New Account Openings with Brand New Customers (NAOs) are the Single Greatest Opportunity to Maximize Cross Sales in Retail Banking for the entire lifetime of brand new customers.

The Problem

Although billions have been spent to increase cross-selling results/total needs met, the outcomes have been extremely disappointing. Industry-wide cross-selling numbers at new account openings with brand new customers (NAOs) are just 1.3.

Additionally, about 60% of NAOs walk away with only a single product/service which they came in to buy in the first place.

Even banks that have better cross-selling numbers at NAOs are performing well below what can be achieved if the number is less than 6.

Various interventions to significantly improve cross-selling results have for the most part failed at the majority of banks.

Furthermore, targeting cross-selling at NAOs has been insufficiently addressed.

The Reasons for NAO Cross-Selling Underperformance

  • Problematic banker/manager mindsets and competencies/confidence. Bankers/managers are uncomfortable cross-selling at NAOs and believe that it can only be done over time. Additionally, they erroneously project their own attitudes onto customers… that they themselves would not like to be cross-sold… which substantially decreases cross-selling results. Furthermore, bankers/managers are not truly competent at effective and customer-centric cross-selling with either new (or existing customers for that matter)… especially with respect to simultaneously producing results and a positive customer experience.
  • An over-focus on existing customers and a significant under-focus on NAOs.
  • Ineffective leadership, management and coaching that specifically targets NAO cross-selling, eventhough overall onboarding has been addressed.

The NAO Solution

NAOs are the single best opportunity to establish and maximize cross-selling with brand new customers and to embed the correct behavioral skills that bankers/managers need for success at NAOs.

Furthermore, when bankers/managers fully master increasing cross-selling at NAOs, these skills also spread to and improve existing customer cross-selling outcomes as well.

Additionally, focusing on maximizing cross-selling at NAOs is the most important behavioral action that a bank should implement when opening brand new branches because every customer starts as a brand new customer.

The NAO Cross-Selling Process

The NAO Cross-Selling Process is a revolutionary, unique and proprietary methodology that maximizes cross-selling results at NAOs. Its impact is immediate and continuously works.

It targets the logically-related products/services necessary for customers to appropriately manage and prosper in their financial lives from the very beginning of their relationship with the bank.

It is ethical and needs-based. There is no product pushing.

The NAO Cross-Selling Process can be delivered entirely in-branch, so there is neither a loss of time for employees for typical one-day training sessions, nor the expenses of travel, “books”, etc.

It can also be delivered remotely.

It rapidly improves banker/manager confidence because of the competence they acquire from the NAO Cross-Selling Process. Also, based upon the results that bankers/managers produce, and the customer satisfaction they experience, confidence is further enhanced.

NAO Cross-Selling Process Results

The NAO Cross-Selling Process produces an average increase of 2.0 additional cross-sales at NAOs, regardless of the starting baseline of the bank. In fact, it has set a world record for cross-sales at NAOs of over 8.12 for our top performing client.

In fact, the skills developed and used during NAOs transfer to cross-selling efforts with existing customers. Specifically, our NAO Cross-Selling Process clients have been experiencing consistently increased sales results during sales conversations with their existing customers.

Furthermore, the NAO Cross-Selling Process has been able to reduce the average 60% of NAO customers that walk away with only a single product/service to under 25%.

Also, and very importantly, the NAO Cross-Selling Process substantially improves the overall customer experience at NAOs. Our research also shows that it positively impacts the customer experience within branches for existing customers. It also improves banker/manager confidence and job satisfaction. See our Testimonials.

Additionally retention should logically increase as increased product/service penetration tends to decrease attrition…especially early in a customer’s relationship with a bank where attrition as its highest.

How Does the NAO Cross-Selling Process Work?

The NAO Cross-Selling Process consists of three phases:

Phase I: A customized, highly motivational video that focuses upon building positive mindsets by addressing and overcoming banker/manager concerns and myths relative to cross-selling at NAOs.

Phase II: A game-changing, patented behavioral skill training methodology, called Performance Drilling® (PD). PD assures concept embedding and user-friendly skills practice. It provides a methodology for ongoing high-quality, focused and deliberate practice and rehearsal, so the right NAO Cross-Selling Process behaviors are perfected and sustained.

PD assures the highest quality consistent implementation in the marketplace. PD is utilized by bankers and their managers on their own, as well as jointly with peers and managers. This assures seamless integration.

PD includes Scored Challenges that do not depend upon “multiple choice or true/false guessing”; rather, it requires bankers/managers to articulate responses, just as they would when speaking to customers and prospects.

Within Phase II, conventional training paradigms are completely reversed to maximize buy-in, embedding, and sustained implementation with clients.

Thus, the PD training in Phase II of the NAO Cross-Selling Process begins with overcoming objections, and then transitions to embedding the ethical and moral value of what is to be implemented. Then, and only then, does it focus on selling and additional product knowledge.

  • Module 1: Focuses on the key cross-selling objections from customers. It also deals with the perceived objections of bankers/managers, as they often erroneously project their own attitudes and concerns onto customers, which substantially decrease results.
    By first focusing on overcoming objections, banker/manager fears regarding implementing the NAO Cross-Selling Process virtually melt away, as they know how to precisely respond to objections, if and when they surface.
    In combination with Phase I above, positive mindsets are established, the ability to overcome objections is embedded, and confidence increased.
  • Module 2: Focuses on learning about and embedding the ethical and moral value of cross-selling the logically-related products/services that have been selected by the bank. This also forms the foundation of the bankers’ needs-based presentations to customers.One of the greatest problems for “sellers” is to be engaged in doing/selling “something” that they do not believe in. Therefore, it is essential to win over both their hearts and minds with respect to any initiative, and especially cross-selling.In combination with Module I above, positive mindsets and confidence are further established.
  • Module 3: Focuses on how to ethically sell the logically-related products/services that are part of the NAO Cross-Selling Process.In combination with Modules I and II above, positive mindsets, the ability to sell the selected products/services are enhanced and confidence is solidified.

Phase III: An NAO Cross-Selling Process-specific leadership, management, and coaching process that immediately integrates with and wraps around Phases I and II and teaches targeted NAO Cross-Selling Process leadership, management and coaching?which only takes minutes per day to implement.

Consulting is provided before, during, and after the launch of the NAO Cross-Selling Process.