CBA Live Highlights

The competitive landscape of the financial services industry has changed dramatically – banks & thrifts face a wider variety of competitors today than they ever have before. Dramatic shifts in regulation, consumer behavior, and technology will cause this landscape to undergo even more change during the next few years. This change will create opportunities for community banks and thrifts; however, instititutions must work to develop new value propositions and to innovate in order to take full advantage of them.

Our presentation at CBA Live 2010 focused on the following core deposit generation opportunities available to bank and thrifts of all sizes in 2010:

1.   New pricing strategies: Pricing must be transparent and simple. The pricing of any product and/or service should also clearly align with the value that product/service provides to the customer.

2.   Competing on value-added features: Consider ways to use tools, customization, micro sites, social networking forums, etc., to provide additional tangible benefits to the customer.

3.   Addressing consumer behavior changes: Add products/services that customers need most. These days, consumers are worried about how much they can save, as opposed to how much they can spend. Many consumers also remain concerned about the security of these funds.

4.   Integrating new technologies into the value prop: Create product features that help customers to manage their finances simply and efficiently – the new definition of convenience.

Extending market reach in lower cost ways: Partner with firms that offer nonfinancial products/services that will provide value to your customers.