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  • Your lending culture may not allow you to attract deposits or relationships

    first_imgThis isn’t fair to any of you with tired old brains like mine but think back ten years ago to what the banking landscape looked like. Many of you were in the midst of a windfall of consumer deposits flowing in the doors. You didn’t have to worry too much about attracting deposits; deep concerns about Wall Street were doing a great job of driving deposit dollars our way. Many of us were welcoming of this flight to safety with open arms and some were in an enviable position of actually needing to turn away deposits.Now, allow your memories to drift back just five years ago and that same landscape found many of us still flush with deposits and, in addition, our loan engines were revving up and starting to produce on all eight cylinders. Where there was a healthy flow of deposits before, many of us were also starting to experience an equally healthy demand for loan products, especially auto loans. Sure, the landscape become more crowded in the past five years as fintechs become more prominent in many loan markets but the consumer demand for loans remained very robust.Today, however, that landscape has begun to change in a way that some financial institutions have never faced before. The loan spigot is slowing and the deposit pipes have practically run dry. Unfortunately, many organizations have created cultures that are fixated on one thing and one thing only – generating and handling loan volume. Their cultures have little or no knowledge or experience of generating and handling deposit volume or growing member relationships.This potentially devastating situation manifests itself in many credit unions in four critical ways:Incentives. So many credit unions have established incentive programs (some very complicated ones, too) that are focused mostly, if not entirely, on the sales of loan products. Many of these programs are very rich in monetary terms and many are also seen as entitlements to some staff members. A recent client had Loan Officers who were making 25-50% of their base salary in incentives, simply for processing loans that walked in the door. These monetary incentives amounted to an extra $2000 a month in their paycheck. Did they come to expect that income each month? You bet they did. And good luck taking that away from them.Marketing. Since loans have become so competitive over the past five-to-ten years the marketing campaigns at many credit unions have centered squarely on loan products and pricing. In fact, you could argue that the credit union’s value proposition and differentiation have been largely built around their loan offerings and, in many instances, the fact that they are usually the loan price leader in their markets. Marketing calendars have consisted mostly of the recycling of the same loan promotions every six months or so. Marketing dollars haven’t been spent on differentiating the credit union as much as they’ve been spent on making their loan products and rates standout.Sales skills. If we’ve been successful with our marketing efforts, our credit union should have had a fairly steady flow of loan opportunities coming in the door. Which means, as noted under Incentives above, that our frontline staff has been in a reactionary mode – service those loan product demands as quickly, friendly, and thoroughly as possible. In some instances there’s been a focus on cross-selling additional products but in many instances those other products have been loan products like extended warranty and gap insurance or refinancing other loans. Rarely have we seen over the past few years a consistent, dedicated focus to cross-sell deposit products or total member relationships when a loan was being processed.Coaching. The importance of coaching frontline staff has been spotlighted in these pages as much as any other single topic over the past few years. But our observations have revealed in most cases that coaching at many credit unions consists of simply reviewing sales production with staff and that “sales production” generally refers to loan production. Managers, to a great extent, are coaching staff on how to look for additional loans and providing feedback on whether they’re hitting their loan goals are not. And team meeting agendas are usually aimed at identifying ways to generate additional loan product sales.Not to be a doomsayer, but these four issues have to be addressed promptly or many financial institutions may not be around in another ten years to reflect back on today. Strategic and tactical plans need to prioritize these four issues and identify specific and dedicated efforts to improve each. We can’t sit back and count on another deposit windfall and that fierce loan competition isn’t going to go away anytime soon. Following are four distinct ways you should tackle these issues:Move as far away from product-based monetary incentives as possible and toward a well-balanced scorecard approach that includes a heavy focus on non-monetary rewards and recognition.Reallocate marketing dollars away from regularly pushing loan products and rates and toward a consistent push on differentiating with your brand and mission statement.Focus skill development on relationship building skills and behaviors – get your member-facing staff asking questions to thoroughly understand all financial needs and establish solid processes for following up on opportunities.Coaching efforts need to center on conducting observations and providing feedback about appropriate sales and service activity and desired behaviors, not just about sales production numbers.Performance cultures that have been based predominantly on loan production over the past five to ten years will not automatically remodel into being deposit or relationship based. Credit union leaders must be anticipatory and drive the necessary change – don’t wait for it to happen serendipitously or it will be too late. Disrupt the “we’ve always done it this way” mentality and transform into a “let’s adapt into a new way” performance culture.If your credit union needs to assess your current culture to determine if you can realistically transition from a loan-centered culture to one that can also grow deposits and relationships, my firm can help. Please contact us at www.fi-strategies.com/contact-us/ 3SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Paul Robert Paul Robert has been helping financial institutions drive their retail growth strategies for over 20 years. Paul is the Chief Executive Officer for FI Strategies, LLC, a private consulting company … Web: fi-strategies.com Detailslast_img read more

  • No. 6 Syracuse men’s lacrosse cruises to season-opening victory over Siena, 19-6

    first_imgChalk it up to whatever rationale you want — players, preparation, program prestige — but the conclusion remains the same: Syracuse doesn’t lose its season-opener. Especially against Siena.The 101-year-old program spent the week before practicing in the Ensley Athletic Center with its exact field dimensions replicated from the Carrier Dome, while its 16-year-old central New York counterpart trained outside or in smaller gyms.“Between the groundballs and the clearing stats, you can tell the Ensley Center has been huge for us,” head coach John Desko said. “… That’s a big difference. Siena was on a full field a lot less than we were.”There’s also precedent: Syracuse has never trailed Siena ever.On Saturday, the juggernaut thumped the teenager for the fourth straight year. No. 6 Syracuse (1-0) re-upped on its annual beatdown of Siena (0-1), 19-6. The Orange has only lost its season-opener twice this millennium. The resounding defeat ruined what appeared to be Siena’s best-ever opportunity.AdvertisementThis is placeholder textThe Saints returned eight of its top nine scorers and Syracuse trotted out a brand-new defensive line with sophomore All-American Nick Mellen out with a shoulder injury. The new rotation of Tyson Bomberry, Marcus Cunningham and Scott Firman “disappointed” Desko early with early rotations and missing marks. The group eventually regained its footing and allowed three goals in the final 49:18, but in the first quarter Siena inched within 4-3. The level of Saints’ supporters animated cheers was at odds with a one-goal, first-quarter game.At 4:35 in the first frame, sophomore attack Brad Voigt rifled top-right past Siena goalkeeper Aaron Lewis to make it 4-2, SU. The ending history suggested tugged. “Gold on the Ceiling” by The Black Keys played from the Carrier Dome speakers.“I ain’t blind / Just a matter of time / Before you steal it”The Saints resisted, scoring 17 seconds later, but consider the final scores in each of the Orange’s three previous Siena season-openers: 18-5, 21-7 and 19-7. In each quarter of each game, Syracuse never had fewer face-off wins or extra-man opportunities. The volume advantages in chances ensures Syracuse has every opportunity to distance itself from the Saints. It happened again Saturday.The Orange bested Siena in shots (54-26), groundballs (50-20), faceoffs (20-9), turnovers (8-15) and man-up opportunities (2-1).“They didn’t change their defense too much from a year ago,” Desko said. “We saw some early zone defense and the guys were prepared for it. We scored a couple of relatively easy ones. That made it difficult for them to jump back and forth between man and zone.”Evan Jenkins | Staff PhotographerSyracuse cashed in nine unanswered over the next 27 minutes. In total, No. 22 Jordan Evans had a career-high eight points, attack Nick Mariano had a career-best seven, and junior transfer Brendan Bomberry had four, including one steal-and-behind-the-back score. Reserve attack Stephen Rehfuss had a hat trick in the last 5:57 alone.Siena’s goalkeeper Lewis had been in attendance for three thrashings at the Orange’s sticks. His team had never finished closer than 12 goals. He already had eight goals poured past him with nearly three-fourths of the game to go. He deflected a potential save into the air when Bomberry snatched it away for the highlight-reel goal.Early in the second quarter, Syracuse up 7-3, Mariano fumbled the ball out beyond the offensive endline. Lewis ran from his net and lined up the senior attack just as he turned up field. Lewis leveled his right shoulder into Mariano’s back right shoulder and knocked him to the ground. Mariano popped up to jaw with Lewis, the first of the game’s six roughness-related flags.“Just a neighborhood game,” Mariano said. “Just got to keep going. … But I was fired up.”On the man-up, the Orange worked the ball around quickly until midfielder Sergio Salcido found Mariano standing at about the 25-yard line. The senior attack flitted a bullet past Lewis’ replacement.Mariano turned to his left, nodded his head and pointed in the direction of Lewis on the sideline. Mariano said at the postgame press conference he didn’t intend it to be at Lewis, but Evans grinned next to him. At the time, white-and-orange clad fans and players cheered the loudest they had all day. Lewis shook his head. The finger-point to the sideline seemed like a reminder.Just a reminder who held the upper hand. Comments Facebook Twitter Google+ Published on February 11, 2017 at 8:17 pm Contact Sam: [email protected] | @Sam4TRlast_img read more