Posts by Kristy Bohling
Financial institutions serving low-income communities regularly turn to cross-selling to engage clients. But they don't always consider the particular needs of clients themselves. Based on its research on cross-sell initiatives, Bankable Frontier Associates explores what it takes to enhance clients’ engagement and encourage them to actively use multiple products with an institution over time.
Formal financial institutions often struggle to justify the business case for serving poor clients. Acquisition costs are high and low balance savings are not sustainable. At the same time, providers recognize that only providing credit to clients may be profitable, but may not develop client trust and longer-term engagement. As a result, cross-selling in recent years has become a popular strategy for financial service providers, including those trying to reach lower-income clients. How can we make it work for everyone?