Why Is It So Important to Hold On to Low Cost Deposits [VIDEO]
Low-cost deposits are the ultimate margin advantage. Discover how top 5% performers attract them consistently—and why most banks fail to compete.

In this blog, I’m going to share with you how any one of your product lines could be the source of thousands of dollars of additional profits within a few short weeks. You’ll need to change your strategic planning process radically to make it happen.
…You’re going to love this!
Let’s start by acknowledging that you’re not alone. Every bank gets stuck in a rut in one way or another. Now you can break the mold and implement revolutionary but effective ideas that bring more money in the door from existing product lines.
Unlike so many strategic planning processes that stay fuzzy and stick with hard to get results and non-strategies such as cross-sell products to new mortgage applicants, get tangible real deal strategies. Tangible, real-deal strategies would specifically do things differently to increase your cross-sales.
Teach your managers and production people to understand what is a strategy and what is not a strategy. Since so many banks don’t have even one strategy in their strategic plan, often, their execs would benefit from some clarity about that as well.
Choose one strategy and then, as an experiment, move it into one product line. For example, take the strategy of product packaging and try it with mortgages.
Create a system whereby different departments and product lines introduce strategies at least once a year and choose the ones that get results within a week or two. That way, they demonstrate their commitment to moving the sales and profit needle, and all that weight isn’t on your shoulders alone.
Get started as soon as possible and begin these four steps so that you can see results as quickly as possible. Then, you can sleep easy at night, knowing your team is 100% committed to hitting and exceeding their numbers.
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