Difference Between Up-selling and Cross-selling in Financial Services

FNS40815 Certificate IV in Finance and Mortgage
Broking
FNSSAM403 Prospect for new clients
Assessment 3
FNS40815_ FNSSAM403 Assessment 3 V1.0 REAA Released November 2022
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Activity 1
Explain the difference between up-selling and cross-selling, using financial service
products as examples.
Activity 1 Answer
Cross-selling: It identifies the product which additionally satisfies, the
complementary needs which are not met by the original items. Cross-selling is
present in every type of financial product or services. Credit cards are mostly
cross sold to the customers having their saving account. While the life
insurance is mostly suggested to the customers who are buying car coverage.
Loan to credit card holders is a best example of this.
Up-selling: It employs comparison charts pertaining to market the high-end
products to its customers. Under this visitor shows the other versions which
may fulfill the requirements can rise AOV. For example, asking customers for
the credit card along with the overdraft facility of $5000.
V1.0 REAA Released November 2022
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Activity 2
Explain some of the advantages of active listening.
Activity 2 Answer
1. Better understanding: It makes the lister to have increased understanding
of the topic which helps in enhancing the concentration of audience. It
helps in getting better insight to the topic.
2. Clarification: It involves the option of explanation to the problems that
might come across during the time of speech delivery. Proper explanation
of the agenda makes it easier for the learner to adopt the concept.
3. Reduces fear: Active communication results into boosting confidence.
Active listening breaks the boredom which is mainly due to lack of
response from the audience. But speaking in front of large audience
reduces fear.
V1.0 REAA Released November 2022
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