January 2019

Specialty Fitness As A Banking Niche

Customer Segmentation

As banks look for deposits and more profitable relationships, one niche market that has emerged in the last three years is the rise of specialty fitness locations such as Orangetheory, Barry’s Boot Camp, 9Round, Cross-Fit, SoulCycle, FlyWheel, and others. In banking, these have come to be called “small format fitness,” and they represent a profitable and growing banking niche. These businesses have exploded in the number of locations and have capitalized on wellness and group exercise trends.

How, And When, To Position Loans Like Equity

Improving Loan Sales

We have witnessed some banks position their senior secured loans as quasi-equity financing.  This plays well to borrowers who are looking for long-term banking relationships, and it has helped these innovative banks secure quality clients, increase relationship lifetime value and drive core deposits.  In this blog, we will outline how these banks structure these credits and how they position these loans for maximum effect.

Preventing The Largest Mistake In Digital Banking

Better Bank Technology

It happens all the time. The next shiny object gets bolted to a bank’s digital platform, and a bank ends up with a hodgepodge of different applications, interfaces, workflow, and user experiences. For example, a bank may use two different applications for consumer and commercial account opening each with a different look and different set of business logic such as identity verification. To make matters worse, a bank may have different applications online as it does for mobile or in the branch.

Why You Should Tidy Up Your Bank Products

Kondo-izing Your Bank

After a bestselling book and new Netflix special, Marie Kondo has tens of millions of people around the world organizing their homes and businesses. The key to the methodology is not minimalism but mindfulness. It is asking yourself - does this procession “spark joy”? If the answer is yes, you neatly put a trifold in it and put it in your drawer or closet in such a way that you can see it. If the answer is no, you thank the object for its years of service and then promptly donate or trash it. Banks should do the same thing.

 

Curated Banking: How Rebundling Could Impact Your Future

The Future of Banking

Years ago, you went to the record store to purchase an album of music. It was curated by the artist, and maybe you liked two or three songs (unless it was Michael Jackson). In 2003, Apple Music was launched, and it soon became popular to purchase individual songs for a mere $0.99 each. However, it took work figuring out which songs to purchase and so by 2015; more people streamed music than downloaded songs. Now you go to YouTube, Spotify, Pandora, SoundCloud, Google or Amazon and simply listen to either their curated playlist or choose one from your friends.