Rate Sensitivity Blog | Archives

I believe in the unlimited upside potential in your team, and I believe that with the proper tools, they are capable of so much more!

In this video, I’m going to show you how to eliminate the limiting beliefs that keep your team matching rates instead of going after substantial premium pricing on better quality clients.

They’ll start getting bigger and better-quality customers within weeks.

If you’re the kind of leader…

Who feels like a broken record and is about ready to pull out your last hair begging and pleading for your team to change their ineffective sales approach—you’re going to love this.

The “No-Sales Approach” to Grow Sales [VIDEO]

I believe people want to trust their banker and count on them to guide them to good financial decisions. It’s been harder these days to get that trust thanks to a mega bank that was called out on sales practices that caused improper cross-sales.

In this video, I’m going to show you how to not only recover from the damage that was done to the industry, but also deal with the potential skepticism that customers will have about who’s best interest it’s in when a banker is recommending a product.

There are a few challenges to keep in mind…

Your employees may take the media impact and use it as an excuse to never have to sell.

How to Double Cross-Sales at Your Bank in 5 Months [VIDEO]

I believe that truly great organizations have mastered two things—great people and great systems.

In this session, I’m going to share with you a system that has consistently and predictably doubled cross-sales in 4–5 months.

Now, if you’re the kind of leader:

Who has had a few false attempts at fixing the “order taking” pain point at your bank, you’ll love what I’m going to share. You don’t need to give up OR take it on the chin again with another false attempt where a sales trainer tells you they can rope the moon but forgets to mention that they don’t own a rope.

Get a 250% Boost in Wallet Share [VIDEO]

I believe that people are happy to pay more for someone who provides a unique benefit that creates a substantial ROI value to them. I want that someone to be you.

In this episode, I’ll show you how to win all the business of your prospects without them ever asking about rate or fees. REALLY. I know it sounds crazy. But in our seminars, people tell me all the time that they’re now averaging 7–8 cross-sales when they never had more than two in their lives. If they can do it, your people can too.

Ask the Magic Question and You Never Have to Talk Rate [VIDEO]

I believe banks deserve to get paid far more for what they do. One of the biggest factors in this inequity is rate matching. But the good news is, it’s preventable.

In this episode, I’m going to share with you a process to get your people to stop rate matching for good. It will be ingrained to never again give a rate when someone calls in asking for one.

Now, if you’re the kind of leader:

Who has been on the bandwagon for years about not having to match rate,

The Antidote to Commodity Hell

If you’re feeling trapped in rate competition, you’re in “Commodity Hell”… and it’s not a fun place.

When your customers and prospects view you as no different than the bank down the street, you create a situation where retaining customers and attracting new ones is beyond difficult.

The first reaction is to blame the customers. You’ve heard it at banking conventions before. Someone will complain, “Customers don’t care about relationships anymore. It’s all about rates and fees.”

That’s backward thinking.

Yes, it is all about rates and fees if you don’t give the customer any other good reason to use in making their decision.

How to Attack the Root Cause of Net Interest Margin Compression

The constant “need” to match rates to win a deal is a symptom, not the cause of the net interest margin crisis in banking today.

The cause is much more profound.

It’s inside each of your lenders, and it may be inside of you. Frankly, it’s not your fault (or theirs). It’s unconscious and has been a limiting belief in the banking industry for at least 100 years (probably longer).

And don’t worry, if you’re frustrated with your margin, but feel you have to fight any way you can to keep the customers you have and get new ones,

The Big Lie about Low Rates

Let’s get one thing straight. Low price IS a strategy.

And consciously or unconsciously, every time you match rates to win business, you’re saying, “Our strategy is to be the lowest price bank in our market.”

If you’re going to go the low-price route, at least make a conscious decision to pursue that strategy rather than have it be the result of dozens or hundreds of little unconscious decisions to match rate. And do it with the understanding of history.

Consider the history of the low-price strategy in business.

Let’s start with Sears.

5 Steps to More Core Deposits

Regulators and bankers have one common concern right now—get and keep deposits as interest rates go up. Sounds easy, but it hasn’t been all that easy just to get deposits when rates have been low, and so getting better at this immediately is important.

I’m going to cover five must-do-now strategies that you need to have happen pronto to make sure that you get and keep those deposits to weather this upcoming storm.

Step 1:

Make sure that your commercial bankers understand how to bring in million-dollar checking accounts.