For the last couple of years, bankers and financial gurus all over the world have been trying to predict where the banking industry is going. We’ve all heard about the “digital wallet.” There’s Google Wallet, MasterCard’s PayPass Wallet, Square Wallet, Lemon Wallet, PayPal and more. But while everyone was making their predictions, a pseudonymous developer named Satoshi … [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...]
Why Banks are like Flower Shops
Years ago, I invested in a flower shop. It wasn’t your typical corner flower shop filled with red carnations and yellow roses. In fact, we didn’t even have a shop. All we had was a van for deliveries. I researched the flower industry and found that flower shops have very high margins, but very small profits. The main reason for this is the overhead cost and the fact that … [Read more...]