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The majors now hold almost one-third of their customer’s financial products, indicating that their ability to cross-sell is increasing.
The Roy Morgan Research report shows that the majors on average hold 32 per cent of their customers’ financial products, up from 28.8 per cent in 2010.
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Potential products include loans, accounts, cards, insurance, superannuation and managed funds.
The Commonwealth Bank is the best of the big four at cross-selling, with customers holding 37.5 per cent of their financial products with the bank, up from 34.1 per cent in 2010.
Customers with Westpac hold 32.5 per cent of their products with the major, up from 29.8 per cent.
The proportion of products held by ANZ customers has increased from 26.7 per cent to 29.9 per cent.
NAB had the lowest proportion at 28 per cent, up from 24.4 per cent in 2010.
Roy Morgan’s industry communication director, Norman Morris, said there is still room for the majors to improve their cross-selling.
“It is clear from the analysis that there is plenty of scope for these banks to increase their business form their existing customers rather than chasing new ones,” Mr Morris said.
“While the big four banks have made some small gains in product cross-sell since 2010, overall they have not performed well."
Mr Morris said that some of the reasons the majors hadn’t done better included competition from specialist providers and lack of incentive for customers to consolidate.
[Related: Major banks ‘tighten grip’ on broking]
