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Scale Your Cross-Sell Capabilities with Financial Services Marketing

Loni Luna, Product Marketing Manager


Effective financial services marketing can significantly enhance how banks and credit unions engage and retain account holders. Financial institutions that excel in cross-selling, especially those using digital banking platforms, often see a substantial increase in their product per user ratio. The 2024 Digital Banking Performance Metrics report by Cornerstone Advisors, commissioned by Alkami, reveals that high performing financial institutions have added an average of 1.34 new products per digital banking user, which is 24% higher than middle-of-the-pack performers, and double the rate of low performers.


All financial institutions reporting in the study grew their relationship with digital banking users by adding one new product per user

Source: 2024 Digital Banking Performance Metrics


It’s clear that product adoption increases when banks and credit unions implement cross-sell strategies. But for many financial institutions, generating a list of account holders for cross-sell initiatives can be a manual, time-intensive process. To develop targeted account holder lists for cross-selling, information technology (IT) resources have to sift through vast amounts of transaction data, becoming a bottleneck for marketing campaign activation. With Alkami’s financial services marketing, the IT bottleneck is eliminated. It enables marketers to get the data they need to create cross-sell campaigns at scale that grow account holder relationships and improve retention.


Stand Up Targeted Cross-Selling Campaigns Within Minutes

With a financial services marketing platform based on account holders’ everyday spend data, financial institutions can effectively cross-sell the right products and services to their existing account holders. Alkami’s financial services marketing integrates insights from core banking data and transaction data every day. It provides intuitive segmentation tools to access granular account holder insights without any assistance from IT. Alkami provides an easy and secure way for financial marketers to leverage account holder data for automated marketing. In minutes, banks and credit unions can deploy personalized account holder experiences without any technical or data science skills required. Financial institutions finally have the tools to reliably identify account holders with the highest likelihood to adopt a new product – on-demand and updated daily.


Launch Always-On Competitive Campaigns

Leveraging competitive intelligence, Alkami enables financial institutions to conduct win-back campaigns by understanding which products account holders have with competitors. This strategic insight allows banks and credit unions to craft compelling marketing campaigns that resonate and are perfectly timed to win business. To cross-sell at scale, financial institutions can use competitive insights based on account holder data to trigger automated campaigns across multiple channels. These channels can include the financial institution’s email marketing system, public website, digital banking platform, and more. With Alkami’s automated, always-on campaigns, financial services marketing is continually optimized with new data daily, ensuring relevant and timely cross-sell campaigns without manual intervention.


Use Case: NET FCU Cross-Sells Products with a Competitive Credit Card Campaign

With access to competitive insights, financial institutions using Alkami’s marketing automation platform can improve their cross-selling campaign results. An excellent example of this use case in action was demonstrated by NET Federal Credit Union (NET FCU), who leveraged Alkami’s Data & Marketing Solutions paired with Alkami’s digital banking platform to target members with a competitive credit card to encourage them to switch to NET FCU’s credit card instead. Their marketing team created a targeted list of members who match their desired criteria and added those members to an email message and a calling campaign. Using this targeted list to email and call members, NET FCU was able to transfer credit card balances from competitors, sell additional products, and gain new business from family referrals.

One Call Saves This Member $1K A Month

A NET FCU employee contacted a member from the list marketing provided and ended up doing a credit card increase and a balance transfer of more than five thousand dollars from a competitive credit card. When discussing the member’s other debts, they recommended a home equity line of credit, which saved the member at least $1,700 a month in interest. They also suggested refinancing the member’s recreational vehicle (RV), saving the member money in the long term and cutting three years off of the RV loan.

Mother’s Advice Saves This Member Nearly $4K In Interest

After calling a member from the targeted list, a NET FCU employee recommended a home equity line of credit for the member. The member was so pleased with the personalized service that she referred her son to contact NET FCU to help him improve his financial posture as well. The member’s son reached out to NET FCU, and he was able to get a credit card increase and transferred funds from his competitive credit card account. After digging more into the member’s financial situation, NET FCU refinanced his Harley Davidson motorcycle, for a savings of nearly four thousand dollars in interest.

Thanks to the personalized approach of this campaign, combined with the tangible financial benefits provided to members and their family, these members are more likely to be NET FCU members for life.

Learn more about Alkami financial services marketing.

author avatar
Loni Luna Product Marketing Manager
Loni Luna is a Product Marketing Manager at Alkami who specializes in data & marketing and customer service.
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