Banking Blog

How To Get Conversational For Bank Search Marketing

Enhancing SEO for banks

“What do I need to open a checking account?” and “What is the best savings account?” are two trending bank-related searches that are becoming popular. In years past, potential bank customers used to put in a utilitarian “checking account” to search banks offering checking accounts. Now, given changing search engine algorithms, better content, and more comfort using conversational searches people are using complete sentences in their search query. As a result, some banks are leaping ahead of the competition by leveraging this trend.

Learn From A Pirate - Negotiating Bank Products With Customers

Those Somali pirates are a wily bunch. While pirate attacks off the coast of East Africa are down, the average ransom is up. Most of the increase can be attributed to going after more modern ships and with better negotiating tactics.  The Economics of Security research initiative looked at 179 hijackings and interviewed professional pirate negotiators to see what can be gleaned. The results were not only interesting; they hold the keys for bankers looking to negotiate bank acquisition, a branch purchase, product pricing or a loan workout.

The Best Way To Structure The First Page of a Credit Memo

Improving Your Credit Memo
IMPROVING YOUR CREDIT MEMO

In banking, as everywhere else in life, you never get a second chance to make a first impression.  The first page of a credit memo is essential for credit analysts, lenders, management, and board members.  The first page is prime real estate where the average reader will spend 25% to 50% of the time reviewing the credit submission.  Because the first page commands so much of the average reader’s time, it is vital to draft the first page clearly, concisely and compellingly. 

 

The Credit Memo

 

A Checklist For Any Bank Considering a Payment Strategy

Payments

When it comes to long-range strategic planning in banking, what to do about payments, should be in the top five considerations up there with treasury management, capital allocation, risk tolerance, and human capital. Payments are such a central part to banking and are now undergoing such a radical change that all banks have an opportunity to reclaim transaction market share back from the card networks, card processors and even national banks. Below, we highlight our ten considerations when developing a payments strategy.

 

10 Ideas For Our Bank We Got From Wegmans

Learning from non-banks
LEARNING FROM NON-BANKS

Last week we tagged along with The Bank of Charles Town (BCT) crew who, like us, are heavy believers in “cultural tours.” BCT used a series of these tours to kick off their strategic planning season with the purpose of grabbing ideas that could spark creative thinking. Almost every time we debate if it makes sense to put the crush of our To-Do List on hold for a day and spend time at an unrelated industry. Fortunately, every time we come back from one of these tours, we have a list of tested ideas that end up saving us countless hours.

How Financial Education Quantitatively Helps Banks

Financial Literacy
THE ECONOMICS OF FINANCIAL LITERACY

Many banks put financial literacy education squarely in their Community Redevelopment Act (CRA) effort using the mindset that financial literacy is an affliction of low-to-moderate income households. The reality is, financial illiteracy affects us all. Some banks believe consumer financial literacy is not only good for consumer prosperity but also makes good business for banks. While this seems logical, it has been hard to prove.

Bank Worker Productivity and The Technology Imperative

Bank technology investment
BANK TECHNOLOGY INVESTMENT

Back in the 1980s, there were more banks, smaller banks, and little technology. We were still driving checks around, there was no online banking, and networked ATMs was the latest in bank technology. At the time, the rule of thumb for bankers was that each bank employee produced about $20,000 of operating profit per year. Since each bank had about 100 employees, operating profit was about $2mm per community bank. In this article, we look at how this equation has changed and what it means for the future.

 

8 Ways To Attract The Wrong Clients To Your Bank

MANAGING BANK CULTURE AND PROFITABILITY
MANAGING BANK CULTURE AND PROFITABILITY

Given that strategic planning season is upon us, one key affirmation is to verify if you are targeting not the customers that you have now but the customers that you want. Chances are, at least at some level, you are attracting the wrong customers that are not profitable, not engaged, not being a raving fan, causing some level of pain, or all four.

 

A Loan Strategy Given Lower Rates

Increasing Lending Profitability
INCREASING LENDING PROFITABILITY

Many industry analysts are increasingly gloomy on the banking industry, trimming expectations for net interest margin, interest income, and total profits. With long-term interest rates declining within a whisker of the lowest level in history, many analysts are reducing their forecast of banking profits by up to 10% through 2020 or 2021. However, we would like to share a current proven strategy for community banks to make the best of the current interest rate environment, lock-in their best clients, increase cross-sell opportunities, and actually increase margins. 

 

Two Proven Secrets To Faster Bank Decisions - Part II

Critical Thinking
CRITICAL THINKING

In Part I, we highlighted how having too much information about a decision often increases the confidence about the decision but usually doesn’t change the accuracy of the decision. In addition, gathering information takes time and effort, so the result is a more expensive and time-consuming decision that gives you a false sense of comfort. While most banks use the basic seven step process outlined below, in Part II, we highlight two additional rules for the decisioning box that can help increase decision effectiveness.  

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