Message to Financial Institutions – Live by Rate, Die by Rate

Does the bank or credit union you manage compete with other financial institutions strictly on interest rates? If yes, do you notice that your customers walk out the door as soon as they find a better rate? Its like you have a revolving door. How much does it cost your marketing department to run ads to keep them coming through the door?
Here is a thought. If your company adopts a better customer management strategy, you would not have to worry about losing customers because of competitor’s rates. This is because with the right customer management strategy in place they would always come back to you for all of their banking needs! Some of the pieces in a customer management strategy are having the right people in place, doing the right things to provide excellent Swift Money Loans service to your customers, and doing it consistently every time. This is not the easiest model to adopt, but once you put it in place your revolving door will be replaced with an escalator. As you bring new customers into your bank or credit union, expand their relationship with you by cross selling other products and services. This will increase the likelihood that they will stick with you even after that CD or loan matures.
If your organization needs help in creating its own customer management strategy. Sometimes it takes an outside expert with independent Strategic Financial Management Ca Final analysis and ideas to evaluate your bank or credit union and to advise you what you are doing right and how you can do things better.

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