What truly makes a bank a community bank? Is it because it’s in a small town or community? Is it because the money comes from and stays in the community? If that’s the case, why isn’t the local grocery store called a community grocery store? Is your favorite restaurant referred to as a community restaurant? I think most bankers in “community banks” want you to believe … [Read more...]
Social Media for Community Banks
I work with a lot of community banks around the country and many of them are asking about social media. Should we be on Facebook? Should we Tweet? What about LinkedIn? I tell them that before they start worrying about all of this new media, they should concentrate on two of the oldest and most proven forms of social media: the mail and the telephone. Instead of worrying … [Read more...]
Online Bill Pay – Make Them Customers for Life!
A few years back, my cable went out suddenly during a football party. The wings were hot, the beer on ice. We were all sitting eagerly in front of the television, decked in orange and blue . . . and then, just after the first play of the game: blackout. I was so angry that I vowed to never pay for another service from them ever again. I called a satellite company the very … [Read more...]
Till Death Do Us Part
In this new era of banking, banks need to start rethinking the way they handle their customers. In the past, most banks just looked at how many new customers they acquired each month or how many new checking or CD accounts were opened. But today, banks have to think about cross-selling or up-selling their current customers to additional products or services. The more products … [Read more...]
Why are Bankers So Afraid of Phones?
I have owned a business for over 25 years and I have never, never had a banker call and ask me for my business. I did have a very large bank (SunTrust) send me an expensive pen in a nice wooden case, but no one ever bothered to call me. I’m sure their marketing department spent months and thousands of dollars trying to acquire more business customers, but somehow they forgot … [Read more...]