If you’ve been listening, you’ve heard me repeat from the mountain top over and over again that the key to winning the game is low-cost deposits.
But HOW? It seems like the biggest mystery in banking. Yet the banks that get it are solving their problem in just a few months.
A few strategies to get you started:
- Don’t even THINK about not training your front line to handle every inquiry with a conversation that breaks the preoccupation with rate.
- Get the rate board out of focus. The rate board teaches your clients to shop you. Who needs that?
- Define your most profitable deposit accounts and create a powerful repeat “give” plan to be in touch with all those who are similar in thinking patterns. That’s the science of psychographics.
- Stop matching rates by making sure all employees know EXACTLY how to turn the conversation at the beginning so they don’t have to match later on.
- Celebrate your successes. Keep them in the focus, and your employees will quickly learn what gets celebrated.
