In a bid to gain a bigger share of the customer’s wallet, banks are ramping up their cross-selling initiatives. Report Abhijit Lele and Raghu Mohan. Illustration: Uttam Ghosh/Rediff.com What you sell matters; how you do it matters even more. More than 80 per cent of Axis Bank’s retail assets are sourced from existing customers. And yet, last year, the bank made a fresh start with “Aarambh”, to enhance product personalisation and cross-selling. “It’s a first-of-its-kind initiative that provides both existing and potential customers with customised products using in-house proprietary algorithms involving multiple data sources,” explains Praveen Bhatt, executive vice-president and head (retail liabilities and direct banking channel) at Axis Bank. The focus at State Bank of India (SBI), too, is to ensure that the products being sold are aligned with the appetites of customers SBI chairman Dinesh Khara explains: “The income from cross-selling has grown 30 per cent year-on-year for the last three years. “There is a separate customer value enhancement unit for this activity.”The potential is huge and the ramp-up is significant.” But, despite all the chatter about getting a larger share of the customer’s wallet, Indian banks’ cross-sell ratio — the number of products and services they hawk… Read full this story
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