Bank and credit union investment programs are not capitalizing on one of their biggest potential benefits: the stream of banking customers who walk through the door every day.
Banks and credit unions have not done a good job in cross-selling those customers on investment products, according to a study announced today by Kehrer Saltzman & Associates. The consulting firm referred questions to Principal Ken Kehrer, who was not available. It said that more research would be coming out in the near future on this subject. But according to the abbreviated version released today, 12.7% of US households reported that they had purchased an investment or insurance product at their bank or credit union. Kehrer Saltzman noted that since the "typical financial institution offering investment services has been doing so for 14 or 15 years, this cross-sell ratio suggests that banks and credit unions have been penetrating less than one percent of their customer base per year."
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