Personal branding offers benefits beyond increased recognition
People pick their bank in part because they can reach their banker when needed. Why not convert that into a brand that tells both a personal story and the story of the bank? [Continue]
Banker shares social engagement strategies
Technology has changed banking — retail bank visits are forecasted to drop by 36 percent by 2022 while mobile transactions are expected to increase 121 percent — and it’s changed how customers interact with their banks. [Continue]
Getting and keeping customers: How to pull without pushing
As more and more banks take advantage of convergent technologies and cross marketing, including retail banking, investing, insurance, mortgage and college financing, they’re pushing the hell out of “tell and sell” — and pushing consumers right to the edge. [Continue]
Cross-selling: Give customers more ‘bank for their buck’
At any given time, one-fifth of banking customers are researching where to buy their next product or service, and 42 percent of those who left one institution did so because they received an offer or took notice of an advertisement from a different financial institution. [Continue]
Nobel Prize validates theory on customer motivations
The Nobel Prize in Economics awarded Oct. 8 to professor Richard H. Thaler for his behavioral economics work on irrational financial decisions confirms the Money Anxiety Theory and its application in banking.
Research in behavioral economics shows that money anxiety is a major factor impacting financial decision-making. The 2013 book, “Money Anxiety,” which I wrote, demonstrates how money anxiety shapes our financial decision making. For example, when money anxiety is elevated during recessions, people tend to shift money from higher yielding bank accounts to much lower yielding bank accounts just to feel that their money is more readily available. This is a phenomenon known as “mattress money.” [Continue]
Deposits may drive rebirth of bank clubs
In a big shift from a few years ago, deposits are again coveted by most banks. For a while, many banks were so flush with cash they actually turned away customers who had large sums of money to deposit. But today loan demand is up and other investments are competing for those deposit dollars. Note the Dow Jones Industrial Average recently topped 23,000. [Continue]