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Silver Bullets for Bank Growth

March/2008
It is trying times for many community bankers. However, I suggest these are GREAT times for those community bankers who can look back at previous 'down economies' and remember those who are proactive in these times win BIG rewards when the economy recovers - which it will.
 
I urge you to: review the wisdom of keeping weaker employees; fix what was broken with your growth plan; and look at what management can do to empower employees to be better at their jobs.
 
For those who remain out of their fox holes these are great times to take business from your strongest competitors.
 

New Banking Success Book - Just Published! 

A new book for bankers who want big jumps in revenue - quickly! My book is filled with exciting examples and doable ideas for virtually any size bank. A proven game plan to rapid success.
 
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A SPECIAL INTRODUCTORY OFFER - regualr rice is $19.95 but for a limited time only for $14.95 you will receive an author-signed copy. Call or email your order today. It is a true win-win opportunity!

Good Stuff for Bank Presidents and BoardsBusiness people within blue globe

Philip Smith of Gerrish McCreary Smith sends out a monthly newsletter full of terrific information. While legal stuff for the most part it is succinct, pithy and on point about issues facing bank boards and senior stockholders today. Well worth the subscription price. Contact: [email protected] .
 

ABA LogoNew Core Deposit Attraction Device

With the sinking interest rate some banks are finding success attracting new core deposits by paying as much as 6% on checking accounts. There are some stipulations: must have and use their debit card, have statements delivered electronically and have a lest one direct deposit or auto debit in the account monthly. Failure to use the debit card as required drops the interest rate.
 
The nice advantage about this approach is that it can collect funds across the nation. Several banks report good success: State Bank of Toledo and Bank of Fayetteville.
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ABA LogoTips for Success in a Down Economy

  • Communicate a lot with current customers, especially those 20% who drive 80% of your income.
  • Be very selective in which expenses you cut.
  • Weed out your lower performing employees and replace with better ones.
  • Keep building on your growth plans, especially now.
  • Use slow times to better empower employees with new skills training.
  • Now is the time to attack your weaker competitors.

New Ways to Deal with Customers

Banks are starting to use some of the new communication technologies to beat competitors who are slow on the uptake. One technology is video-enabled selling. This has proven to work with selling mortgages, advising on loans, discussions about purchase of stock and wealth management services. Clair Schooley reports this helps differentiate one bank over another and results in higher cross-sell success.
 
Another study by Bruce Temkin reports on consumer preferences for dealing with banks:
  • The branch and web site are preferred for buying bank products. (43% of internet users bank online.)
  • Younger generations prefer searching the web for bank information.
  • Women prefer using the phone more than males for interacting with the bank.
Funnies 
  • Money isn't everyting but it keeps the kids in touch.
  • A fool and his money can throw one heck of a party!
  • Some customers are alive only because it is illegal to shoot them.
 

Rick In Front of Class All Newsletters

In This Issue
Good Stuff for Bank Presidents and Boards
New Core Deposit Attraction Device
New Ways to Deal with Customers
Tips for Success in A Down Economy
Funnies
Rick is also available for:
 
  • Bank Officer Call Training
    • Basic
    • Advanced
    • 60-day live field coahcing
    • Would you spend $10,000 to make $200,000 in new net income?
  • Strategic Planning Retreats
    • Know who your key "drivers" are.
    • Install accountability for all team members.
    • Focus on change and differentiation.
    • Strategic Plans wihtout operational change are just new budgets.
  • Motivational Talks
    • Strategic planning results in quick time.
    • New Sales culture - new profit in 60 days!
    • Empower and motivate employees to sell more!

"You scored a "10" with our folks." C. Condley, CEO, First National Bank

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Contact Information:
4955 Olde Towne Way, Suite 300
Marietta, GA 30068ABA Logo
770.565.8727
FAX: 770.565.8724
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