Summary
Gone are the days when taking deposits and making car loans were enough to keep community banks profitable and customers coming in the doors. These days, banks must do much more than they have traditionally done in order to play on the same field as their competitors. The solution sounds overly simplistic and elementary, yet remains a formidable challenge for them. They have to identify ways to increase revenue, retain existing customers and expand their customer bases by improving overall customer satisfaction. One way of improving customer satisfaction is to offer additional services that customers want and need for the purposes of financial and retirement planning. The market appears ripe for the picking, as research compiled by the Raddon Financial Group reveals that only 15 percent of an average institution's customers presently use investment or insurance services.
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Goodbye to the Good Old Days
Gone are the days when taking deposits and making car loans were enough to keep community banks profitable and customers coming in the doors.
As competition within the financial services industry continues to strengthen, financial institutions of all kinds - banks, credit unions, thrifts, brokerages and insurance companies - are having to become more creative and aggressive in terms of pro...See the full content of this document
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