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.
As interest rates rise, it is increasingly important to understand the economic factors involved with funding financial institutions. In a recent podcast called, "Enhancing Deposit Pricing in Today's Turbulent Financial Waters," Neil Stanley, CEO & Founder of The CorePoint (and presenter of BSG Financial Group's educational webinar, "Rethinking CD Sales in a Rising Fee Environment") shares his views on the future of deposit gathering as financial institutions feel more pressure to find funding.
According to Stanley, running a rate promotion is the thing that every banker thinks they have in their hip pocket, pulling it out if they need to grow funding. Stanley points out, that the problem with this strategy is that rate-induced growth often poisons the net interest margin of the bank.