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Revolutionize Your Bank’s Deposit Strategy: 4 Proven Steps to Attract Deposits Without Competing on Rates [VIDEO]

by | Cross-Sales, Deposits, Get More Cross-Sales, High Performance, Profitability and Growth, Sales & Marketing, Sales Process, Sales Training

I believe low-cost deposits are critical to a bank’s success.

 

So, how DO you stop competing on rates and start winning on value?

In this episode, I will show you how to attract low-cost deposits without matching your competitor’s exorbitant rates.

Picture yourself as a captain of a ship lost in the sea, trying to find the right direction to reach the shore. You could see other ships on the horizon, but they are all heading in different directions, and you’re unsure of which way to go. That’s how most banks feel when they’re trying to find low-cost deposits. They see their competitors attracting deposits but don’t know how to do it without matching their rates.

However, before we proceed, let’s address the roadblocks that prevent most banks from finding low-cost deposits:

Roadblock 1: The people and organizations with low-cost deposits rarely walk into your lobby, causing an endless cycle of high-cost deposits.

Roadblock 2: Being responsive, offering good customer service, and following up isn’t enough to compete when competitors offer unreasonable rates. They will always be willing to go out of business sooner than you are.

Roadblock 3: Even after spending half a million dollars on a “branding campaign,” most bankers have to admit that it didn’t work…at all. Customers still want you to match pricing.

Now, let’s use a compass to guide your ship towards the shore of success.

Here are four simple steps to inspire change in your team and attract the customers you want:

Step 1: Target the businesses with a high probability of maintaining large deposit balances. Use the psychographic and firmographic alignment process, just like using a compass to find the right direction.

Step 2: Build reputational equity with prospects before engaging in sales conversations, so they can’t wait to talk to you, just like building a sturdy ship that can withstand the stormy sea.

Step 3: Instead of selling, get the prospect to tell you about the exorbitant cost of not having the outcomes from your unique selling proposition (USP), which they can get ONLY from you, just like listening to the sound of the waves to know the sea’s depth.

Step 4: Position your bank as the trusted advisor and the only banker they will ever need by using your USP question to get the prospect to tell YOU how much more they’ll make when they switch all the deposits and other accounts to you, just like the captain trusts the compass to guide the ship to the shore.

When you take yourself out of the vendor role and position yourself as an expert, delivering far more value than the extra you charge, you win all the business and get paid what you’re worth, just like the captain who brings his ship safely to the shore.

Overcome the common roadblocks of finding low-cost deposits and improve your bank’s success in just four easy steps. Stay tuned for the next session to discuss how to use psychographics and firmographics to find your next best large non-interest-bearing deposit customers.

What if I told you that you can easily hold on to your best customers AND snatch the best customers from your competitors – WITHOUT even discussing ratesDive into the proven blueprint that turns skeptics into believers at the 2nd Annual Deposit Mastery Conference: Deposit Domination Deep Dive this June!  Register here

– Roxanne Emmerich

Please watch the video above and share it with your exec team and board.

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