Increasing commercial accounts at your financial institution provides you with new opportunities to increase your deposit base, diversify your account portfolio and cross-promote products and services. Building relationships with local businesses by understanding their needs and providing genuine solutions to overcome their obstacles not only makes your financial institution a valuable resource for business accountholders but also increases opportunities to acquire employee personal accounts.
Tags: Community Bank Programs, interchange income, Increasing Market Share and Profitability, Customer Acquisition and Retention Strategies, Small Business Banking, Business Banking, Pinnacle Financial Strategies, Retail Banking, accountholder acquisition, accountholder retention, SMART Business Banking
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.
Tags: cash back reward programs, Increasing Market Share and Profitability, Reward Programs, Customer Acquisition and Retention Strategies, Pinnacle Financial Strategies, Debit Card Programs, accountholder acquisition
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.