Enhance Your Cross-Selling Efforts to Make Your Credit Union a Bonafide PFI

To enhance the ease of your cross-selling efforts, read the following tips to benefit your credit union and your membership.


What does the price of gas, the presidential race, and cross-selling have in common? Constant change. The price of gas today is consistently changing – upward, unfortunately. Like every election, our current presidential candidates preach change ‘til they're blue in the face. And cross-selling efforts create change at your credit union, providing members with new products and services opportunities to enhance the management of their finances.

With so many changes taking place in our country right now, the one stable financial constant we currently have is the credit union. And based on various industry reports, credit unions seem to be holding their own during our nation's so-called “economic slowdown.”

With this positive news spurring on credit unions to continue moving forward helping current members maintain their finances and assisting new members with their financial uncertainties, now is the time to make another push to solidify this industry as members' primary financial institutions (PFIs). To achieve this goal, credit unions need to continue offering their memberships the products and services they can leverage to easily manage their accounts 24/7. The key here is to educate and cross-sell services whenever possible, creating positive change at your credit union and making it a bonafide PFI.

But sometimes these very cross-selling efforts that can enhance your credit union's stature as a PFI for your members pose a challenge. To enhance the ease of these efforts, check out the following cross-selling tips to benefit you and your membership…

Ever want to have just a quick profile of which products your member is using? A good cross-selling tool can provide a quick, visual snapshot that can help:

  • view the key products of your credit union,
  • flag whether a particular member is using these products,
  • see “sales scripts” associated with each key product,
  • create a reminder to follow up with a member who is interested in learning more.

Tools to develop sales campaigns give you the ability to identify and flag cross-sell discussions you want to have with a member. They can help:

  • set up a campaign for a specific group of members,
  • notify staff that they are working with a member who has a specific identified opportunity,
  • automatically create a follow up note or ticket to close the loop,
  • monitor and track campaign performance and effectiveness.

If you're looking to proactively reach out to members to let them know how you can help, an effective outbound calling tool can help organize outbound calling or selling efforts. It can help:

  • assign tasks to call, email, or meet with members to your staff,
  • manage the contact process and keep everyone informed,
  • alert the entire organization that you are trying to reach out to this member,
  • automatically generate a follow-up ticket or note to help close the loop, and
  • provide reporting and analysis tools to learn how to become more effective.

Giving your team the ability to monitor and track performance against goals provides everyone within your credit union with the ability to see how they are doing at all times. It can help:

  • set up performance targets at an institutional, group, branch or individual level,
  • track progress against these goals as it happens,
  • generate data for incentive pay programs, and
  • get reports to analyze overall sales performance.

Together, these tools can form a powerful cross-sell platform, which can help boost your cross-sell capabilities by as much as 35 percent.

In this era of instability, rising gas prices, and a changing of the guard at our presidential helm, boosting your cross-selling capabilities may be just the ticket that can secure your credit union's stability, retaining and gaining members to make it a bonafide PFI.

For more information on enhancing your cross-selling efforts to ensure your credit union becomes a PFI for your members, feel free to give us a call at 317.612.3350 or visit us online at www.fivision.com.





June 9, 2008


  • one of the primary prerequisites for a win/win/win outcome is missing and substituted for in this article! just because a member does not have a product or service does NOT mean they should be encouraged to buy. rather, the need and ability to buy should first be established. if these steps are not followed, one sells and loses the benefit of the relationship. asking questions to firmly establish NEED must be focused upon so that the call is PERCEIVED as a call by a valued relationship designed to assist the member!