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...]
Build a Killer Calendar: 12 Months of Marketing Ideas that Work!
As you know, I spend a lot of time writing about marketing and advertising plans for financial institutions. The most common response I get is, “Great ideas, but where do I start?” So, today I want to help you put these ideas on your calendar! January: Start today promoting your IRA and SEP’s. Most people in America are starting to think about filing their income taxes … [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...]
Develop Marketing Plans, Not Severance Plans
New banking regulations, reduced loan volume and intense competition are causing banks all over the country to search for ways to cut overhead. FDIC data shows that small banks as a group are less efficient than the larger ones. In the most recent quarter, 76 cents of every $1 in revenue at banks with less than $100 million in assets was used to cover expenses. At the larger … [Read more...]