Managing Deposits Through the Pandemic of 2020: A Four Part Series
Have you noticed today’s high yield savings rates of Synchrony, Marcus, and Citi after the Fed’s big cut? You won’t have any difficulty finding them. They make these offers easy to find for you and your current depositors. Do you think these organizations are out of touch or paralyzed? They are not behaving like we are back in the Great Recession when interest rates were universally low on savings deposits for many years. Are you?
A decade ago, online only banks and the digital strategies of the largest banks were far from the threat they pose today to the raw material of banking (core deposits) of community and regional banks. Additionally, consider how online/digital consumer transactions have become familiar and comfortable since the last time Fed Funds were 0-.25%. Think Amazon! We must explore what banks are up against regarding core retail deposits in this new rate volatility and social distancing.
The coronavirus has created abrupt change globally. There is much to reassess and manage. Bankers must immediately operate in a different environment than we have been accustomed to as we experience volatile interest rates and the almost overnight reality of social distancing. What will the successful bank executives do? How will these changes impact long-term depositors? What can you expect from your peers and competitors especially large digital banks? How can bankers expedite updated approaches and strategies to promote and present the value of their services and retain the core deposits they must have to fund their balance sheets profitably?
We are offering this four-session webinar series that will address the challenges and opportunities. We will assess the:
- Leadership Ongoing
In the face of what is likely to be intense competition this timely and focused webinar series will equip the audience to address the demands of serving long-term savers with relevant and valuable approaches that optimize the combination of safety, liquidity, convenience, and growth the saver wants and needs. We will acknowledge classical strategies; evolving technologies; and the impact on all stakeholders. We will focus on how bankers can best engage personally, deliver exceptionally, and connect emotionally with depositors to create mutually successful results throughout this evolving environment. Don’t fall for the notion that the best way to get through this is to attempt to hunker down with old ways and low rates.
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