by: Jeff Sullivan

Have you ever asked yourself why people do business with your financial institution? When I ask our clients that question, the answers I get are usually:

“We offer low rates on loans and higher rates for savings”

“We give exceptional service”

“We’re easy to do business with, have online and mobile banking, and offer free checking”

These are all great reasons, but when you stop and think about it, aren’t these the minimum standards of doing business?

Many financial institutions focus on auto lending to grow market share. And, that’s a good strategy, since auto lending is on the rebound. The bad news is yields are down, and competition is stronger than ever.

It’s no secret that consumers today have more choices and less time than ever before, and they’re bombarded with marketing messages that are all the same—i.e., low rates and great terms. Go to any financial institution’s website and you’ll see what I mean. This “same-ness” in message is causing people to tune you out.

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