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Having abandoned small business banking in recent years, many institutions are returning to the segment, prompted by both market opportunity and regulatory prodding.
The efforts by banks to focus their loan generation activities on high-value customer segments will require top-quality implementation by well-trained frontline employees.
Bank marketing managers can play a large role in helping a company make its ‘islands of profitability’ even more profitable, says MIT lecturer and consultant Jonathan Byrnes.
With the need for innovation greater than ever, financial institutions can take practical steps to foster innovative thinking within their organizations.
As vendor relationships become more important in the banking industry, institutions need to make sure that they are getting the most out of these contracts.
While raising fees can definitely hurt customer retention, quality service, customer needs assessment and convenient delivery systems can help banks mitigate some of the damage.