Westpac leads the other big four banks when it comes to cross selling wealth management products, according to research from Roy Morgan.
The Roy Morgan Research Finance Single Source Survey found that of Westpac banking customers who have a wealth management product, 12 per cent hold it within the Westpac group, an increase from 9.3 percent in February 2011.
“Westpac’s success in cross selling superannuation and managed investments to customers who have core banking products such as accounts, loans or a major card with the institution is highest among the younger and older age groups,” Roy Morgan Research industry communications director Norman Morris said.
“The increase over the last couple of years though is evident among people born overseas and particularly people born in Asia.
“In support of this, an increasing proportion of Westpac customers also agree with the attitude about looking to their bank to provide for all their financial needs, including superannuation and life insurance. Westpac’s strong performance in cross-sell is a reflection that it’s capitalising on this increasing opportunity.”
The research found that 11.1 per cent of NAB Group banking customers hold a NAB group wealth product while CBA Group recorded 9.8 per cent of customers.
Roy Morgan found that “ANZ Group is yet to build on its allegiance with One Path”, with the group recording 7.9 percent, up from 6.2 per cent in 2011.