The imperative is clear:
"...only a small percentage of the institution’s clients are using them for investment or insurance services. In fact, the greatest percentage of respondents has 5% or less of their client base using them to purchase insurance and investment products. That means that perhaps 90% to 95% of the bank’s client base is going elsewhere for insurance, investments and mutual fund sales." (emphasis added)
The survey highlights several key findings, among them:
- Institutions need fee income.
- Insurance and investments enhance customer retention.
- Data analysis increases the profitability of insurance and investments.
- Banks are concerned about the cost/benefit of starting insurance and investment programs.
Read the Massachusetts Bankers 2012 Insurance and Investment Sales Survey.
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