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Still unsure of how to turn regulatory matters into a win-win situation, scores of lenders continue to clamor for ways to balance compliance and profitability. In response to their call, Community Capital Management (Weston, FL) devised a way for institutions to meet the requirements of the Community Reinvestment Act (CRA) of 1977 while also achieving increased financial success on a continuous basis.
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A paradigm shift is taking place in the banking world, and it centers around who makes that first, frontline contact with the client. Andrew Trainor, Legacy Bank regional president and Goldwater Bank
Chairman of the Board Larry Sheffield discuss the changes their
institutions have made to enhance the customer experience.
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Recently Egg Banking, a British-based lending company, decided to cancel 161,000+ credit cards of consumers deemed "too risky" despite timely payments and spotless credit records. This decision has been made shortly after their takeover by the financial conglomerate Citi® Group in February of 2008.
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Bank marketers are increasingly recognizing the opportunities of customer-initiated contacts such as telephone calls and Website visits. Where outbound messages risk being ignored, ill-targeted or intrusive, inbound messages take place when you already have the customer’s attention. New technologies can teach banks to understand what customers want and how to offer it to them.
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Waves of baby boomers are reaching retirement age, a not-so-new question echoes throughout the financial industry: What do seniors want and need? They have capital, they have flexibility, and they are intensely interested in their financial security. From housing issues and marketing ideas to lending practices, financial institutions are taking a hard look at current product offerings and deciding how those products appeal to the fast-growing senior market. Are you ready to serve them?
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