I have written a lot in the past several months about all of the competition that traditional banks face today. In addition to dealing with bad real estate loans and rising FDIC fees, banks are now watching as brokerage and mutual fund firms introduce online bill pay, free checking accounts, and high yield saving accounts. In an article in the Wall Street Journal last … [Read more...]
Don’t worry about training your staff and having them leave – worry about not training them and having them stay
I’ve written before about the need for financial institutions to train their sales reps. The reason is this: most banks and credit unions have never had to worry about selling anything. They opened a branch and people just walked in and opened an account. But as we all know, those days are over. Today, even people who have bank accounts are starting to use PayPal or … [Read more...]
Community banks and credit unions look online for marketing help
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...]