Hoosier Banker 21 2. Bundling of products and services for the benefit of your customer: We encourage you to think about your lead product and create tailored product bundles around it. With interest rates at historic lows, mortgage refinancing is likely to drive mortgage loans to the lead-product position. But don’t just push additional services: Create a portfolio to support and help the customer. As bankers, we typically think: transact, save, borrow, invest and protect — in that order. With mortgage refinancing as a potential lead product, we suggest re-ordering as follows: • Borrow: Create greater financial flexibility. • Transact: Add a depository account and reward them with a rate advantage on their loan if they also bring direct deposit. • Protect: Offer overdraft protection and do so in a non-punitive manner for the next six months. • Save: It is hard to save in the midst of challenges like these, but help your new customers establish a budget that includes automatic savings. • Invest: FDIC-insured savings, money markets and CDs may very well become the new in-vogue investment. 3. Concentrating marketing spend on highly efficient consumer targeting: Now that you have determined your consumer portfolio strategy, it is critical to identify those consumers that meet your lead product profiles. In times of major economic disruptions, a highly targeted marketing approach can provide superior results and returns on precious marketing dollars. • Partner with firms that can help you identify your target segments and those specific target customers. • Be extra vigilant regarding losing customers. Do not allow your customers to take their mortgage business elsewhere or the entire relationship may follow. • In acquisition messaging, reinforce all the ways new accounts can be opened without the consumer needing to come into the branch. CINNAIRE.COM It takes more than good intentions to transform communities. It takes capital, development capacity and trusted partnerships. In 25 years, we’ve delivered more than $7.3 billion in community impact. Overcoming challenges. Solving problems. Backed by a commitment to creating healthy communities that has never wavered. The Return on Investment: Safe, Affordable Homes. Healthy Communities. Better Lives. INVESTING IN INDIANA COMMUNITIES FOR MORE THAN 25 YEARS. Transforming Communities. Transforming Lives. The strength of the greatest banking system in the world will help lead the way through our current disruptions. Those institutions that take the opportunity to focus on acquisition while marketing messages are not diluted by oversaturation. They will come through this with stronger customer relationships and accelerating customer acquisition above and beyond their peers. HB Shanon DeLong, vice president of corporate planning and CRA, United Fidelity Bank, has completed 25 years of service with the bank. HB ANNIVERSARY MILESTONE A salute to 20+ years of banking service
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