I’ve written several articles about the future of banking, but it appears the Financial Accounting Standards Board could be putting nails in a few coffins. FASB’s complex proposal (Current Expected Credit Loss, or CECL) would force community banks to record a provision for credit losses the moment they make a loan. Let’s look back a few years at around 2007 and 2008, around … [Read more...]
The powerful, but quiet marketing message of the Best Banks
In mid-January, ”American Banker” released its list of “The Best Banks to Work For”. The title alone may beg the question: What in the world does employee happiness have to do with marketing a bank?’ Plenty. Just take a look at three of the banks on the list and how they go the extra mile for the employees. And moreover, think about the message those happy employees … [Read more...]
Opening Doors At Banks
To hear politicians and social activists and critics tell it, the financial services industry – banks included – is driven by greed. Profit, the critics contend, is the sole motivation for a bank to unlock its doors each morning. But a November 2015 story in the American Bankers Association Banking Journal tells a far different story, of how two executives at a … [Read more...]
10 ideas to boost your bank brand
Ok kids, it’s time to loosen your tie and consider some unconventional ways to boost your bank’s brand. They’re uncomplicated, inexpensive and can spark a buzz among current and prospective customers. These are ideas that shatter the notions of conventional bank marketing: Have a little fun at the expense of your competitors: One major bank brand uses green bicycles and a … [Read more...]
The power of “old-school social media”
I have a friend, a retired executive for a well-known global brand. On a wall in his home hangs a letter. It’s not a letter from his CEO, the President of the United States or a celebrity. It’s a rejection letter he wrote to a job candidate who didn’t fit the bill for his department. Unusual as this may seem, hear me out. The bright young woman came in to interview, … [Read more...]