3 | VERICAST.COM It does. Your messaging should be tailored to the economic conditions in a rising or declining interest rate environment. The products may require a different design. For example, in a rising rate environment on a deposit product, you may allow for more increases in rate capabilities, especially on term certificates of deposits or money markets. Regardless of the interest rate environment, financial institutions must focus on their value proposition. They need to ask themselves, “Are we a rate shop, a service shop, or a convenience shop?” It could be a combination of all. But you’ve got to focus on that value proposition because people want to clearly know the benefits of banking with you and developing a loyal relationship in any rate environment. Q5DOES A RISING INTEREST RATE ENVIRONMENT AFFECT CUSTOMER ACQUISITION STRATEGIES? BILL JORDAN CAN BE REACHED AT WILLIAM.JORDAN@VERICAST.COM Bill Jordan has spent over 33 years in the financial services industry supporting the development of customer/member relationships. Through use of financial, demographic, market and national research data, Bill has supported clients in their quest for financial success during his career. Issue 1. 2023 13
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