BANKING AFFAIRS

Detailed explanation-1: -Cross-selling is the practice of marketing additional products to existing customers, often practiced in the financial services industry.

Detailed explanation-2: -Traditional examples of cross-selling in banking For example, a banker might establish by chance that their customer is looking for a new car and offer an auto loan as a result. These tactics rely on the banker’s understanding of the customer’s wants, needs, and current financial situation.

Detailed explanation-3: -With upselling, the idea is to get a customer to purchase a more upgraded level of product or service than what they initially intended. On the other hand, cross selling encourages customers to buy items related to or that complement the plan they are already interested in purchasing.

Detailed explanation-4: -Who is involved in the credit card transaction process? While there may be additional players involved, the five key parties in the transaction process are the cardholder, the seller, the acquirer (the seller’s bank), the issuer (the cardholder’s bank), and the card network.