Digitally Engaging the Mass Affluent

Working with “digitally-savvy” mass affluent customers, particularly on wealth management issues, requires moving away from a branch-centric service model to one that leads with digital tools and includes some personal interaction from a skilled investment advisor.  Unfortunately, many banks have been slow to “digitally engage” with the mass affluent market in ways that integrate both the personal Read More

By |2020-05-27T18:00:40-05:00October 1st, 2014|Comments Off on Digitally Engaging the Mass Affluent

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