I’ll never forget meeting two gentlemen years ago—one was the CEO, the other the president of a bank. They picked me up in their SUV as we headed to their kickoff meeting. One of them turned to me and said, “Roxanne, everyone complains about high deposit costs, but I can prove to you that we have the highest deposit costs in the nation.”

At that moment, I did something unexpected—I stuck my fingers in my ears like a grown-up child and said, “I’m not listening, I’m not listening!” Of course, I had a smile on my face. I wasn’t being rude. They laughed and asked, “Why are you doing that?”

I told them, “Because if your story becomes my story, I can’t help you.”

Markets don’t dictate interest rates.

Let me say that again—the market does NOT dictate the interest rates you charge.

You do.

Your ability to differentiate and sell that differentiation is what sets your pricing—not the market.

If that weren’t true, then every restaurant without golden arches would be forced to sell burgers at McDonald’s prices. But that’s not how it works, is it?

And yet, in banking, so many believe they’re stuck in a commodity business, that there’s no way to break through.

Here’s the tough truth: Every time I hear a CFO or chief lending officer say this, I should probably short their stock—because I know that bank is on its way to losing its independence.

They’re not wrong, though.

Banking is a commodity—until you make it something more.

And you need to get to that “something more” fast.

We’ve gone from 20,000 banks to 4,000. We all know where this is headed. The banks that survive will be the ones that position themselves as boutique institutions, commanding extreme premium pricing—and actually delivering value to justify it.

That’s the only game left in town. And it’s a game you need to master. Quickly.