With the passage of time the financial institutions have developed a wide variety of products in addition to the core credit products usually offered to the clients. With ever increasing competition to land a growing portfolio of clients, it is important that institutions differentiate themselves from their competitors by offering a package containing wide variety of products that will help showcase the additional value that the financial provider is offering as compared to the rest of the industry.
The financial institutions though should be wary of not getting too hyped up in the cost effective strategy of a packaged sale that they might end up bombarding the client with too much information which might confuse him or her. This might lead to unwanted pressure on the client forcing him or her to buy into products they might not actually need.
In order to fully benefit from this cost effective strategy it is important that the financial institutions are able to evolve a standardized approach that will help in highlighting crucial information regarding the product and signify the voluntary nature of client’s decision all the while introducing the client to new portfolio of products other than the typical core credit products.