If you’re feeling trapped in rate competition, you’re in “Commodity Hell”… and it’s not a fun place.
When your customers and prospects view you as no different than the bank down the street, you create a situation where retaining customers and attracting new ones is beyond difficult.
The first reaction is to blame the customers. You’ve heard it at banking conventions before. Someone will complain, “Customers don’t care about relationships anymore. It’s all about rates and fees.”
That’s backward thinking.
Yes, it is all about rates and fees if you don’t give the customer any other good reason to use in making their decision.
Most banks have three solutions they implement in the hope of having a breakthrough to increasing revenue that generates high profits:
They hire more lenders.
They ask each lender to make more calls.
They hope one of those two plans work. However, they hardly ever do.
Research shows that just a few lenders, usually about 6% that have a business development profile, carry the rest. Moreover, even that happens only if that 6 % know how to implement the right sales process. Otherwise, those naturally gifted lenders sell only by matching rates,
In this episode I am going to show a proven sales system to help your team reach their top potential by showing them how to sell their best customers in a way that PRICE is never brought up.
If you are the kind of leader who is frustrated because your people fall into the trap of “We’ll lose the deal unless we match the rate”. Watch this video now.
I’ve had the opportunity to review hundreds (maybe thousands at this point) of strategic plans from community banks.
Sadly, most don’t have even ONE strategy in them.
They have goals, visions, and purpose.
But no strategy.
Strategy is the “how we’re going to get it done” that you need once you leave the retreat.
Without it, you’ve got another binder for the office shelf, but nothing more.
In today’s video, you’ll discover the key to differentiating your bank. A concept author Seth Godin calls “The Purple Cow.”
For the last 18 months I’ve been “eavesdropping” on conversations at community banking conferences and what I’ve heard is shocking…
Bankers are being lied to…
And some are believing these “false truths”…
The history books are filled with common—accepted—beliefs…truths…
That aren’t true…
‘The world is flat…”
“The Earth is the center of the universe…”
“Bigfoot is real…”
“Premium rates only come on high-risk deals…”
In today’s video, I’ll reveal the three ‘lies of banking’ debunk each one,
I believe that sales managers have one of the most difficult jobs. In this episode, I’m going to share how a sales manager can get more results with fewer headaches.
If you’re a sales manager or leader of sales managers and have everything all buttoned-down, and you feel your sales management is optimized, you’ll love discovering in this episode how you can use that powerful platform to get even more results.
If you feel like your sales management is mediocre at best, well, you’re going to love this because it is your time for a breakthrough.
I’ve been eavesdropping in on conversations at banking conventions for the last 18 months, and I have to tell you…I’m a little shocked.
Because again and again, I’ve heard very smart bankers repeat three…lies to one another. Now, I don’t think they’re “liars.” I’m sure they’re not. But I do think that they’ve lost their grip on the truth. So, today, right here, I’m going to debunk many of these so that you can inoculate yourself from them before you, too, are infected by these things that will cause you not to have great profitability.
Is net interest margin compression a given?
It is for most banks…but it’s not for all banks. In fact, many banks are bringing up their net interest margin by 40, 50, 60, 100 basis points in a half a year to a year.
And if they can do it, perhaps you can.
So what are the seven telltale signs that you will have continued NIM compression?
Number one: You have people who believe that they have to match rate.
Beliefs drive results.
So, congratulations! You now have mobile banking. That’s good news…and it’s also horrible news.
You probably haven’t thought about the fact that now that we have half of the lobby traffic already removed from our banks, we’re about to drive away the rest of it.
So, something is going to have to change…and what that is, is that your people will need to be getting out and having conversations.
And they can’t have just any conversations—they have to have meaningful, powerful conversations with your most successful customers who are affluent and who don’t want their time wasted.
I’ve got a question for you: are your people really selling?
You see in a snow storm, all the plows are busy. The snow plowing companies answer their phones, they take jobs that competitors can’t do because they’re too busy, and everybody thinks they are selling, but they’re not really selling—there happens to be a snow storm.
Right now there’s a bit of a snow storm in banking. Times are relatively good, so people are calling you and asking you to do business. There’s a danger in that and the danger is your people are not doing what they need to be doing.