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  1. Many banks have not thought of online account opening as a distinct way to do business. Accounts offered are either the same that the banks offer in other channels, or are priced the same way they have alway been priced. When they look at profitability, they fail to apply different models to these accounts. Often branch costs are fully loaded into these profitability measures. Banks that fail to look at digital products properly will fail in “justifying” them and will continue to lag successful direct banks like USAA, Ally and others.

  2. Alex, great comments! Creating and using profitability models is critical to the success of all business. The banking industry does not have this competency throughout out its ranks. Unfortunately, it is typically reserved for a small number of employees in the finance area. All employees of a bank have both direct and indirect impact on profitability. They should fully understand how their behaviors and the behaviors of customers impact the bottom line. Those companies who get it have the ability to build and measure digital ecosystems along with products and services that are properly aligned to their customers, the banks strategy and the shareholders.

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