pinnacle financial strategies

Subscribe by Email

Your email:

Follow Us

Current Articles | RSS Feed RSS Feed

Why Size Doesn’t Matter: Community Banks’ and Credit Unions’ Growing Leverage Over Big Banks

Maintain_Accountholder_Relationships

Community banks’ and credit unions’ opportunity to acquire new accountholders grows as the number of dissatisfied accountholders increases at big banks. Although advertising budgets at big banks exceed those of smaller financial institutions, community banks and credit unions can win market share by focusing on maintaining reduced fees, building stronger relationships and providing valuable services for which accountholders are searching.

Increasing Debit Card Usage and Your Financial Institution’s Profitability

iStock 8958258 copy resized 600

Most financial institutions across the country offer debit cards to accountholders; however, many financial institutions fail to realize the full benefits a successful debit card program can deliver in new accountholder acquisition, current accountholder retention and overall profitability. A successful debit card program begins with a simple, valuable reward program, which promotes increased usage and is promoted to the right target demographic.

The Opportunity Beyond Opt-In: The Importance of Training and Communication

Four years ago financial institutions across the country implemented opt-in strategies for their overdraft privilege programs as a result of Reg E. Many institutions treated Reg E implementation as a one-time event and, with each passing year, their focus on overdraft privilege communication has dwindled, letting accountholders and dollars slip through the cracks. Getting overdraft privilege programs back on track requires proper staff training and ongoing communication with accountholders. 

The Hidden Opportunity for New Accountholder Acquisition

accountholder acquisition

Accountholder acquisition at financial institutions often depends on major life-changing events such as a new job, marriage or moving; however, the unique circumstance surrounding college students makes them a prime target demographic for new accountholder acquisition. Financial institutions can capitalize on this opportunity by providing students with tools to succeed on their own financially. Most college students are looking for three things before they head off to school: a new bank, an accessible checking account and financial education.

To Succeed at Business Banking — Look at Things Differently

By Julie Story, Executive Vice President of Pinnacle Financial Strategies

Rewards Checking — What Accountholders Really Want From Their Financial Institution

cashbackrewards new

What do accountholders really want in terms of rewards programs? Two things: cash and customer service. According to the Q4 National Banking Opinion Poll, 61% of Americans stated they would switch to a new institution if it provided them with a cash back rewards program. But what good are those programs if an institution can’t back them up with the kind of customer service that gives accountholders peace of mind when opening a rewards checking account?

5 Keys for a Successful Overdraft Program

There are no one-size fits all overdraft privilege programs. Each overdraft privilege program needs to be unique to your financial institution and provide your staff with proper training. Through reasonable fees, expectations and conservative overdraft limits, your financial institution can provide accountholders with a valuable customer service they appreciate.

4 Years After Reg E - Where Does Your Financial Institution Stand?

shutterstock 103977011 resized 600

Hi, I’m Joe Gillen CEO and Founder of Pinnacle Financial Strategies. In the interests of full disclosure, we at Pinnacle provide community banks and credit unions with consumer-focused overdraft programs that are successful, efficient, and 100% compliant. We believe that consumers deserve the freedom to choose an overdraft privilege product that is fairly administered, delivers real value and provides a genuine consumer service, and is a useful tool in dealing with unexpected financial challenges.

Banking Small & Mid-size Businesses is Good Business for Community Banks

shutterstock 112412021

By Julie Story, Executive Vice President of Pinnacle Financial Strategies
As a segment of the market that is underserved by the large national and regional banks, local businesses present a wealth of opportunity for community banks.

This means you can grow your deposit base quicker with new business customers than you can by pursuing only consumer accounts. And business banking relationships are more profitable and last longer than do consumer retail relationships.


5 Reasons Good Overdraft Privilege is Still a Consumer Service

Pinnacle OverdraftPrivilege Benefits Chart 2

While many financial institutions have let their overdraft privilege programs slip by the wayside after the implementation of Reg E in 2010, others have achieved success using fully disclosed, automated overdraft privilege programs. Good overdraft privilege programs provide your accountholders with stability and convenience while avoiding the embarrassment of a returned item. While not all overdraft privilege programs are the same, a specialized program that fits your financial institution provides a distinct consumer service that your accountholders value.

All Posts