In the past seven months we’ve seen wild swings in emerging risks and opportunities in the banking sector. That has meant community banks and credit unions have had to react quickly to short-term challenges, rather than set a course for long-term growth.
But as the economy and markets settle down, it’s time to lay the groundwork for the second half of the year, as well as start to build plans that will help community FIs navigate successfully for the long term.
One greatly overlooked opportunity is SMB checking accounts.
Most community FIs, while relying on SMB loan business, haven’t modernized their SMB checking accounts and that has allowed megabanks and regional banks to attract business away from local institutions.
For community FIs, it’s a risk and reward double-whammy. If you can’t stop the risk of SMB migration, then your rewards - whether in loans or primary accounts - will be lost.
We’ve been working with SMB leaders to find out what their needs are from the banks they work with and whether community FIs still have what it takes to compete for their business.
Fortunately, the answer is yes, community FIs are very attractive partners but SMBs need more from their checking accounts to create a rewarding primary relationship.
To discuss how to navigate the needs of modern SMBs we’ve invited payments expert Tom Gerry to talk to us about what’s happening in the SMB checking space and how community FIs can regain market share now, and well into the future.
Gerry and StrategyCorps partner Dave DeFazio will talk about:
How SMBs can be a powerful tool in boosting non-interest income
Creating the kind of SMB checking account that will drive more valuable primary relationships
Building SMB accounts that provide value for both the business owner and their employees and deliver more than the megabanks while still growing earnings for community FIs
Join us on August 11 at 2pm ET to learn more about how to revitalize SMB checking before any more business walks out the door!
Dave DeFazio | StrategyCorps Partner
At StrategyCorps, Dave leads and manages the company’s direct sales efforts while working directly with financial institutions to design, build, and implement a variety of checking solutions in an increasingly mobile-centric world. Dave’s extensive financial services experience and continuous research in the field help him ensure each product and service meets the needs of today’s financial institutions.
Tom Gerry | Payments Expert
Tom Gerry is President of Payments Power! He’s a payments and business process improvement expert, and has done consulting for businesses, non profits and community banks. He has 35+ years experience as a team leader, consultant, entrepreneur, speaker and author. He has broad experience in marketing, sales, implementations and training, project management and app development.
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