Smarter Cross-Sell for Mutual Banks

AUGUST 2025 | From scattergun offers to timely, data-driven moments

Not too long ago, cross-sell strategies in banking often looked the same everywhere: a new account opened, and within weeks the customer would receive a “while you’re here, why not…” offer. Sometimes it landed, sometimes it didn’t.

Today, that scattergun approach is losing ground. Customers are more discerning, more time-poor, and far less tolerant of offers that don’t fit their situation. The strongest trend we’re seeing across mutual banks is a move away from generic cross-sell campaigns, and towards contextual, data-driven engagement.

Think of it this way – rather than sending every credit card holder a home loan flyer, the smarter move is spotting the customer whose payroll has just doubled. That’s a moment worth acting on. Or recognising that a fixed rate is about to expire and opening up a conversation about options before the customer starts looking elsewhere.

Other valuable moments often sit just below the surface. A customer setting up a joint account could be on the path to buying their first home. Someone who has recently paid off a car loan might be ready to start saving or investing for the future. A surge in digital wallet activity could indicate growing comfort with mobile payments – a perfect opening to introduce lifestyle banking tools or rewards programs. Even life events like welcoming a new child, receiving an insurance payout, or moving to a new address can signal the need for a deeper financial conversation.

This is where Spark steps in. Our data triggers and behavioural insights are designed to uncover the “moments before the moment” – those subtle signals that someone may be ready for the next product, service, or conversation. By orchestrating these moments, mutual banks can make cross-selling feel less like selling and more like serving.

The result? Recommendations that land as relevant, personalised, and genuinely helpful. That not only drives uptake but also builds trust and loyalty – two things that matter more than ever in a competitive market.

At Spark, we’re helping mutuals turn these opportunities into action – through next best product models, behaviour-based campaign orchestration, and lifecycle programs that span everything from onboarding to retention. By connecting your data, triggers, and communications, we make it easier to deliver timely, meaningful moments that drive both engagement and growth.