With increased costs, expect a fight to retain and attract client deposits. Here’s how your financial institution can come out on top.
As the urgency grows to drive revenue growth, banks will get more lift from high-value opportunities to expand relationships than from raising fees or cutting costs.
Trying to follow the lead of big banks by adding fees will throw away one of the few remaining advantages possessed by community banks – simple products and services.
Dealing with all the threats to checking account profitability requires new product and pricing strategies.
TransUnion analyst Chet Wiermanski says consumer credit situation improving – but watch those caveats.
At a time when banks want to serve each customer as fully as possible, most don’t yet have a good grasp on priority household financial needs and the value of meeting them.
As consumers fret about the future and seek safety for their funds, banks are actually seeing deposit balances increase even when they lower their interest rates.
To avoid damaging good customer relationships because of credit issues, financial institutions need to take a more proactive approach to handling delinquencies.