As community banks and credit unions continue to weather the storm, marketing departments have had to make do with smaller budgets and fewer staff. Marketers of these financial institutions are charged with creatively generating revenue and exploring untapped markets for new customers – all with fewer resources. To make the most of their marketing dollars, many banks and … [Read more...]
Companies find fertile ways to make loans, while businesses find new financing
In this new era of banking, where real estate loans are often frowned-upon by regulators, niche markets are popping-up fast. Instead of loaning money for new buildings, financial companies are even lending money for new babies. “Fertility Finance” companies are partnering with doctors to make loans for in vitro fertilization, fertility treatments and egg harvesting. In … [Read more...]
What banks giveth, the tax man taketh away
A recent article in the Wall Street Journal talks about how banks that have given away incentives to new customers are now sending those same customers 1099’s. As the banking industry has become more competitive, especially with bank’s paying very little on CDs and Money Market accounts, many banks are offering gifts that are more valuable than a toaster. As a result, … [Read more...]
What really makes a Community Bank?
Why do you call yourself a community bank? Is it because your bank’s owners, directors and employees live in your community? Are they involved in the community? Do they belong to the Rotary Club? Do they sing in the church choir? Do they lead a Boy Scout Troup? If not, why not? Being involved in the community is the only way to really be a community bank and it’s one of … [Read more...]
And The Mobile Banking Winner Is…Google Wallet?
There is a great article in the latest edition of FastCompany.com titled Mobile Melee. It describes the companies and industries that are fighting it out to turn smart phones into “wallets” and who could ultimately control the multi-trillion dollar U.S. payments industry. The interesting thing about the article is that it predicts that banks will be the first ones out of … [Read more...]