2/20/2009
The February 23, 2009 issue of BusinessWeek magazine has a spate of articles with headlines that would be unnerving to any banker:
- Cheer the Hero, Hiss the Banker
- The Foreclosure Fiasco: How the banking industry is undermining efforts to keep people in their houses
And Bank of America CEO Ken Lewis is in the hotseat in an interview scrutinizing the bank's recent actions.
It is vital for bankers at a community bank or mid-tier bank to appreciate the risk of being tarred with the same brush used on the high-flying Wall Street and national banks. Yet this threat is also an opportunity to distinguish your institution from the associations in the mind of the public between banks, shaky financials, and solely self-serving lending practices.
Bank marketing campaigns, customer retention initiatives, and cross-selling campaigns can emphasize more stable finances and responsible stewardship of the deposit and loan portfolio to complement the closer, more personal connection which is a perennial advantage for a community bank, mid-tier bank, or credit union.
Credit unions can take this a step further with the mutual benefits to members of access to loans and sharing in the profits generated by those loans.
Today's financial crisis is an opportunity to distinguish your institution and build loyal, profitable relationships.
You can read the BusinessWeek articles online at the links below.
- Cheer the Hero, Hiss the Banker
- Facetime: Ken Lewis: Bank of America's CEO Answers His Critics
- The Home Foreclosure Fiasco: How the banking industry is undermining efforts to keep people in their houses
Contact SEDONA to learn how SEDONA CRM can help your institution with profitable customer and member retention, acquisition, and cross-selling.
