Haberfeld Wisdom Published Across the Nation
An FI’s “Efficiency Ratio” is simply money spent to money earned—the lower the ratio, the better. Banks with a high ratio often focus on cutting expenses (supplies, staff, salaries, etc.). In fact, it’s much better to increase the earnings side of things. How do we know our strategy works? From 2014 to 2017, we helped our clients improve their Efficiency Ratios by 63%, all through attracting new customers and Core Deposits at existing branches.
Read the article in The Great Lakes Banker
Small banks should embrace Big Data, especially in supporting key products and services. There’s no need to be overwhelmed, either; simply focus on the data that will help you offer the most personal and intuitive experience possible – especially when it comes to online/mobile banking.
Read the full article in the Wisconsin Banker
Haberfeld clients know us and our strategy as the way to dramatically increase core relationships and with that low and no cost core deposits. A few years back we teamed up with The CorePoint to offer the addition of CoreCD as a well-managed approach to time deposit management to that. CoreCD is taking the historical process for time deposits from a static rate sheet and exception pricing to the 21st century by providing employees the tools and training necessary. The back bone to CoreCD is a software driven sales platform that allows your employees to become a trusted advisor in the sales process. Coupled with Haberfeld’s training and strategy assessments, it becomes the natural addition to our core customers acquisition strategy, HPG™. Interest in CoreCD grew with the changing rate environment and the increased need for deposit growth in the industry. While Haberfeld does not offer CoreCD in tandem with the HPG strategy, it will be integrated with HPG as a way to accelerate deposit growth.
Read the article in The Financial Brand
Even though the banking industry has faced rough waters over the past decade, community banking still proves a profitable and valuable business with significant opportunities. But in order to thrive, community financial institutions must not follow the lead of the Bank of Americas and Chases and Wells Fargos – they have to focus on operating at capacity and serving more customers.
Read the full article in Texas Banking
As bankers, we love buzzwords and looking to the next big “thing” when making business decisions. But to disregard concrete data and draw conclusions based on trends we think we understand eventually allows for myths – myths that can be detrimental to a financial institution when put into practice. So what are they, and how should we approach them?
Read the full article in the Hoosier Banker
Amazon. Uber. Community financial institutions. Something seem out of place here?
These big-name consumer brands may operate on a much larger scale than the average neighborhood bank, but one notion remains constant: to achieve growth, they all need a solid mix of products catered to the needs of the majority.
Read the full article in the Illinois Banker Magazine
Marketing and sales serve independent purposes – but much like peanut butter and jelly or a bat and a glove – they just work better together. In general, marketing efforts bring prospects to the business, and then it’s the employee’s job to make the sale. But when employees don’t fully understand the products they’re selling and stay in the dark about marketing efforts, how can they be expected to successfully sell anything?
Read the full article in The Financial Brand
At the beginning of 2017, the dollar volume of home equity line of credit (HELOC) originations was at a three-year low. Finally, it seems HELOCs are ready to make their comeback.
Yes, consumer interest in HELOCs is growing, but that doesn’t mean community financial institutions can forgo a proper HELOC strategy and still achieve results.
Read the full article in Illinois Bankers Magazine
A community financial institution may have a superior product lineup or a dynamic marketing strategy or a contagiously friendly front line – but if it doesn’t have all three (among a collection of others), the institution will likely flatline. When it comes to growth, each piece of your strategy is as important as the next.
Read the full article in the Illinois Banker
Today, many community financial institutions adhere to “conventional wisdom.” That is, in order to grow their branch networks and become more profitable, they seek only those perfect, high-dollar customers and use an aggressive fee structure to offset the costs of those customers. While this approach may be “conventional,” it’s certainly out of date and no longer “wise.”
Read the full article in The Financial Brand
In the banking industry, fee income associated with checking accounts is declining. To offset this shrinking source of revenue, many financial institutions are doing the obvious – assessing more fees. But it seems these institutions have forgotten one key insight that should guide their fee strategy: consumers do not want to pay for checking, and they’re switching banks to avoid monthly charges.
Read the full article in Bankers Digest
What do a mortician and a community bank have in common?
Nope, this isn’t a bad joke. A significant amount of both morticians and community financial institutions report that they’re not operating at capacity. Both could offer more services without increasing fixed costs, which would dramatically increase revenue and overall profitability. So why aren’t these businesses focusing on attracting more customers?
Read the full article in Banking Matters