Regulators and bankers have one common concern right now—get and keep deposits as interest rates go up. Sounds easy, but it hasn’t been all that easy just to get deposits when rates have been low, and so getting better at this immediately is important.
I’m going to cover five must-do-now strategies that you need to have happen pronto to make sure that you get and keep those deposits to weather this upcoming storm.
- Make sure that your commercial bankers understand how to bring in million-dollar checking accounts. Extreme differentiation is necessary. An extreme sales process that works is necessary, because no one gets up in the morning thinking that they want to change banking relationships. It is hard on a business, so your ability to make a massive difference in their world, such that they can’t imagine sticking with the incumbent bank but instead they must come with you is absolutely imperative for this to work.
- Make massive shifts now, to change the deposit mix to grow your core deposits. Easier said than done, but I’ve seen banks go from 40 to 70 in just a matter of 6 to 9 to 12 months. If they […]