The Roy Morgan Research Finance Single Source Survey revealed 12 per cent of all Westpac Banking with a wealth management product purchased this product within the Westpac Group.
Westpac has overtaken National Australia Bank, who currently has a cross-sell rate of 11.1 per cent and had been in the lead for the past few years.
CBA Group, who was previously ranked second to NAB, has declined 0.5 per cent in its rate of cross-sales.
ANZ Group has improved its level of cross selling but still sits below the other major banks.
Roy Morgan Research industry communications director Norman Morris said Westpac’s success in cross selling its superannuation and managed investments to its customers in core banking products is most prevalent among younger and older age groups.
“The increase over the last couple of years though is evident among people born overseas and particularly people born in Asia,” said Mr Morris.
Another report by Roy Morgan Research showed Westpac has also reduced the rate of its customers intending to switch from its superannuation products.
The Roy Morgan Superannuation and Wealth Management in Australia Report showed the proportion of Westpac’s superannuation products with customers very likely to switch has declined from 7.3 per cent during the 2012 financial year down to 5.9 per cent during the 2013 financial year.
CBA, however, still remains in the lead in terms of the four major banks, with just 4.1 per cent of customers in their superannuation products looking to make the switch.
