Like many of you, I have several banking relationships, loans and credit cards. I bank with a large, regional bank. I have a little used credit union account. My mortgage is with a large mortgage servicer. I have a couple of credit cards with 2 of the largest card-issuers. My auto loan is with yet a different lender. I have a couple of investment accounts with still different companies. What does this mean? Why aren’t any of these companies that I have relationships with trying to market to me for my other business?

My credit union has better auto rates than my current auto lender. Why don’t they let me know how much they could save me on my monthly auto payment? “Hey David, did you know that XYZ Credit Union can save you $75 per month on your auto loan payment?” $75 would fill up 75% of my gas tank up these days

My bank offers a competitive HELOC product. Maybe I could use a HELOC since my home has appreciated two-fold in the past year… along with everyone else’s in my area around Nashville, Tennessee. Doesn’t my bank love me enough to offer me a HELOC? “Hey David, you have equity in your home. Why not prepare for a rainy day and take out a home equity line of credit today? Or buy that boat you’ve been dreaming about.”

In today’s lending environment, with rates rising significantly this year and inflation raging. Mortgage refinance applications have dropped to the lowest level in 22 years. Auto loans have recovered slightly but are still stressed by low inventory. Basically, new customer acquisition has gotten very tough. So, what do you do?

Look to your customer base. Particularly banks, credit unions and investment houses. With large depositor customer bases, you have the relationship. You just need the info. Analyze your customer database to find out what other accounts your customer has elsewhere. Look at their current debt and interest rates. And, in areas where you have a better product and can fill your customer’s needs better, make them an offer that will help them.

Customer cross-sell is the low hanging fruit in today’s market. With high inflation, consumers are increasingly going to need loans and cash. Their financial needs will change quickly. Financial service providers should adjust their marketing accordingly.