Financial Services Institution Positioned to Gain Advantage During the Downturn

The February 23, 2009 issue of BusinessWeek magazine has an article about how the credit-card company Discover Financial Services is doing better in these tough economic times than its higher-flying competitors. Earnings are up compared to competitors' lowered earnings or losses.

"So while competitors are working to simply survive the credit crisis, Discover wants to grow."

This is an example that community banks, mid-tier banks and credit unions can emulate. Community banks and credit unions, with their better ability to lend money, are in a position to acquire solid, new customers and members who have the potential to remain loyal and profitable for years to come. Customer acquisition and member acquisition during the down times will result in a financial institution which is poised to profit when the economic upturn finally comes.

Read the full article at Discover: Credit Where Credit Is Due.

Contact SEDONA to learn how SEDONA CRM can help your institution with profitable customer and member retention, acquisition, and cross-selling.