Study On The Cross-selling Of Domestic Finance Business

The foreign banks engaged in mixed operation management will enter China's financial domain after China has opened up its financial sector in December 2006. They will bring about enormous shock and the pressure to domestic financial organs engaged in a single bound of bank, securities and insurance with the advantages of information sharing, full service and financing facilities. Looking from the practice of domestic and foreign finances business,the mixing operation management will be inevitable trend of development, and the implementation of cross-selling is the key to the success of the mode of mixing operation management.First, this article introduced the concept, function and the basic theories of cross-selling, and how to understand comprehensively the cross-selling as well as the key role in infinance business.Second,the article analyzed the changes of foreign financial environment, and pointed out the inevitably development trend of international finance which transformed from divided operation management to mixing operation management, then demonstrated the important role of cross-selling by the Well Fargo Bank case. Third,by analyzing the general situation of our country financial system, obtaind the development tendency of mixing operation management, then draw out the necessity of cross-selling. Though SWOT analysis of domestic financial institutions,this paper pointed out that the greatest advantage of China's financial industry is the broad existing customers. Cross-selling is just to sell more products on the basis of currently existing customers,and enhance loyalty of customers. Then pointd out the importance of cross-selling in the development of our financial business.Fourth,analyzed the requirements to implement cross-selling in domestic finance business in many aspects:to choose the mode of financial holding company after mixing operation management,to establish client-centered corporate culture,the support of talents, integration of marketing channels, and the risks control and supervising. To develop cross-selling is not just the reform of the financial system,but concern many management improvements of the financial institutions framework and business ideas.Fifth,an analysis is made about the questions appears during implementation cross-selling in foreign institutions after mixed peration management,such as easily forming the financial monopoly, problems about technical aspect, dispute over the brands, conflict between different enterprise cultures, the problem of staff's adaption. Combined with domestic practice,the article proposed the corresponding counterplans. It is hoped to be a warning to the domestic financial business.Cross-selling has the necessity and importance to China's financial industry in the mode of mixing operation management. It is the inevitable trend of domestic finance although it is not a panacea. We should implement cross-selling as soon as possible,and develop the potential of meeting the needs and cultivating loyalty of customers,then meet the challenge of global economic integration.