Stop the To-Do List Madness: Use Behavioral Economics to Drive Bank Profitability
Most banks reward activity. High-performing banks reward profitable activity. Discover how behavioral economics reshapes execution and margin.
Welcome to the Top 5 Percenter™ Blog
Deposits Still an Issue?
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.
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Premium pricing isn’t a tactic—it’s a mindset. When belief is missing, margin and legacy are at risk.
News Flash—Markets Don’t Dictate Premium Pricing [VIDEO]
Banks don’t lose margin because of the market. They lose it because of belief systems that keep them competing on price.
Higher Net Interest Margin With Less Risk – Fact or Fiction? [VIDEO]
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Rate Risk is a Big Risk—Play Smart [VIDEO]
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Life in the World of Over-Regulation [VIDEO]
Top banks don’t complain about regulation—they execute around it. Here’s how the elite outperform anyway.