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Uk banks worst at euro cross-selling

UK banks are the worst in Eur-ope at cross-selling to their customers, according to a rep-ort by Booz Allen Hamilton.

The firm devised an index based on four categories – facilities, customer insight, product knowledge and sales focus. The report, which measures the performance of banks in Switzerland, Germany, Denmark, Spain, Netherlands and UK, shows that the Swiss set the standard for Europe.

Although banks are customers’ perceived first contact both for information and purchase, this is not reflected in sales. Thirty-five per cent of UK customers say it is “unlikely” that they would use their bank to purchase beyond their existing portfolio.

The UK was outperformed in most categories, with particular weaknesses in product knowledge and customer service. Face-to-face branch contact is the preferred method of communication for most customers but they say UK bran-ches have inconvenient locations and opening hours. UK staff are deemed unfriendly and lack product knowledge.

UK’s banks’ biggest weakness is customer insight. Branch staff are “uninterested” in customer data volunteered and the UK is the least proactive in using existing data to improve its offering.

Spain matches the UK with its poor facilities and inferior product knowledge. Swiss, Dutch and German banks have superior facilities, staff knowledge, selling strategies and attitude.

Booz Allen Hamilton vicepresident Alan Gemes says: “UK banks have yet to capitalise on the sales potential of their branch networks. They need to make better use of customer information and consider staffing branches with retailers instead of trying to turn tellers into sellers.”

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