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...]
What’s closing bank branches faster than the FDIC?
If you’ve heard it once, you’ve heard it a million times: mobile banking is going to change the banking industry. Sure, it won’t be overnight. But from all of the research I’ve seen, it won’t take long. I recently spoke at a Jack Henry Banking Educational Conference, where I held up my iphone and asked everyone what it was. As you can image, they all answered, “a phone.” I … [Read more...]
The switch is on – switching banks is becoming a lot easier
For several years now, I’ve been preaching about how banks and credit unions need to get their customers to use online bill pay and direct deposit. The reason is simple: the more bills a person or business pays online, the less likely they are to switch to another financial institution. Once a person inputs all of their vendors and monthly bills, they won’t want to go … [Read more...]