Cross selling opportunities abound online for those financial institutions that drive incremental revenue by expanding their online customer relationships beyond a single financial services product, according to the latest Nielsen//NetRatings internet audience measurement and analysis.
This finding followed the extraction and analysis of data from Nielsen//NetRatings' new MegaView Financial service, which tracks consumer behaviours across the financial services industry.
The research found that, while many site visitors engage in single online financial activities, very few engage in multiple activities online, revealing a huge opportunity for companies that can convince their customers to broaden their scope of financial services with them.
Credit card and banking companies were found to be in the best position to capitalise on cross-selling opportunities because of the large size of their online audience and the high level of engagement they often drive.
Of the 28 million consumers who manage their credit cards online, 28% engage in online banking transactions, 6% engage in online lending or mortgage activities, and only 2% engage in online trading activities.
Moreover, while there are 25 million online bankers, only 31% of them engage in credit card transactions online, 12% do their lending or mortgage activities online, and only 4% actively log onto their online trading or brokerage accounts.
"Financial services companies continue to look for new ways to strengthen their customer relationships to increase their market share and profits," explained Jarvis Mak, director of data and MegaPanel Analytics for Nielsen//NetRatings. "MegaView Financial offers them a tool to track online penetration of key financial activities, benchmark their performance against competitors, and determine the demographic and other characteristics of online users."