Four ways to become consumers’ primary financial institution
Many financial institutions still act like waiters — mere"order takers." But grabbing more of a consumer's business doesn't have to be hard. The right tech helps, but mostly it requires understanding customers and asking for their business — digitally and otherwise. Local banks and community credit unions take note: the big boys don't have their act together (yet). Now is the time to go get the business.
In today’s hyper-competitive banking market, sitting around waiting for more business to just walk through the front door will cripple any financial institution. But sales and marketing consultant Duane Sobecki, CEO of Focused Results, says this is precisely what he sees all the time.
“Banks and credit unions can’t get by any longer being order takers,” says Sobecki. “That will doom them to the status of secondary financial provider.”
Right now, the big banks are not as good at grabbing most of a consumer’s business as they could be. But that will change.
“Jamie Dimon is not stupid,” says Sobecki, referring to JPMorgan Chase’s CEO. “They know what needs to be done to get more business.”
Chase has great technology to help do that, adds Sobecki, but it’s hard for a giant bank to drive the message down to all levels of the business in all channels and locations.
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