Count Your Business Opportunities
In an effort to improve earnings and enhance member profitability, many credit unions are moving toward more of a cross-selling culture during their account-opening process. As credit unions do this, they should evaluate their processes and track effectiveness.
The most efficient and effective process will vary depending on a credit union’s unique target markets, value propositions and core competencies. However, there are some key questions that decision makers should address to help them refine their processes:
- How many opportunities are we receiving? How many people walk in to our branch, visit our website or call our call center on a daily/weekly/monthly basis?
- What is our success ratio of products sold to opportunities received?
- Where in the process are opportunities dropping off? Why?
- Do our people understand the objective and do they have appropriate training?
- Do we have the right systems in place to efficiently and effectively cross-sell during our account opening process?
- What other opportunities do we have or should we create to cross-sell?
The answers to these questions can be incredibly helpful in identifying bottlenecks in the process. They can also highlight opportunities for the credit union to pursue. More broadly, the answers can assist decision makers in assessing their cross-selling objectives and whether they are appropriate or if adjustments need to be made.
