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Echo Partners Community Bank Blog

    Deposit Profitability…Fast movers and slow movers

    [fa icon="clock-o"]} [fa icon="user"] Howard Lothrop [fa icon="folder-open'] deposit profitability, analytics

    Thoughtful businessman looking at three arrows drawn on chalkboard.jpegDeposit Profitability…Fast movers and slow movers.

    When your bank implements #DepositProfitability your customers will react in 3 possible ways.

    • Change behavior to avoid fees
    • Pay the fee
    • Resist the change

    Fast movers are early adopters, and there are definite advantages to being a fast mover. Fast movers get:

    • More “Change” and “Pay” customers
    • Fewer “Resist” customers
    • Higher profits

    For example, I’m a “Pay” customer. My bank came to me and told me that I was going to have to pay a $20 monthly fee. I could have jumped through hoops, changed a lot of my banking practices and avoided the fee.

    But ultimately I decided it just made sense to keep doing what I was doing and pay the fee.

    Slow movers get what’s left…More resist and fewer change/pay customers. Ultimately lower profit growth.

    When you get right down to it, fast movers end up with a higher quality deposit base that values you based on more than just having the lowest price.

    Slow movers end up with a consistently lower quality deposit base that looks at you as just another commodity.

    Don’t be that bank…Instead be a fast mover.

    Be a fast mover, get your pick of the deposit litter and grow your profits with deposit profitability.

    Do you want to grow your bank profits with little to no risk? Click Here to  Discover How
    Howard Lothrop

    Written by Howard Lothrop

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