Cross-selling in the crosshairs of regulators and consumers

Cross-selling is in the crosshairs of anyone who has anything to say about financial services these days—from Congress, to the media, to consumer protection groups. But at the BAI Beacon conference in October, cross-selling was a hot topic. So is cross-selling doomed or is it here to stay? This conflict epitomizes the two planets banks straddle these Read More

By |2020-05-27T17:59:51-05:00January 11th, 2017|Comments Off on Cross-selling in the crosshairs of regulators and consumers

Happy ‘grew’ year: Five best sales practices for banks in 2017

With just a few weeks left in the calendar year, 2016 has presented financial institutions with a multitude of growing-edge challenges sure to spill over into 2017. Like: How should banks partner with emerging FinTech players to attract and keep new customers? And: How do financial institutions address their growing concerns over personalized customer experience in an Read More

By |2020-05-27T18:00:04-05:00November 9th, 2016|Comments Off on Happy ‘grew’ year: Five best sales practices for banks in 2017

Automating loan decisions for small businesses

It’s no secret that small business loans historically offer small profit; in fact, there is little economic difference in funding a $100,000 loan versus a $1 million loan. However, even though these loans may not always be the biggest movers to a bank’s bottom line, this type of lending is essential to establishing and building lasting relationships Read More

By |2020-05-27T18:00:08-05:00July 15th, 2016|Comments Off on Automating loan decisions for small businesses

Three tips for growing core customer relationships

Have you heard this from a community banker? “We are uniquely positioned to service the affluent customer.” And, “Our service is second to none.”Don’t fool yourself. Your prospects don’t know about your service unless it causes problems for them. And, very few community-based financial institutions are more uniquely positioned to serve the affluent class than are their Read More

By |2020-05-27T18:00:09-05:00June 27th, 2016|Comments Off on Three tips for growing core customer relationships

Linking private and business banking

One way for banks to increase banker productivity and per-customer profitability is to better link their commercial and private banking/ wealth management efforts. Serving both the commercial and personal wealth requirements of a business not only builds revenue but also increases account stickiness and improves client retention.Only after starting my own business did I realize how intimately Read More

By |2020-05-27T18:00:09-05:00June 24th, 2016|Comments Off on Linking private and business banking

From customer friendly to customer intimate

In any company, rigorous strategic planning is bound to cause discomfort as old assumptions and long-held mindsets are challenged and re-examined. This was certainly the case for Billings, Montana-based First Interstate, an $8.7 billion community banking organization operating over 80 offices throughout Montana, Wyoming and South Dakota.Our strategic planning process explored new terrain and definitely shook things Read More

By |2020-05-27T18:00:10-05:00June 6th, 2016|Comments Off on From customer friendly to customer intimate

A closer look at alternative lenders

Over the past year, the alternative lending industry has taken several steps forward and, then, a big leap backward. The most notable step forward centers on the relationship between OnDeck Capital and JPMorgan Chase & Co. Chase now leverages OnDeck’s technology for its small business loans. This relationship, among others, has helped to focus senior bank managers Read More

By |2020-05-27T18:00:10-05:00June 3rd, 2016|Comments Off on A closer look at alternative lenders

Transforming branch staff with predictive analytics

In recent years, banks have been focused on driving costs out of the branch network with self-service technology, branch closures and staff reductions. Yet, there is a genuine risk that driving any more cost out of the branches with across-the-board staff cuts will drive customers out of the bank altogether.“Workforce is the lifeblood of any organization,” according Read More

By |2020-05-27T18:00:10-05:00May 15th, 2016|Comments Off on Transforming branch staff with predictive analytics

Nine tips for improving branch lobby performance

At one end of the continuum for branch lobby services and sales are those banks whose frontline staff are well trained and equipped to combine prompt, knowledgeable and courteous service with enviable cross-sale rates. At the other end … well, let’s just say no financial services provider wants to be there.Where does your branch performance land on Read More

By |2020-05-27T18:00:11-05:00May 12th, 2016|Comments Off on Nine tips for improving branch lobby performance

Ten steps to succeed with microbusinesses

Microbusinesses, defined as firms with annual revenues of less than $1 million, constitute 90% of all businesses and thus represent a significant opportunity for banks. But given the small size of loans involved in this segment, how does a bank profitably serve these customers?The following is a suggested ten-step process for improving branch sales and service to Read More

By |2020-05-27T18:00:11-05:00May 2nd, 2016|Comments Off on Ten steps to succeed with microbusinesses

Crisis in promotional deposit pricing

Price promotions long have been an important tool for deposit-gathering, both to meet long-term funding goals and to quickly acquire balances in special situations. While the deposit-rich environment of recent years has muted much of the need for deposit promotions, these campaigns are set to proliferate as banks seek funding to accelerate loan growth and begin to Read More

By |2020-05-27T18:00:12-05:00April 22nd, 2016|Comments Off on Crisis in promotional deposit pricing

Checklist for small business banking success

“Why should we bother with small businesses? Your own numbers say most banks lose money from small business loans.” – Retail bank head, Northeast “We are much more interested in the middle market than small businesses. We can make larger loans at a similar cost base. We are avoiding small business lending.” –Retail bank head, Southeast “We Read More

By |2020-05-27T18:00:12-05:00April 14th, 2016|Comments Off on Checklist for small business banking success

Redefining the top-of-wallet customer

Influencing a customer’s decision to choose a specific credit card for any given transaction from her wallet can be challenging for card issuers. In the typical lifecycle of managing a bankcard customer, driving activation and usage is one of the most critical aspects of engagement.This is indeed a challenge for issuers, because consumers have many options available Read More

By |2020-05-27T18:00:12-05:00March 29th, 2016|Comments Off on Redefining the top-of-wallet customer

Three branch models for the future

If you have only scanned the headlines from the business world, the news about bank branches seems grim, as every week brings more branch closings by banks and credit unions.In many of those instances, managers of the financial institution cite the changing nature of customer behavior.  And yes, transactions are down dramatically, with volume dropping 45% since Read More

By |2020-05-27T18:00:13-05:00March 28th, 2016|Comments Off on Three branch models for the future

Three essentials for bank-at-work programs

It goes without saying that retail banking has many moving parts and Bank-at-Work programs are no exception. From target strategy to sales protocols and from results tracking to offer fulfillment, successful program implementation requires that banks maintain a comprehensive structure around their Bank-at-Work initiatives.But within that program structure, three things stand out because without them you’ll just Read More

By |2020-05-27T18:00:13-05:00March 11th, 2016|Comments Off on Three essentials for bank-at-work programs

Six keys to cross sell success

We all love lists, particularly those New Year’s resolutions for improving our businesses and ourselves. But the fact is, for most financial institutions, that any list should begin with one item. Once that item has been addressed in detail and signs of success have begun to appear, then banks should focus elsewhere. No other activity provides the Read More

By |2020-05-27T18:00:14-05:00February 5th, 2016|Comments Off on Six keys to cross sell success

Five ways to make cross-sell more effective

It's common knowledge that it’s easier and cheaper to sell to existing customers than to attract new ones. However, according to studies that I conducted at two major banking institutions, many cross-sell efforts result in little or no improvement in customer profitability. There are two primary reasons for this. First, most banks do not have an effective Read More

By |2020-05-27T18:00:16-05:00December 1st, 2015|Comments Off on Five ways to make cross-sell more effective

Three priorities to set for 2016

Many banks are now in the midst of their budget and planning seasons, aimed at improving efficiency and performance in 2016. The continued low interest rate environment, limited growth opportunities and more non-traditional competitive threats have increased the pressure on bank managers to set clear, high-impact goals and deliver on them in order to demonstrate success. As Read More

By |2020-05-27T18:00:18-05:00October 9th, 2015|Comments Off on Three priorities to set for 2016

Customer journey management for added value

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 loyalty and net promoter score that come with a strong multi-product relationship. But this has not come to pass. Why? The answers Read More

By |2020-05-27T18:00:30-05:00August 16th, 2015|Comments Off on Customer journey management for added value

Five steps for hiring bankers who can sell

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 one thing you must recognize is that you and your process are responsible for the quality of the salespeople on your team Read More

By |2020-05-27T18:00:30-05:00August 11th, 2015|Comments Off on Five steps for hiring bankers who can sell