‘No, I don’t want fries with that!
Chances are your customers have often felt that their preferences are not being addressed when presented with a well-intended but isolated, generic offer that misses the mark. To improve customer satisfaction, more and more financial institutions are taking more of a customer centric approach by presenting customized multi-product offerings in an attempt to meet their customer’s unique needs. These offerings are often referred to as product bundles, packages, relationship-pricing and many others.
“The consolidation in the financial services industry along with other market changes may be driving a quest for new pricing paradigms that shift the focus from individual product pricing toward more relationship oriented approaches.” – Deloitte Consulting, Relationship Pricing, May 2010
Banks are just starting to experiment with this bundling approach while others are expanding their packaging strategies by adding a “Gold” tier between their “Silver” and “Platinum” bundles or launching a small business banking bundle based on their success with personal bundles. One thing seems certain: dynamic product bundling in retail banking is gaining in both momentum and sophistication.
Early in this journey many banks find their product marketing “bundles of joy” turn into “super-sized” operational challenges:
Camilion’s ProductAuthority®, an innovative product development and management solution for financial services, solves these key challenges by providing a repeatable closed-loop enterprise product agility platform that enables banks to drive relevant product bundles to the right customers ahead of the competition at speed and volume.
To learn more download your copy of Product Bundling for Banking.