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Posted by Brad Strothkamp on December 4, 2009
[Posted by Brad Strothkamp}
I recently published a document about the always asked question of cross selling. My analysis showed that on average US adults own 8.2 financial products across a range of products including deposit, credit cards, brokerage, mortgage and insurance.
So which is the best bank at cross selling you may ask?
It's not a bank at all. It's USAA - a credit union dedicated to US military personnel. USAA members have on average 3.9 products with the firm, far above the average of 2.5.
Needless to say,there is a way to go. Even at 3.9 products, USAA owns less than half (48%) on average of financial product relationships of their members, and folks like Citi own a third of that number.