If your financial institution is anything like the banks in a recent study performed by The Financial Brand, you’ve probably seen your marketing budget grow in recent years. In fact, you’ve probably seen your assets grow as well.
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Politicians, TV personalities, and economic experts will often predict what the markets and economy will do next, but nobody truly knows when a recession is going to happen or how bad it will be. That’s why it’s a good idea to be prepared and have some savings set aside for a rainy day. But are your millennial customers really ready for that possibility?
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Your bank or credit union might not have the resources to offer a smartphone app on par with Chase or the high-tech functionality of the Goldman Sachs-backed Apple Card, but that doesn’t mean you can’t compete with these big institutions and win the battle in other areas. Here are some ways you can punch above your weight and make your smaller financial institution stand out against large organizations.
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In the words of Bob Dylan, “The Times They Are a-Changin.’” The direct selling industry has faced myriad challenges just in the last decade. How people shop for products, how they earn extra money, and how they communicate have all changed rapidly, deeply affecting the industry’s place in consumers’ lives.
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As the scope and ease of digital banking grows, it’s important for banks to foster a relationship with their customers. Effectively communicating with and educating your customers is critical to providing a great experience that helps them make smart financial decisions and continue using your services.
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