Seizing the Opportunities of a “Sky is Falling” Economy

While most banks are locked down in fear about what is going on, know that if you’re thinking straight, THIS IS YOUR TIME to take action. There has never been a better time to be a community bank in my lifetime and probably in yours.

So, what action do you need to take to rise above the pack, and react positively and proactively to a negative situation?
First, understand this—those who come out of this with the most deposits are the winners!

   Now to achieve this, you MUST communicate with your customers. Start by sending a letter campaign (using your company letterhead) to your current customers to better inform them on what is happening, what they should do to react, and why your bank is safe.  Make sure your story of why you are safe is filled with facts and figures—these are not the times for “trust me” language.

Immediately following the Fannie and Freddie debacle, banks who were on the teleseminar I conducted on “how to react”, reported amazing deposit growth! We heard from six banks within two weeks following the teleseminar, who called to tell us how well our advice worked. The lowest amount of deposits any of them received in those two weeks was $2 million, and one picked up $15 million—not bad for a little community bank.  
You can still get a copy of the “How to React” teleseminar for a limited time at www.EmmerichFinancial.com/deposits.html
Second, if you have not done your work to transform your culture so your people are already open and willing to ask the “break preoccupation with rate” question, ooops!

That is unfortunate. So “get over it” and stop beating yourself up for not doing what you know you should have done to prepare. Culture transformation is always at the core. Trying to build a sales team without having done the culture work first is like trying to build a house starting with the second floor.

So if you weren’t on top of this last year, then get on with it. It’s time to create a “bring it on” culture.
 
Why do you need a culture shift first?  Because you simply can’t afford to not create a culture shift. Every person in your bank must ask the “break preoccupation with rate” question with every rate inquiry. You simply must have every commercial lender, trust officer and investment advisor and even your personal bankers who do big deals know how to follow a sales process that takes out the competition, before you waste any of your time trying to “compete.” You don’t need to compete. THIS IS YOUR TIME. You can help them with the return OF their money. Who cares right now about the return ON the money.

But, if your people are still matching rates and doing “deals,” somebody in your organization needs a lobotomy! That mindset is extremely hurtful in a time when you have no reason to “compete.”

Changing mindsets goes far beyond “sales training”—it’s about having a “Thank God It’s Monday, BRING IT ON culture.”

Don’t miss this chance. Although this opportunity will continue for some time—maybe a year or more based on the defaults that are sure to come yet—every day counts. Invest those days wisely. THIS IS YOUR TIME.

Forward to a friend

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