Business Development

Grow Deposits and Liquidity, Three Strategies

“The times, they are a changin’.” This famous refrain from Bob Dylan’s song (https://www.youtube.com/watch?v=e7qQ6_RV4VQ) is as real today as it was in the early 60s, especially when we look at deposit needs for financial institutions. In 2008, FIs had to shrink deposits as a tactic to keep their expense ratio in line with the regulators.…

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Strategic Planning is Like Running a Half-Marathon

Strategic planning for a lot of companies is an annual exercise in thinking big, dreaming of possibilities. Unfortunately, for a lot of these organizations, strategic planning stops there and this annual ritual that when the ritual is done, everyone returns back to business as usual. Let’s stop for a minute to really understand what strategic…

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Branching Strategy, It Starts with the Member

Historically branches are seen as transaction channels. Today, this view of branches has changed and continues to evolve. Members and potential members like the convenience of brick and mortar, they like the demonstration of financial strength and security, but the truth is, they rely less on branches for their daily, weekly and monthly transaction business…

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Data-Driven Marketing Primer

For marketers today, it was essential to bring to light how the Marketing team will provide offers to members as it’s a significant change to our traditional methodology. The new approach is designed to provide improved, more consistent and more relevant product offers using the wealth of data from our core and your ancillary systems…

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Strategic Planning is the Easy Part

Working with organizations across the country, I see a familiar miss-step in their strategic planning process. The process I’ve observed is as follows: Once a year a strategic planning event is scheduled with the Board and a few key executives The event starts with a “state of the industry today” presentation, typically by a consultant.…

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Pay for Performance and Reputation Risk

An increasing trend in the financial services sector is “pay for performance.” This practice shows up in several formats: Commission – rep is paid a percentage of balances acquired Incentive – rep is paid per closed referral Bonus – rep is paid based on goal performance over a set period (per month, quarter, bi-annually, annually)…

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7 Steps to Transforming your Credit Union to a Digital Economy

It’s not a matter of if or even when, it is happening now. PNC, Wells Fargo, Key Bank, BofA, and Chase are experimenting with digital transformation now. What does your credit union/bank need to do to stay relevant in a digital economy? 1. Create a digital strategy – This isn’t about SEO, SEM, websites, email,…

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3X3 Essentials for Business Development

Business Development success is essential regardless of your credit union’s field of membership. BD success requires a focus on three critical measures: growing members, assets, and balances; the first 3 of the 3X3. Generating sustainable growth of members and assets is the key to a credit union’s survival. Even if one of your credit union’s…

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The Rainmaker in Business Development

“We have 537 Select Employer Groups.” Pick a number, but how often have we heard this kind of boast? It can be the boast by a multi-common bond or a community field of membership credit union. Is this model of adding hundreds of small businesses into our membership prospects creating anything other than incremental growth…

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