Banks and Credit Unions Signal Massive Investment in CX and Cross-Sell

Customer experience (CX) upgrades have become a primary strategic objective in 2022 for banks and credit unions.

According to polling of financial institutions by Total Expert, about 80% are implementing new technologies, 73% are adding new processes and procedures, and 51% are working with outside vendors to improve their CX. Nearly half (48%) are adding new team roles to support the CX function.

Institutions are wise to make improved CX a priority. A mere 2% increase in customer retention delivers the same financial benefit as a 10% cost reduction,1 customer-centric companies are 60% more profitable,2 and acquiring new customers can cost five times more than retaining existing ones.3

With its clear benefits for growth and retaining relationships with borrowers and depositors, CX is more than a business opportunity. It is a race with every other institution in the country. Leadership teams are realizing that those who improve CX first have a significant head start, and not just in temporal terms. CX is a game of playing for keeps, and it snowballs into stronger, deeper, longer-term relationships.

Standing Out Is Attainable

Consumer polling suggests banks and credit unions don’t need futuristic tactics to increase product usage for mortgage, HELOCs, or debit and credit cards, according to a Total Expert survey of U.S. consumers.

To increase mortgage originations from depositors, for example, nine in 10 consumers polled said they researched their loan options on their lender’s website. Nearly six in 10 were influenced by their institution’s website; half were influenced by contact from a loan officer; and 40% were influenced by marketing messages they received from their institution.

If you’re a leader at an institution, you might be thinking those are pretty good numbers. Don’t forget that most consumers don’t know the difference between a bank and credit union; they also don’t know the difference between a bank and a multitude of other financial providers that they consider to be “a financial provider.” Consumers have as many as 30 relationships with different “financial” companies. You need to make sure they are on your website, talking to your loan officers, and receiving your emails.

Nearly half of consumers say they don’t use more of their institution’s services because they’ve never been asked, or they’ve been asked poorly. Why do institutions miss so many opportunities to help customers or members? It’s because they don’t use data to know their customers, departments operate in silos, and disparate systems have obstructed efforts to speak to customers effectively, according to “Customer Experience Maturity for Financial Institutions,” a report published by Total Expert at the end of 2021.   

High CX Maturity = Revenue Results

Revenue growth from CX is readily available to banks and credit unions. Banking institutions today have a wide array of customer engagement strategies they can deploy thanks to technology. So, let’s get down to the literal bottom dollar.

According to our surveying of leaders at institutions, high-performing banks and credit unions in CX prioritize customer engagement strategies that generate revenue. Which revenue drivers were targeted by banks and credit unions using technology meant to upgrade customer experience? At the top of their list: growing debit and credit card usage. Why? Because interchange revenue and credit card borrowing have a one-to-one relationship between usage and revenue; and using or activating a card are easy – often reward-incentivized – steps for the consumer.

Total Expert has also observed significant opportunity ahead for financial institutions when it comes to serving every customer who needs home or equity (HELOC or cash-out mortgage) financing. Total Expert has never-before-seen functionality coming to the market in early 2022 to support loan growth through real estate financing at banks and credit unions. Stay tuned!


1. SuperOffice, “How to Create a Customer-Centric Strategy for Your Business.” May 4, 2021.

2. Deloitte, “Wealth Management Digitization Changes Client Advisory More than Ever Before.” July 2017.

3. CallMiner, “2020 CallMiner Churn Index.” 2020.