Achim Griesel is president, and Dr. Sean Payant serves as the chief strategy officer at Haberfeld, a data-driven consulting firm specializing in core relationships and profitability growth for community-based financial institutions. Achim can be reached at 402.323.3793 or achim@haberfeld.com. Sean can be reached at 402.323.3614 or sean@haberfeld.com. wvbankers.org 26 West Virginia Banker Strategically growing low-cost funding today is the key to successfully positioning your organization for tomorrow. Even if you have excess liquidity now, there isn’t a better time to grow low-cost funding by growing your customer base and increasing your checking and savings deposits. The majority of these funds will be non-interest bearing, and those that are interest bearing will be at the lowest rates. To position your financial institution for the coming battle for deposits, it is imperative that you: (1) offer compelling retail and business deposit products; (2) remove barriers to growth (e.g., evaluate your Customer Identification Program); (3) use data-driven targeted marketing to reach high-probability conversion prospects; and (4) equip your employees with the skills to capitalize on every opportunity every time. If your strategic goals include low-cost funding and a strong position in any rate environment, you must be intentional about growth. If you focus on growing core relationships, you will not have to follow other institutions up and down the rate cycles. If your strategic goals include low-cost funding and a strong position in any rate environment, you must be intentional about growth. If you focus on growing core relationships, you will not have to follow other institutions up and down the rate cycles. Continued from page 25
RkJQdWJsaXNoZXIy ODQxMjUw