s needs.

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