a. Cross Selling: Cross selling refers to the practice of offering additional products or services to existing customers based on their current relationship with the bank. In the Ghanaian banking context, this is a key sales strategy to increase wallet share and revenue without acquiring new clients, aligning with cost-efficiency post the 2022-2024 Domestic Debt Exchange Programme (DDEP) impacts. For example, at Ecobank Ghana, a customer with a current account might be cross-sold insurance products or credit cards during routine interactions. Benefits include enhanced customer loyalty, as seen in bundled offerings like savings accounts with mobile banking apps, which comply with BoG’s digital banking guidelines. Effective cross selling requires staff training on product knowledge and ethical selling to avoid mis-selling risks under the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930). Challenges involve data privacy, addressed via BoG’s Cyber Directive, but when done right, it boosts profitability—e.g., GCB Bank’s cross-selling of pensions to salary account holders has increased fee income. It fosters a transactional to relational approach, essential for competitive edge in Ghana’s fintech-influenced market.

b. Marketing Concept: The marketing concept is a philosophy that places customer needs at the center of business operations, emphasizing satisfaction to achieve long-term profitability. In Ghanaian banking, this means shifting from product-focused to customer-oriented strategies, as mandated by BoG’s customer protection directives. For instance, Stanbic Bank Ghana applies this by conducting market research to tailor services like SME loans to local needs, ensuring alignment with sustainable banking principles. Key elements include identifying customer wants (e.g., affordable digital remittances for diaspora clients), integrating all departments for cohesive delivery, and measuring success through retention rates. Practically, it involves balancing profit goals with service quality, as in post-2017 cleanup where banks like Access Bank recapitalized to offer better rates. Advantages are improved competitiveness and compliance with Act 930’s fair treatment clauses, but it requires ongoing research to adapt to trends like mobile money integration under Act 987. Ultimately, it drives ethical practices, reducing risks from events like the UT Bank collapse due to poor customer focus.