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Banks ramp up cross-selling, aim to gain bigger share of customer's wallet

Despite all the chatter, Indian banks' cross-sell ratio - the number of products and services they hawk to a customer - remains low, report Abhijit Lele and Raghu Mohan

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Cross-selling in banks to go up meaningfully, both internal structures and manpower have to be reimagined in the highly commoditised banking sector

Abhijit Lele Raghu Mohan

5 min read Last Updated : Dec 21 2020 | 6:10 AM IST

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

Topics : Banks Axis Bank sbi

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