Lost Sales

 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 a given year
  

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.

If you are not, this translates into thousands of lost sales opportunities and even more lost profits for even a medium-sized financial institution.

For even a medium size bank of 50,000 customers (not accounts--customers), this means that 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.