​Nexus Intelligence

How many sales will your competitors close with your own customers this year?

Banks are well positioned to reclaim these opportunities given the strong feelings of customer loyalty that their customer have towards them.

In fact, banks are positioned very well to take business away from the "big boys"--your national competitors.

The trick is which customers do you target first?

Nexus can help point you to the very best opportunities.

According to research by a major US based strategic consulting firm, new banking customers don’t really exist

  • 0.7% of customers were completely new to banking
  • 41% of customers opened a new product in 2013

Further, this firm's research confirmed that of this 41% of customers who will buy a new product this year:

  • 50% purchased from their primary bank
  • 50% purchased from competitor

The question is are you their primary bank.

Regardless, this translates into thousands of lost sales opportunities and even more lost profits for even a medium-sized financial institution (see chart on right).

For example, if you have 50,000 customers (not accounts--customers), then your customers will buy 10,250 financial products from your competitors in the next 12 months.

While all of these might not be products you want to sell, there will be hundreds of lucrative lost opportunities.