Blog

Three Strategies Financial Institutions Can Use to Generate More Revenue in 2018

Posted by Jeff Harper, President, BSG Financial Group on Sep 27, 2017 10:23:31 AM

Heading into 2018, Service Fee Income, Digital Solutions and Deposit Growth will be high priorities for financial institutions according to a recent BSG Financial Group poll of bank and credit union executives. Further, 90 percent of the respondents say they plan to embark upon the process of budgeting and planning for these strategic initiatives within the next 30-60 days. 

Is your institution on track to identify areas of profitability and growth before year end? 

BSG Financial Group's "Revenue Strategies for 2018: A Video Series" introduces financial institutions to three proven income-building solutions, which incorporate innovative technology along with validated best practices and procedures.

Each 15-minute video in the series provides a brief overview of one solution that provides increased revenue and enhanced customer service–without taxing technology or compliance resources. See Strategy #1: Digital Lending below.

To watch the videos, go here.

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Topics: Courtesy Overdraft, Fee Income, Budgeting, Digital Lending, CDs, Deposit Accounts, Selling Strategies

Three Top Challenges Facing Financial Institutions (as told to us by those who know)

Posted by Jeff Harper, President, BSG Financial Group on Nov 7, 2016 8:00:00 AM

Like many financial institution executives this time of year, we at BSG Financial Group have recently participated in numerous industry trade shows and conferences.

In a two-month period beginning in August, we exhibited at or participated in a plethora of conferences, including those sponsored by the Financial Managers Society (FMS), Association for Financial Technology (AFT), Virginia Association of Community Banks, the Bank CEO Network Conference, Jack Henry Banking... to name a few.

Attending these events is very important to us, as they connect us with customers and potential customers alike. More importantly, they give us an opportunity to learn first-hand the most pressing challenges for financial institutions, while validating and ensuring that we offer the programs and services to effectively address these concerns.

Listed below are three of the top challenges that financial institutions face—as told to us by financial executives at these recent conferencesas well as our responses/solutions:

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Topics: Fee Income, Budgeting, Strategy, Profitability

Two 'Quick wins' for financial institutions in 2016

Posted by Michele Rehm, Marketing Manager on Dec 17, 2015 4:10:46 PM

An article entitled, "Thinking ahead: Your bank's 2016 road map," published recently on cbinsight.com struck my interest because it focuses not on the large projects you've probably already considered in your 2016 budget. Instead it outlines smaller, easier options that can result in “quick wins." The article points out that though these projects may be "smaller budgetary-wise when compared to, say, a core conversion or branch expansion, they can provide just as much (if not more) when it comes to growth. And often at a much lower price tag."

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Topics: Budgeting, Venminder, Social IQ

Budgeting for Profitability in 2016

Posted by Jeff Harper, President, BSG Financial Group on Sep 15, 2015 2:25:00 PM

It’s that time of year again, when financial institution management teams around the nation are in some stage of planning and budgeting for 2016.

When seeking areas for investment, non-interest income is still front and center, along with compliance and customer communications. All of these areas of potential growth can be addressed with innovative technology solutions, which will be crucial to create sustainable profitability and enhanced customer service for next year and beyond.

According to a recent study by Cornerstone Advisors, roughly half of community banks and credit unions will spend slightly more on IT in 2015 than they did in 2014. This growing trend in technology investment is likely to increase even more next year.

To that end, many a CEO/CFO would like to find that “ace in the hole” line item project that will deliver an immediate increase in revenue without taxing compliance or IT resources. Listed below are two such solutions that your management team should consider. (You can download a complete list here: 'Four Surefire Ways to Improve Your Financial Institution's Performance.')

Each solution has proven successful in helping other financial institutions just like yours generate non-interest income; streamline processes; or maintain compliance without compromising their financial institution's resources.

Solution #1: Profitable, Personalized Checking Accounts

Get out of the “free checking” bind that can cost your institution $250 to $400 per account annually to sustain. Instead, offer a fee-based checking account that is enhanced with value-add products and services that are important to the customer, who will pay a small fee for extras they find useful.

Bundled, fee-based accounts can include benefits like:

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Topics: Fee-Based Checking, Courtesy Overdraft, Fee Income, Budgeting