Banks grow and prosper based largely on the number of relationships they create with each customer. Typical goals are 3 to 4 products/services for sustainable relationships.
What better way to initiate the first relationship than with a mortgage? Most new homeowners are truly excited and pleased with the lender who helped them buy their home. If it is a community bank, what better platform exists to cross-sell other services including checking accounts, MMA’s, credit cards, auto loans….you name it, and build life-long relationships! And, the opportunities are very ripe if it is a first time home purchase by a millennial. Fact is, millennials represent a huge opportunity for banks that elect to focus on this rapidly growing segment by communicating with them in the way they wish to be reached. This recent article in Forbes showcases how banks can use “Education, Transparency and Choices” to build relationship with Millennials. Millennials And Money: How Banks Are Missing the Mark.
Think about it, leveraging mortgages to engage the most rapidly growing consumer sector and building the future of your bank.