By Neil Stanley The March 12, 2018 article by The Financial Brand, “How Banks and Credit Unions Can Survive Rising Interest Rates,” brings attention to the struggles banks and credit unions face today in attracting and retaining long-term savings depositors. In a recent study by Raddon, consumers were asked if they planned to open a CD or money market account in the next … Read More
Referrals That Get Results in Just Four Steps
By Clint Goelz When a referral results in a new core relationship, something beautiful happens! It’s a positive endorsement of your bank or credit union’s customer service and typically results in a more loyal relationship. Referred customers and members require fewer marketing dollars than non-referred new customers, so your institution can generate more revenue at a lower cost. According to … Read More
Pop the Hood: A Customer Service Checklist
By Bill Etmund Your car seems to be running just fine. No menacing dashboard lights are blinking at you. But since you’re a wise car owner, you occasionally drive your vehicle in for a maintenance checkup. You have the brakes checked, the cooling system examined, etc. You depend on your car, and you know that the consequences of neglect can … Read More
All In
To paraphrase the old saying, all courses of action are risky, so fortune favors those who calculate risk and act decisively. The same goes for poker players who know when to go all in, and for community financial institutions that want to win and attract all the customers they can. By Stephanie Kubert Over the last several years, “all in” … Read More
If your bank is half full, why not fill it up?
Big or small, a business has fixed costs. If you’re already spending that capital, doesn’t it make sense to do what you can to not just look for the right customers, but more customers? By Bryan Easley Recently, I was going over account profitability assumptions with the management team at a prospective client’s office. This bank had about 850 checking … Read More
Give it away
By Bill Etmund All financial institutions (FI) would like their customers to view the FI as their primary place for banking. To expand a customer’s relationship beyond the checking account, FIs must offer the expanded services a consumer would need. Customers who have multiple products with a bank are more stable and more profitable than single-product customers. The best time … Read More