Mapping Consumer Financial Services through a new lens!
Unpacking and explaining the Peak Paradox model is here , you will need this backgrounder to understand the model so that this article will make sense; it is a 5-minute read. A new way of seeing the same thing will mean we can act differently; this is the peak paradox model’s core tenet. ---- A recurring question on an executives mind in the finance industry is; “ Why does up or cross-selling not deliver in the way we forecast or predict? ” Cross-selling is foundational hypnosis for growth. H0; this customer has one product, and therefore they should want my other products; all customers need all my core finance products. With years of data, it is evident that a customer who uses my payment system does not want my other products, and after years of cross-selling we still only have 30% of customers with all products. Whilst we can conclude there is a problem with the hypothesis, we choose to ignore this fact and continue to try to upsell as we don’t have a framew...