I sat in stunned amazement last week following a service call with an agency management system sales rep. The call pertained to billing, technical support, and user group experience issues for a recently converted insurance agency.
strategy
Cha-ching!
I've said all along that debit card cash rebate programs are the way to go. During my tenure as a regional market manager for Teachers Credit Union I was part of the creative team behind its Debit Card Rebate program. Now at seven years old, the program has continued to grow in popularity.
Taking your business to business
As banks and credit unions seek alternative income sources, their focus shifts significantly to business services. Fee income sources from consumer banking appear to be limited to courtesy pay privilege or overdraft privilege fees, ATM charges and NSF charges (others may deserve mention but let's simplify for now).
It's relevance, not differentiation, that matters
Financial industry leaders talk about competition with an emphasis on differentiation. Add to the conversation the many threats to survival of small financial institutions, and in that context we hear rhetoric that has bombarded the industry since the mid-1990s merger boom and upsurge in start-up community banks.
Recently a friend and mentor, herself a senior financial executive, confirmed that today's financial industry conferences frequently focus on how to differentiate. So I conducted a bit of research.