Video: How should community banks adapt to their market?
Description:
Community banks can create new growth opportunities by building a customer strategy around the markets they already serve. In this clip, Steven Ramirez discusses how aligning products and services with customer needs can help banks strengthen their competitive position.
Transcript
Let’s bring this home and say, OK. So what if you are kind of a smaller bank? What if you are in one of those areas in Minnesota where there’s a higher level of what do you call the more mature customers? As I increasingly resemble one of those more mature customers, I’m like, OK. So what does that mean?
I think that one of the things that means is that you have a customer strategy that enables you to trigger some business growth, right?
So maybe that’s a change. Maybe that’s a reflection of a new product set that you have to offer.
Do we have greater opportunity for things like health savings accounts?
Everyone can cater to the affluent, but do we have a mass affluent business strategy?
How do we sort of look at what we have? It’s not like it’s good or bad, but how do we make the most of what we have?