Bank transfer season far from over, is your sales team ready?
The consumer driven ‘move your money movement’ that culminated to ‘Bank Transfer Day’ on Saturday, Nov. 5th, has credit unions and small banks driving incentives all over the country to encourage prospective customers to sign up for an account. Case in point, FirstBank Holding Co. in Denver is driving an aggressive free checking campaign, encouraging costumers to text their bank’s name to learn what the rival bank is charging for checking accounts, reported American Banker Magazine. The Credit Union National Association reports 650,000 new members and $4.5 billion in savings account assets since the end of September. And on Nov. 5, credit unions across the country signed record numbers of new members, Boeing Employees’ Credit Union in Seattle signed up a one-day record 659 new members, reported the Wall Street Journal.
But the first step of opening an account is just that – a first step. Despite big bank backlash to increasing account fees, stickiness is still a factor in the core banking relationship given the hassle for consumers to move their direct deposit and all of their automatic bill payments from one bank to another.
In the midst of this David vs. Goliath shakeout, lead management is of the utmost importance for small and big banks alike. While some movement may be good for big banks, they can’t afford to lose too many customers, and for the credit unions and small banks, their work has just begun. Customers who signed up for an account should really be viewed as viable leads that need to be converted to customers.
In this highly competitive environment – where every customer interaction counts, where lead prioritization makes all the difference – a good lead management program can separate the winners from the losers. Leads360 customers are heading into this battle prepared with the very best tools. Are you prepared?
