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Branch Distribution

Peak Performance Consulting Group recently received the Constant Contact All Star Award for the top 10% of newsletters during 2016 in customer engagement, relevant content and readership.  Criteria for selection include:

 

  • Content relevant to readers
  • Engagement of readers, as demonstrated by level of sign-ups and newsletter open rates
  • Industry leadership in use of social media and other tools

 

We deeply appreciate your continued support — we are looking forward to continuing to provide thought leadership and practical solutions for Banks and Credit Unions.

 

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Financial Institutions are re-configuring branch networks to meet changing customer demand, closing bank branches and investing in new channels.

 

Jon Voorhees, Peak Performance Consulting Group consultant and former Head of Distribution Strategy at Bank of America discusses strategies to improve customer retention, sales performance, and cost savings.

 

Teller volumes have declined by about half in the last several years. With far fewer volumes going through largely fixed cost facilities, the cost per transaction done within the four walls of a branch will only climb.

 

Since the recent Great Recession, only about 5% have closed. When you take into account the number of new branches still being opened, the net decline is only about 4% in the last five years. So the question for banks is why aren’t you closing more?

 

Many banks have discussed the need to cut costs and close branches but few have been aggressive in doing so. The main reason more banks aren’t closing branches is fear pf customer attrition, but with the right data, analytics and implementation approach you can move forward with confidence.

 

 

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This article was was originally published in The Financial Brand on June 22, 2017

 

Bank-at-Work programs are both efficient and effective ways to generate new business. But, work site events shouldn’t be a ‘hit-or-miss’ activity for bankers. Here are strategies that can ensure they drive consistent business results – and tips you can use at any prospective customer activity.

 

By Paul Corrigan, Consultant at Peak Performance Group

 

Bank-at-Work programs make a lot of sense – they are a way to leverage relationships you already have with businesses, and a way to generate consistent levels of new consumer accounts as well. After all, what could be better than a company giving you direct access to their employees? One of the best ways to capitalize on this opportunity is to hold on-site events at employee sites.

 

Unfortunately, we frequently hear stories about less than expected results.

 

An all too common refrain is, “Why are we sending valuable resources to work site events that generate no return for the effort?” Instinctively we are prone to thinking that poor results must be function of the offer package not being rich enough, or the client company is not proactively promoting the program, or the marketing materials aren’t generating sufficient awareness.

 

I used to manage a Bank-at-Work program for a large national bank, and one of the things I learned is that inconsistent performance is almost always a function of the quality of on-site execution. It’s what we do with that on-site opportunity that makes the difference between success or failure.

 

So, how do we improve results? Here are the top 10 keys to success for increasing your Bank-at-Work sales results. The good news is that most of these keys to success are applicable to any customer or prospect event, from an on-site meeting to a Chamber of Commerce event or other community activities.

 

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If the podcast does not appear, please click on the word “Podcast” in the title of this article) 

 

On this episode of the BAI Banking Strategies podcast, Lou Carlozo, Managing Editor, interviews   Jon Voorhees of Peak Performance Group about the closing, opening and evolution of bank branches. Voorhees also reveals how banks can close branches and still experience low customer attrition rates.

 

Lou Carlozo, BAI. Bank branches. Where the three key words before were always location, location, location – today they might as well be decisions, decisions, decisions.  Should branches be closed, should they be transformed, should they be re imagined. or should branches turn into something altogether different that uses the best world of customer satisfaction and automation.

 

To learn more about the current and future state of branches we will be talking with bank branch expert Jon Voorhees.

 

Welcome to BAI Banking Strategies, where each week we will focus on key issues facing financial services leaders.  We’ll bring you objective opinions and actionable insights that will help you power smart decisions. I’m your host, Lou Carlozo, Managing Editor of BAI. Come on in!

 

Thanks for tuning in. It is great to have you on the podcast today and we are at the end of Season 2 so we want to thank everyone who has tuned in so far. While we’re off you can check out the archive of podcasts at www.bai.org  and as always, our podcasts can be heard through Apple iTunes podcast app, Soundcloud and Google Play.

 

And today with us here we have Jon Voorhees, a Consultant/Adviser for Peak Performance Consulting Group. Most recently focused on the consumer banking industry, Jon has used his expertise in retailing, consumer goods and the automotive industry.  If you’ve read his posts on BAI Banking Strategies you know he is clear spoken and gets right to the heart of things.

 

Jon, great to have you on the program today.

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While the total number of bank branches is declining, the industry is still opening 1,000 branches annually.  Here are 10 keys to accelerating success of your new branch.

 

This article, by Peak Performance consultant Jon Voorhees, was originally published in BAI Banking Strategies on March 7, 2017

 

Seems like every banking journal today has an article about branch closures or consolidations. Less reported is that banks are still opening about 1,000 or more new branches annually. In fact, according to the latest FDIC update, banks opened nearly 6,000 new branches in the five-year period between 2011 and 2015, and are on pace to do nearly 900 more this year.

 

During the last half of my career I opened about 900 new branches and learned a great deal about the factors that drive a successful launch.

 

Here are my 10 best insights:

 

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BY: DAVID KERSTEIN, Peak Performance Consulting Group, and DAN MERCURIO, Cambridge Savings Bank.  This article was originally published in BAI Banking Strategies.

 

Compelling digital offerings aren’t just a consumer expectation anymore. They are a necessity to stay competitive.

 

 

 

But many financial institutions, especially smaller ones, are stuck in a holding pattern—with too many confusing options and choices to grasp a clear sense of how to move forward. What’s the best way to harness new digital technology to deliver the desired results? How should you select the right partner? What key strategies lead to successful implementation?

 

 

If there remains any question that the FinTech revolution is disrupting the banking ecosystem, just ask Millennials: 73 percent believe innovation will come from outside the industry and 33 percent believe they won’t need a bank at all to serve their financial needs.

 

With the current technology sprint, it’s often hard to make sense of it all. (The iPhone, after all, is only 10 years old.) Today, FinTech startups don’t compete with banks head-on but focus instead on specific services historically integrated within the bank’s core offerings. It can feel like death by a thousand cuts.

 

Let’s step back a moment and consider this from the customer’s perspective. Leading FinTechs are competitive because they focus on products and segments banks don’t serve well, such as micro-business lending, unsecured lending and roboadvisory. FinTechs also show particular skill at creating a frictionless, intuitive customer experience.  Many offer faster payment processing. Others provide simplified, instant business loan processing by connecting directly to information sources for verification, instead of relying on customers to gather and provide paperwork.

 

 

In our view, partnering with innovative FinTechs instead of trying to develop solutions in-house is a no-brainer.  Jamie Dimon, CEO of JP Morgan Chase, described it well: “(FinTech partnerships) offer the kind of stuff we don’t want to do or can’t do, but there’s someone else who can do it.”

 

So what should smaller financial institutions do?

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