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Bank urged to boost cross-selling

Standard Life wants Standard Life Bank to cross-sell within the group.

Chief executive Anne Gunther says as the subsidiaries of Standard Life have come of age and have a strong group of products which work well together, it is logical to create links between the products, for example, a customer who has a flexible mortgage from Standard Life Bank and a policy from Standard Life Healthcare.

If the customer needs to pay an excess, Gunther says they could use the cash reserve from the flexible mortgage to fund it.

Standard Life Bank is talking to IFAs, specialist mortgage brokers and healthcare appointed representatives about its plans.

The decision made in the review to recommend demutualisation to members means Standard Life Bank has also been challenged to accelerate its business plan, which Gunther says will mean building its book faster.

She says: “The cross-selling is not a product bundle, we are just going to use logical links and rather than ramming it down the throats of IFAs, we just want to let them know that this is an obvious solution.

“When we send information out to customers about our mortgage products, we will also let them know about, for example, healthcare products.”

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