Raddon Report

Raddon Report

Thursday, February 27, 2020
Becky Summers

Use targeted marketing to present the right offer to the right customers at the right time

Strong relationships are a significant strategic advantage as competition for customers and share of wallet increases. Fortunately for customer-focused financial institutions, those relationships can grow even stronger with data.

Thursday, February 20, 2020
Marcus Rothaar

When the Great Recession ended in June 2009, financial institutions and the consumers they serve were eager for brighter days, after living through a period of staggering unemployment, unprecedented decline in real estate values, record levels of foreclosures, and an implosion of automobile sales. While there have been 11 recessions since the end of World War II in 1945, none impacted the consumer or financial institutions as significantly as the 2007-08 financial crisis.

Thursday, February 6, 2020
Bill Handel

How did we do in our industry predictions for 2019?  Here are the predictions we offered up one year ago, along with an assessment of our foresight. Overall, our crystal ball was good, but with a few notable exceptions, which were due to the Federal Reserve’s reversal of its interest rate course.

Thursday, January 30, 2020
Bill Handel

One thing is certain: uncertainty

For credit unions, a major theme in 2020 will be how well they contend with uncertainty.

Ambiguity and insecurity will come from an evolving economic environment, emerging demographic concerns and nontraditional providers' entry into key product areas, including checking accounts by Google and credit cards from Apple. Contending effectively with uncertainty will become the hallmark of well-managed credit unions.

Here are three trends we're watching for credit unions:

Thursday, January 23, 2020
Andrew Vahrenkamp

More consumers are shopping for banking products online. Financial institutions that attract online shoppers have a lifetime of opportunity to gain.

Thursday, January 16, 2020
Becky Summers

Gathering intelligence is the first step in a successful campaign
 

Among the trends we saw in 2019, one theme was constant: The financial services industry is as competitive as ever. 

New technologies, channels and competitors continually disrupted the market, creating considerable noise for credit unions to break through. Nontraditional players forced credit unions to compete on multiple fronts – technology, lifestyle and branding – in addition to having competitive products and rates.

Thursday, January 9, 2020
Andrew Vahrenkamp

As Gen Z comes of age, financial institutions must adapt to capture business from these digital natives.

It’s no secret that Gen Z – roughly defined as those born in 2000 or after – are digital natives. Ninety-eight percent of Gen Z individuals use a mobile device at least once a day, and 60 percent of them use social media to help make purchasing decisions.

Thursday, December 12, 2019
Andrew Vahrenkamp

At the end of this year’s Raddon Conference, I had the unenviable task of synthesizing into a single digestible package all that we presented and shared over the three days. The following is my attempt to summarize this amazing event.

Thursday, November 21, 2019
Lynne Cornelison

Financial institutions are aware it’s ideal to have their non-mobile banking customers and members use mobile banking. Raddon Research Insights has thoroughly researched and published data-driven strategic considerations on the depths of satisfaction, loyalty and value mobile bankers bring to their financial institutions.

Wednesday, October 30, 2019
Marcus Rothaar

“Apple Card is here. A credit card created by Apple, not a bank. Built for simplicity, transparency and privacy. Apply now on your iPhone, and start using in minutes.” – Apple Inc.

Thursday, October 17, 2019
Karen Kislin

Regardless of the industry, slow economic recovery has led to a greater need for company efficiencies. Becoming more lean and agile is a common trend, which is placing higher expectations on the workforce – with fewer resources. Such expectations are creating the perfect environment for employee burnout.

Thursday, October 3, 2019
Bill Handel

By now, you’ve likely heard discussion of a possible oncoming economic recession. The talk of an inverted yield curve and its predictive ability regarding recessions has been bandied about in the financial as well as the mainstream press.

Is a recession likely? The answer is an unqualified yes. But then again, the answer to that question is always yes. The real question is when it will come. And a related question is how severe it will be.

Thursday, September 12, 2019
Andrew Vahrenkamp

It’s that time of year! Time to prepare for next year and to plan for the annual Raddon Conference, held in Chicago on November 4th to 6th. Given all the uncertainty about the economy and rate environment, we hope to shine a light on the way forward for you. Here are five big strategic questions for us to answer as we plan for 2020:

Wednesday, August 21, 2019
Marcus Rothaar

Each year, Raddon brings together many of the industry’s top leaders and visionaries to our invitation-only CEO Forum. This year’s event took place earlier this month in Dana Point, California, with more than 75 executives collaborating for two days of engaging and interactive discussions with their peers. Join us as we reflect back on some of the key takeaways from the 2019 Raddon CEO Forum.

Thursday, August 15, 2019
Andrew Vahrenkamp

It is difficult, if not impossible, to serve customers in any industry without understanding how they view your company, products and service. The customer experience (or member experience for the credit union industry) is paramount for ensuring repeat business, and as we know from our Performance Analytics program, institutions that get repeat business are most likely to be high performers.

Thursday, August 1, 2019
Megan Cummins

We recently wrote about how to grow deposits.  Just as important as deposit growth is deposit retention. You can grow at a rapid pace, but if all of your deposits are walking out the door, you obviously won’t be growing.

Thursday, July 18, 2019
Megan Cummins

Are you looking for deposits in all the wrong places? In today’s challenging funding climate, most institutions are looking to maintain and grow deposits to help them manage the cost of funds in a rising rate environment.

Thursday, June 13, 2019
Greg Ulankiewicz

One of the most confounding developments in retail banking is the impact of technology on the branch channel. Perhaps the latest and clearest example of the industry’s try-anything approach to branching in today’s mobile world is Capital One’s newest concept: the Capital One Café.

Wednesday, May 22, 2019
Andrew Vahrenkamp

Marketers and product managers at financial institutions know that a product’s features and benefits can make or break that product. As a result, institutions spend significant time and energy measuring their products’ fit in the competitive landscape.

Thursday, May 2, 2019
Marcus Rothaar

Raddon recently hit the road for a series of workshops with participants in our Performance Analytics program. We hosted sessions in 17 cities east of the Mississippi, meeting with over 500 financial services executives along the way. (Note: We’ll be visiting the western half of the country in June; registration is now open for those sessions.)