4. Provide innovative business services. The more of a business’ back office that your institution powers, the more sense it makes for that business to bank with you. Offer cash management tools, risk management tools and digital payment solutions that all integrate seamlessly with other financial systems. Now is a good time to review your cash management pricing and service bundles to encourage existing and new business customers to take advantage of these services. 5. Partner with fintechs. Where appropriate, your bank might benefit from teaming up with one or more fintechs that can provide robust data infrastructure, treasury management tools and digital platforms that let customers conveniently use those tools. Pay close attention to integration costs, risk management practices and client referrals. 6. Offer incentives. Consider low-cost ways to help deposit clients get started banking with you. Pay sign-up and referral bonuses. Offer tiered rates that pay more as balances grow. Make mobile deposits easy. Provide limited free checks and identity theft protection. 7. Give customers an easy “on” ramp. Design your online account opening process to be simple and fast, especially from mobile devices. Easy onboarding is especially important for younger Gen Z customers who take a mobile-first approach. 8. Improve your customer service. Make your customer service friendly, knowledgeable about product offerings and able to solve problems in a single conversation. By the time someone calls or visits a branch with a problem, there’s a good chance they’ve already tried to solve it online or over the phone. Don’t pass them from hand to hand. The time and money that potential customers can save by doing business with a bank that offers smart solutions can greatly outpace what those customers might get from an extra few bp paid on deposits. Focus on these alternatives to achieve the long-term gains that higher interest rates just can’t get you. To continue this discussion or for more information, please contact Matt Helsing, SVP & Northwest Regional Manager for PCBB, at mhelsing@pcbb.com. Dedicated to serving the needs of community banks, PCBB’s comprehensive and robust set of solutions includes cash management services such as Settlement and Liquidity for the FedNow Service, international services, lending solutions and risk management advisory services. INDEPENDENT REPORT | 15
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