Posts Tagged ‘sales’

Branching Strategy, It Starts with the Member

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

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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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Financial Literacy vs Financial Wellness – a Consumer’s View

Credit unions and banks across the country have financial literacy on their to-do list, but what consumers need/want is a roadmap to financial wellness, not just financial literacy. Well, what’s the difference? Financial literacy is about understanding money basics. Typically the curriculum includes topics like “how to balance your checkbook,” “what is a savings account,”…

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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 FOM really creating anything other than incremental growth…

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Marketing Must Know These Key Ratios

The basic Business Model for credit unions is very simple. It is Money in Money out. Credit unions buy Money ( deposits) from members (Cost of Funds) and then loans out those deposits to Members (Interest Income) at a higher interest rate (Margin). Of course, there are multitudes of nuance to this model, that’s why…

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Quiet, Is it Selfish or Scared?

When leading a team and a decision is called for, what happens? Is it silence or negotiation and debate? Let’s assume that the right people have been assembled for the team; you have the subject-matter experts to be able to make the right decisions. But just having the right experts at the table does not…

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Leaders Don’t Listen? Really?

Condoleezza Rice once said, “When you’re in a position of authority, you need truth-tellers around you.” Did she hit the mark? You bet. First, let us agree that one element of leadership is authority. To be a leader you must have some authority. This isn’t determined by power but by your ability to motivate, inspire…

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Leaders Don't Listen? Really?

Condoleezza Rice once said, “When you’re in a position of authority, you need truth-tellers around you.” Did she hit the mark? You bet. First, let us agree that one element of leadership is authority. To be a leader you must have some authority. This isn’t determined by power but by your ability to motivate, inspire…

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