Report: In-Branch Cross-Selling Improves Account Sales

A recent Visa USA study examined best practices Visa issuers used when cross-selling consumer credit card products as part of their in-branch sales efforts. Insights this proprietary research generated may help credit unions maximize the potential of their payment card portfolios.

Key findings include:

• The brick-and-mortar branch network remains an important part of a financial institution’s marketing mix.
• The per-branch monthly sales average of consumer credit cards among top-performing financial institutions was nearly 50% higher than four years earlier, when Visa conducted a similar survey.
• Most of the survey’s top performers reported their average marketing acquisition cost for a branch-sourced account was $14, up to 75% less than other channels.
• Nearly all participants reported that attrition and credit losses were lower among branch-sourced accounts than those sourced by mail.
• Two-thirds of top performers sold credit card accounts as individual products, compared with 33% of top performers who packaged credit with other offerings.
• Outstanding performance in branch sales productivity is reflected through the entire sales management process, not just by financial incentive awards.
• In-branch credit card promotions work, lifting sales 16% to 18%.
• The most successful branches run three promotions per year, each lasting a month or more.

Visa USA recommends financial institutions of all sizes consider these actions based on experiences of study participants:

• Integrate payment cards into the entire branch sales process and culture.
• Track and communicate cross-sales results regularly among branch personnel to monitor achievement of sales performance goals.
• Ensure promotions are planned jointly with the marketing staff and branch management.
• Use a lead credit product to simplify the cross-sales process and maintain a full array of credit card choices in the branch.
• Ensure the branch offering is competitive with the same product offering in other channels.
• Include cardholder use of product features such as balance transfer, Internet access, and recurring payments in credit card account sales incentives and goals.
• Use an instant-approval system while making preapproval and mail offer indicators available to branch staff.

Visa member credit unions can obtain additional information from the Visa USA Credit Card Cross Sell Benchmarking Study by contacting their Visa representative.