It’s a legitimate concern—especially for those who have struggled over the last several years to get deposits in a market when it couldn’t have been easier compared to what is about to unfold.
Here are 5 Must-Do-Now strategies that have to happen pronto to make sure that you get the deposits you need to weather the coming deposit storm.
Let’s get really honest here…
In the future, your customers are not going to be visiting you in the branch—they now have you on their devices. That’s great from the perspective of time savings and cost for the bank, right?
But wait. What about the fact that all the “reactive” servicing opportunities and chances to up-sell are now removed. Oh dear…that is a problem.
So now, these same people who haven’t even figured out how to get 6 or more cross sales from people standing right in front of them must become masters of an outbound process of proactive value-adding that develops an entire relationship.
Frankly, most banks won’t ever get there—and the dark clouds will gather over them and never stop raining. Many won’t ever make it to the next level of competency because they didn’t master the previous level, and they don’t have the sense of urgency now to get it done.
Bad for them…but it could be great for you. That creates great opportunities for those who stayed awake—those who are already mastering their sales culture and are on fire with the opportunity to poach the best customers from their competitors.
You’ll just need to decide which side of the fence you want to be on.