A business can thrive or fail based on its internal culture since culture impacts morale, productivity and, ultimately, the bottom line. In many ways, culture is like a personality that reflects the values and Read More
The ability to offer a menu of business banking services is critical for financial institutions in today’s competitive lending environment. In prior generations, people fostered relationships with only one bank or even one banker. However, Read More
I find it interesting that so many bloggers on financial technology (fintech) sites deride the banks for being slow, clueless or stupid. They talk about how banks don’t do this, don’t do that; fail at this, Read More
For over thirty years customer service has been one of the most discussed topics in the financial services industry but it is difficult to name more than a couple of banks that have distinguished themselves Read More
For 15 years or more, marketers in retail banking have heard that delivering “the right product to the right customer at the right time” will yield the maximum conversion rate, product penetration and benefits of Read More
Recruiting is a big problem for most banks and financial firms. The question is always, “How do I hire bankers who can also sell?” Unfortunately, there is no simple answer to this question. However, the Read More
Financial institutions are primarily focused on meeting the needs of Americans that fit into certain demographics. The rest of the population ends up as the underbanked – consumers with needs viewed as too costly, too Read More
Financial institutions are under immense pressure to find new ways to acquire customers, strengthen and grow existing customer relationships and generate revenue. Understanding what motivates different customer groups is critical for designing and delivering products Read More
As mobile banking apps become more prevalent, institutions need to take advantage of the mobile platform as a marketing opportunity. The best way to do this is by producing an app that delivers a useful, Read More
Although banks have continually sought to offer better products and prices to improve the customer experience, since the financial crisis many have been hampered in these efforts by regulatory burdens and a cost-cutting mindset. The Read More
In the not-too-distant past, tellers at local branches were the main touch point between banks and their customers and were able to offer personalized service. Now, however, mobile and online banking have reduced the human Read More
It’s a common belief that banks should implement social media with the sole purpose of making a sale online. But think again: Pushing goods and service messages without context replicates the archaic process of cold Read More
In the wake of the popularity of the American Sniper movie, it might be helpful for bankers to think of product development in terms of some key lessons learned from special operations warfare. Consider Read More
If an industry is only as healthy as its customers, then the banking industry has some work to do. A number of studies have revealed very compelling findings about the state of financial wellness in this Read More
Last year, the retail banking industry sent paper checking account statements to 69 million households at an average cost of $9 per customer. Two-thirds of this expense can be avoided when banks deliver eligible Read More
When customer loyalty is tenuous, as it is today in banking, selling is especially challenging and requires more sophisticated approaches involving both management and sales staff. Yet, in our interactions with hundreds of banks across Read More
Every vendor from grocery stores to gas stations offers loyalty programs these days, but what makes one stand apart from another? As consumers are bombarded with offers to earn points and Read More
A typical community banker would have you believe that they have built great relationships with their customers. Then, these same bankers frequently express their frustration that it is impossible to sell properly-priced longer-term deposit accounts Read More
No matter the business or industry, there’s plenty to worry about when orchestrating a merger or acquisition. Inevitably, in the middle of consolidating and integrating organizations’ financials, personnel and other tangible assets, factors such as Read More
For all that has been written about branches succumbing to the digital onslaught, it seems clear that banks will be clinging to the majority of their street corner outlets for some time to come. But Read More