Serving the Underserved with Prepaid Cards

Half the world’s adults, over 2.5 billion people, do not have a formal bank account, according to the World Bank. In the United States, the segment of financially underserved consumers is substantial, whether they fall into the unbanked or underbanked categories. According to the FDIC, this seemingly high-risk group makes up over 10 million households across America. Read More

By |2020-05-27T18:00:40-05:00September 9th, 2014|Comments Off on Serving the Underserved with Prepaid Cards

Creating Your Own Ad Network

In the first half of 2012, Amazon reportedly spent $54 million and the University of Phoenix $37.9 million on pay-per-click advertising. With Google advertising costs going through the roof, community banks have a tough time competing with the larger banks. Instead, they’re faced with the reality of how easy it is to run out of advertising funds extremely Read More

By |2020-05-27T18:00:41-05:00August 26th, 2014|Comments Off on Creating Your Own Ad Network

Marketing to the Emerging Affluent

Many banks are devoting an increasing amount of their marketing and technological resources to court the mass affluent, who represent 13 million households with a total income 50% higher than the U.S. National Average. However, this appealing demographic is a difficult group to attract and keep. Their selection of products and services is based on convenience, returns Read More

By |2020-05-27T18:00:43-05:00May 21st, 2014|Comments Off on Marketing to the Emerging Affluent

Singles, Not Home Runs, for Small Business Success

Baseball fans know who hit the most home runs in a single season. Depending on your age and the purity of your perspective on the game, the established home run leader is Babe Ruth (154 games), Roger Maris (with an asterisk denoting 162 games), or Barry Bonds (73 home runs with an asterisk denoting likely steroid use). Read More

By |2020-05-27T18:00:43-05:00May 16th, 2014|Comments Off on Singles, Not Home Runs, for Small Business Success

Strategic Matrix for Customer Acquisition and Retention

Financial institutions are facing extreme polarity in the financial needs and wants of the baby boomers, on one side of the spectrum, and the millennials on the other. The shift in demographics and advances in technology are forcing financial institutions to make difficult strategic decisions on product and services moving forward. The post-World War II baby boomers Read More

By |2020-05-27T18:00:44-05:00April 8th, 2014|Comments Off on Strategic Matrix for Customer Acquisition and Retention

Ten Myths about Workplace Banking

Financial institutions are facing declining branch transactions and diminished branch sales. As a result, more banks are looking to Workplace Banking as an effective channel for attracting new customers, expanding relationships with existing customers and therefore improving sales productivity and cost efficiency. After all, Workplace Banking puts branch teams in front of prospects and customers they no Read More

By |2020-05-27T18:00:44-05:00April 4th, 2014|Comments Off on Ten Myths about Workplace Banking

Strategies for Cross-Selling Success

Cross-selling, or persuading customers to purchase additional products, is one of a bank’s most powerful and efficient revenue-boosting tools. Yet, many banks do not cross-sell effectively. In today’s competitive market, banks need to develop carefully planned, measured and specialized programs to engage and target customers effectively through cross-selling. For the purposes of this article, we’ll consider cross-selling Read More

By |2020-05-27T18:00:45-05:00February 10th, 2014|Comments Off on Strategies for Cross-Selling Success

Identity Protection as Bankable Loyalty Solution

The conversation about identity theft is growing – Hollywood even explored the topic in the 2013 movie “Identity Thief” – and in that conversation is a bankable loyalty solution. Consumers already look to financial institutions to manage their finances and plan for the future. Why shouldn’t they look to banks to secure yet another asset, their identities? Read More

By |2020-05-27T18:00:59-05:00January 8th, 2014|Comments Off on Identity Protection as Bankable Loyalty Solution

Rising to the Challenge of the Rising Mass Affluent

The desire for growth is leading bankers to renew their focus on capturing the mass affluent population. In the U.S., these are the people with liquid investable assets ranging from $250,000 to $1 million, representing more than $7.5 trillion in assets. But for most banks, making inroads with the mass affluent population has proven difficult. The reality Read More

By |2020-05-27T18:01:00-05:00November 20th, 2013|Comments Off on Rising to the Challenge of the Rising Mass Affluent

Predictable Fees for the Underbanked

“What do you mean I have to pay $120 to check my luggage? I’ve been using this luggage without having to pay baggage fees for a long time.” Sound familiar? It doesn’t just happen with airlines. That is how many of your customers, especially those with lower incomes, react to overdraft and insufficient funds checking charges. They Read More

By |2020-05-27T18:01:03-05:00August 6th, 2013|Comments Off on Predictable Fees for the Underbanked

Winning Back the Middle Market

As banks struggle to generate new revenue, more are increasing their focus on middle-market companies (typically $10 million to $100 million in revenues) because they are attractive clients for lending, fee generating products and cross-selling. However, insufficient market differentiation, dysfunctional organizations, overstaffing or the wrong staff and an inadequate sales management process all combine to limit bank Read More

By |2020-05-27T18:01:04-05:00June 14th, 2013|Comments Off on Winning Back the Middle Market

Collections for Customer Service

In the throes of the credit crisis five years ago, who would have guessed that Collections would turn out to be one of the most ardent keepers of the customer experience flame? But it’s true. We are now seeing a bright new Collections culture emerging at banks large and small. It is clearly a welcome development for Read More

By |2020-05-27T18:01:07-05:00March 22nd, 2013|Comments Off on Collections for Customer Service

Buying a Branch? Look Before You Leap

With the expansion of digital channels, a decline in branch traffic and the current industry focus on controlling costs it’s not surprising that some financial institutions are reducing their branch network. In 2012, over 700 branches were closed. Institutions with large branch networks, such as Bank of America Corp., HSBC and SunTrust Banks Inc., have all announced Read More

By |2020-05-27T18:01:07-05:00March 15th, 2013|Comments Off on Buying a Branch? Look Before You Leap

Going Local to Optimize Branch Profitability

Former U.S. Speaker of the House Tip O’Neill famously coined the phrase “all politics are local,” expressing the need for successful politicians to understand and reflect the concerns of their local constituents. And the same sentiment couldn’t be more true for banks and bankers. In this era when consumers and small businesses are migrating away from physical Read More

By |2020-05-27T18:01:08-05:00February 15th, 2013|Comments Off on Going Local to Optimize Branch Profitability

How Bank-at-Work Can Work

"Bank at Work,” or workplace banking, is not a new concept but it’s one that may deserve a second look from growth-starved bankers since best-in-practice banks have embraced this strategy to drive as much as between 40% and 60% of all new consumer accounts. And the time is definitely right for this renewed attention. Fewer customers are Read More

By |2020-05-27T18:01:10-05:00November 21st, 2012|Comments Off on How Bank-at-Work Can Work

Understanding Customers with Segmentation Toolkits

Want to be able to hone in on what product your best business customers are likely to want next and which prospects will be the most profitable to target? Consider utilizing a “segmentation toolkit,” said Susan Brown-Monforte, senior vice president and marketing group manager for San Diego-based California Bank & Trust. Brown-Montforte made her comments during a Read More

By |2020-05-27T18:01:10-05:00November 6th, 2012|Comments Off on Understanding Customers with Segmentation Toolkits

Segment-based Deposit Pricing

Banks face a real quandary as they consider what to do about their deposit portfolios. As asset yields have collapsed, banks have responded with steady reductions in deposit yields, which have fallen by more than 300 basis points since 2007. But even with yields at historic lows, more tightening will be needed given the market outlook for Read More

By |2020-05-27T18:01:12-05:00August 24th, 2012|Comments Off on Segment-based Deposit Pricing

Small Business Still the Charm

Community banks are struggling in many areas of the country and there’s been much industry commentary on how this category of financial institution will have a difficult time competing with larger banks in the future. But Richard Dailey, CEO of the $215 million-asset Apollo Bank in Miami, asserts that a community bank focused on small business customers Read More

By |2020-05-27T18:01:13-05:00August 1st, 2012|Comments Off on Small Business Still the Charm

Time to Overhaul Your Analytics Engine?

A friend reports on a recent and rare visit to his bank branch: “I felt like I was in a time warp. There were signs all around pushing home equity loans. Are those tactics working well these days?” He has a good point. Banks are still in the banking business; they can’t start selling handbags and tattoos Read More

By |2020-05-27T18:01:13-05:00July 24th, 2012|Comments Off on Time to Overhaul Your Analytics Engine?

The Segmentation Conundrum

In the wake of recent regulatory restrictions on fee income and the continuing sluggish economy, financial institutions are increasingly targeting certain high-profitability affluent and mass affluent customer segments. However, this customer targeting creates challenges, which might be described as the “segmentation conundrum,” highlighted in slide 4 of JPMorgan Chase & Co.’s 2012 Investor Day presentation. The chart Read More

By |2020-05-27T18:01:14-05:00June 11th, 2012|Comments Off on The Segmentation Conundrum