Financial Marketing and Cross Selling Blog
Dodd Frank legislation will undoubtedly translate into less fee revenue. So how are banks going to make it up? With rates so low and flush with deposits, many banks are focusing on lending, especially to small business. But right now there doesn’t seem to be enough demand from qualified borrowers to make up the revenue shortfall. Once again the industry is talking more and more about the need increase revenue per customer, cross selling, building share of wallet. It all means the same thing. The real challenge is that this need is coming right at a time when cost controls are forcing budgets down, including marketing budgets. That means that bank marketers must find more efficient ways to market.
We talk a lot about how important it is to make financial content easy to read and understand when presenting it to your clients. That’s why the recent announcement of the “Idiots Guide to the Financial Crisis” by Penguin is so important.
Those of us in the financial industry have most likely been asked by our friends and family to help explain how the current financial crisis came to be. This is no easy task. Instead of trying to explain it myself, I’ve even steered people to an online video that was developed by an art design major in California called “The Crisis of Credit”. It’s a great visual aid to telling the story of how it all came to be. Watch the “The Crisis of Credit” now.
But for those looking for more in depth analysis of the crisis, this Penguin series sounds like a great read.