Given that it is the start of the year, it is a common practice in banking to clean your desk to kick things off. When it comes to desk cleanliness, you have two choices: leave your desk alone or set it on fire.
Banker To Banker
If you think your bank has tough employees, consider a bank that brought in a motivational consultant that had the employees walk on a 6 ft. wide path of hot coals.
Knowing who your competition is, what they are offering, their delivery channels and service levels can help community banks differentiate their services and enhance their competitive advantage. Understanding the competitive banking landscape helps community banks set proper pricing, effectively respond to rival marketing, and compete more effectively. Analyzing the competition can also help a bank be realistic about which products it can sell and at what price.
The volatility that is kicking up in the market is causing a resurgence for banks to develop early warning signals on credit. Banks sit on a treasure trove of data that is only partially utilized.
Its said that the meeting is a practical alternative to work. We know one bank CEO in Oregon that removed all his chairs from a conference room under the concept that a meeting should never last so long that people get tired of standing.
Any relationship manager (RM) that has ever worked a conference knows how frustrating it is to try to track down that one prospect you have wanted to meet or catch up with. While you may have an attendee list, it is also equally frustrating to know who is in the room. This is where LinkedIn comes in with a feature that can revolutionize how you network and get the most out of any given marketing event. In this article, we show you how to leverage the technology to make you the smartest banker in the room.
Banks often run promotions or “behavioral campaigns” to elicit a certain action. The most common is to get a customer to try a new product such as an interactive teller, mobile app or to enroll in a loyalty program. Other uses include educating a customer on a new procedure (such as account access during an integration) or to provide additional information (such as an email). For any bank looking to run such a program, the data below will open your eyes and provide insight into how your bank can be more effective.
Quick, what is the single most important item to focus on for your bank’s strategic success? What are the tactics that need to be done today to ensure that success? After that, what is your next strategic priority? Would most of your team answer the same way? In strategic planning circles, it is called “working both ends of your plan,” and it highlights a weakness in many bank’s strategic processes. The average community bank spends 276 hours per year on putting together an update to their strategic plan, but the question is what value it adds to franchise value.
Almost all community bankers believe that they compete on the level of service that they provide to their customers – and this much is true. However, many community bankers believe that they provide an above average level of service – and that is mathematically impossible since some banks must be average and some below average. If you believe that your bank differentiates itself on the level of service that employees offer customers, then you must understand which
Statistically, we call it the density function. The more potential clients that are located in close physical proximity to each other, the higher the probability that each will become a client of your bank. Consider that during college, a time in your life was you likely had a high density of people around you, at any given moment, 20 people could randomly show up to your apartment or house. Sometimes you would be asleep only to wake up to find a small party in your living room without so much as an invitation.