A discussion on how banks retain customers and maximize cross selling opportunities.
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This paper discusses some of the strategies that banks employ for customer retention and cross selling, and then takes a look at the expectations for the future in these areas.
“Traditionally, banks got and obtained their customers through a combination of advertising, word of mouth, acceptable rates on saving and checking accounts, and sheer luck of geography. It was typical for a customer to choose a bank based on having a branch close to his or her home or otherwise easily accessible on the drive to work. Most customers stayed loyal to their banks, kept in the fold by a ceramic piggy bank or toaster when they opened a new account or took out a home loan; and they typically did all their banking with a banker their family may have known for years. Tellers were expected to be friendly, bank officers were not.”