By Neal Reynolds A few weeks ago, I wrote a blog entitled, “Prevent bank branch closings with free WiFi” that received a huge response. Then, just last week, the Wall Street Journal wrote an article “Bank To-Do List: Make a Deposit, Grab a Brew, Maybe Strike a Pose,” where they talked about the many ways banks are drawing potential customers into their branches. Umpqua … [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...]
Community Banks and Credit Unions Catch a Break with Bank Fees
It’s been all over the news for weeks and people everywhere are getting fired-up about it. Even President Obama recently aired his complaints to ABC News, saying it was unfair to customers. We’re talking about bank fees. So what’s up with these bank fees and why are banks charging them to customers? It’s simple economics, really. Banks profit by loaning consumers and … [Read more...]
How to market your Internet Bank
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...]
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...]