During challenging times, the one thing you can count on is that desperate competitors and fly-by-night organizations are going to come in and try to take away your best customers.
Let’s face it, your top 100 customers, for any bank under $2-billion asset size, account for anywhere between 50 to 140% of your profits.
That’s a significant thing to understand. They are precious. They pay for all the bills, and you must, of course, keep all of them.
I don’t know about you, but I loved the movie The Founder, probably because I’ve been a systems thinker all of my life, and I truly believe there’s one way that’s the best way to do everything.
I believe that when you obsess over how to get the fastest way from A to B in everything that you do in your business, things begin to really shine quickly. (more…)
A dear friend asked me a question one time, “Oh really, can you afford not to?”
And I thought that was one of the most brilliant questions I’ve ever heard.
Let me pose it to you this way.
Can you afford not to figure out how to increase your net interest margin by 100 basis points while bringing down your cost of funds and bringing up the quality of the loans you’re making?
The best-selling author of nearly 50 sports books, Ross Bernstein is an award-winning, Hall of Fame, peak-performance business speaker who’s keynoted conferences on all seven continents and has been featured on CNN, CBS This Morning, ESPN and Fox News, as well as in The Wall Street Journal, The New York Times, and USA Today. He’s spent the better part of the past 20 years studying the DNA of championship teams and his mission whenever he takes the stage is to get his audiences all thinking differently about what it’s going to take to raise their games to the next level.
How do you protect your bank from the new “I Quit Culture” known as the Great Resignation of 2021?
And how do you combat the upcoming exodus caused by headhunters calling your best team members weekly with outrageous offers—promising the moon, including upfront money and significantly higher salaries?
The research shows that we’ve never seen a time quite like this—you are more vulnerable than ever before to losing your best people.
The Microsoft Work Trends Index found that 26% of workers plan to leave their current jobs over the next two months,
Marketing isn’t what it used to be. For many banks, it’s changing how you should be investing your marketing dollars and the strategies that you should be using. (more…)
I was speaking recently for a bank marketing association and what occurred to me was that I made a big discovery. I asked them how they move net interest margin. And I got that “huh?” look.
Does bank culture really matter?
Gallup tells us that if you have an average amount of disengagement, it will rob $3,400 from your bottom line for every $10,000 of payroll.
So YES, culture is a big deal.
What are the cultural steps you need to take now to ensure that you have the glue to keep your best people?
According to BambooHR®, one-third of your people plan on dumping you in the next six months. Yikes.
This begs the question, what kind of glue do you need to make sure your very best employees stick with you during a time of accelerated “employee poaching?”
