Growth Tip - With credit card losses mounting at banks, one new idea mentioned last month now makes even more sense. Bank experience with this new card feature is not seeing a rise in losses. If your bank manages its own credit card portfolio, please investigate this new offering. It cuts card losses AND makes good profits!
Growth Tip - Some community banks are making inroads into big bank market shares of business accounts. National research shows smaller banks better understand and relate to small business owner needs. The difficulty for many banks is getting their officer call programs to communicate better with prospective business owners. Too many are still using the call technique. Come on folks! Get out of that rut! Learn new ways that work.
Growth Tip - Community banks are not pursuing a very easy profit source managing private foundations. A large percent of these 56,000 foundations do not have any help. Check your market for listings and make a few calls. Could be a nice piece of new fee income.
Growth Tip - An increasing number of high school and college students have their own credit card up to 83% from 67% in 1998. Are you pursuing that target market in your area? If not, check into it. See which bank, if any, is offering a special card for students. Why give this new business away?
Growth Tip - Many bank customers would be happy to help their bank grow faster. Do you have a customer communications program in place to capitalize on this? If not, you should. It is easy to build and maintain. You will be amazed at the new business it can bring into your bank if you will just work it.
Strategic Plans
I urge you to set your plans in place for a strategic planning meeting. Properly prepared for and conducted, it will give your bank a great advantage over most of your competition. Make sure you have a good retreat facilitator and add employee accountability and rewards to objectives. Employees will do more than asked, IF you motivate them to set growth goals.
Are You Using Your Monthly Statements To Full Advantage?
We now have several new statement stuffers to select from on issues ranging from ID Fraud, Privacy to community involvement.
The Un-bankable
How many of your employees are un-bankable? How many people in your market are un-bankable? The number appears to be growing. Estimates are now pushing 35% of the US population. If you would like to capture that market – with NO RISK and get guaranteed fee income.
Rick Wemmers is available for sales coaching and strategic retreat facilitation.
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