Stop Matching the Competition [VIDEO]
You deserve to get paid more. Rate matching is the most destructive force in community banking today. And because of it, as a community bank, you are underpaid for the...
Welcome to the Top 5 Percenter™ Blog
5 Banking Myths That Are Eating Your Profits
Belief is a funny thing. I’ve worked with over 300 banks and the #1 bank killer is between the ears of the leaders and the troops…
As Henry Ford famously said:
“If you think you can, or you think you can’t…you’re right!”
The bad news is that believing in myths, just because it’s accepted truth will hurt. And the pain is accelerating, thanks to our friends at the big banks and out in Silicon Valley…
They’re happily planning our demise right now—even boasting about it in TV commercials!
There is good news, though…
These are myths…i.e. not real. Simply bad, erroneous beliefs. And you get to choose what you believe—man or woman, it’s your prerogative to change your mind.
In today’s video, I share the five myths—false beliefs—that we see most often in banks before we get ahold of them. Our specialty is installing “new beliefs,” replacing the old and false, and PROVING to leaders and staff that the new reality, is in fact new truth.
Part of that “new truth” is an understanding that competing on low rate is like telling your customer, “We’re really not that good. In fact, we’re so sure of it, that we’re prepared to charge you less than our least competent competitor, in the hopes of winning you over, because we have nothing else of value to offer.”
Ouch!
You know that’s bull-hocky…I know it’s bull-hocky…but that’s what you’re saying to your customers.
Look, I KNOW YOU’RE WORTH MORE. You just need to know how to convey that to the top, A+ customers in your market.
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