A reader of this blog recently asked my advice on the most economical and effective way to market an Internet bank. The truth is – basic marketing rules still apply. Like with marketing traditional banks, your primary concern should be who your audience is. Internet banks attract a very specific kind of banking customer – one that is computer savvy and comfortable doing … [Read more...]
Times are a changing…
As a small business owner, I remember the days when deposits had to be made at my bank by 2:00 PM. The mailman would sometimes be late coming by my office, so I would always stress out over covering the checks I needed to pay or had already written. I even kept a map of all the bank branches so that if a client called to pick up a check, I knew where I could make the deposit … [Read more...]
Wells Fargo, SunTrust and Regions Bank Introduce New Fees
Brace yourself: here come the fees. Last week, we talked about how the country’s banking environment is evolving in light of recent regulatory changes and their negative revenue impact on banks. Recent federal regulations have capped overdraft fees, certain levies on credit cards, and even what banks are allowed to charge merchants when customers use their debit … [Read more...]
Bye, Bye Banks
Let’s all say goodbye to banking as we know it. The writing is on the wall. Or, should we say, the writing is in the new Dodd-Frank financial reform bill. For many years, community banks have handled the financial needs of local towns and communities. These banks took in deposits, made loans, and earned a small margin in between. Then someone in our government decided … [Read more...]
7 Disciplines You Should Expect from Your Banking Sales Team
No matter how creative or innovative your marketing ideas are for your bank, you have to have the right salespeople in place to effectively carry out your strategy. But when hiring or managing your salespeople, how do you know who has what it takes? Here are some tips from my friend, Louie Bernstein of www.sales-getters.com, who has over 22 years of experience successfully … [Read more...]