Raddon Report

Raddon Report

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Thursday, August 6, 2020
Marcy Scanlin

Pandemic-forced branch closings and shifting demographics have highlighted and hastened the growing need for financial institutions to leverage market insights for acquisition, growth and retention. As strategic planning season approaches, it’s important to dedicate road maps and resources to reaching your best existing and potential consumers with timely offers through relevant channels.

Building long-term loyalty and high-value brand experiences depends on:

rr_brand_070302020
Thursday, July 30, 2020
Jan Trifts

Throughout the COVID-19 pandemic, financial institutions have been focused on helping their accountholders, communities and small businesses. But when the pandemic has subsided and financial institutions get back to normal operations, how community-based banks and credit unions have managed their response to COVID-19 will have a major impact on their overall brands, and recent efforts to support and sustain their communities will pay long-term dividends.

rr_takeawaysperformanceanalyticsworkshop
Thursday, July 23, 2020
Marcus Rothaar

Raddon typically hits the road in June to host workshops across the western half of the country for participants in our Performance Analytics program. With COVID-19 putting a temporary halt to these in-person meetings, we shifted our workshops to a two-day online event with more than 900 financial services professionals. A sign of the times, 61 percent of attendees logged in to the event from their home offices, as did the Raddon team of presenters.

The Future of Lending Can’t Get Here Soon Enough
Wednesday, May 6, 2020
Greg Ulankiewicz

The economic impact of civic shutdowns, business closures and layoffs in response to combating the novel coronavirus places local banks and credit unions at the center of helping to preserve, if not salvage, the financial well-being of their communities.

On March 22, financial industry regulators released an interagency statement encouraging financial institutions to help borrowers and giving leeway on risk classification requirements for certain loan modifications amid COVID-19.

Deposit Product Recommendations
Wednesday, May 6, 2020
Jan Trifts

By: Jan Trifts and Marcy Scanlin, Strategic Advisors

As the financial strain of shelter-in-place mandates wears on consumers, Raddon experts expect to see two divergent consumer deposit behaviors that financial institutions will need to address soon. First, some consumers will be looking for liquidity as they need immediate access to their money for living expenses. Second, some will be looking for longer-term options as a flight to safety as financial markets fluctuate.

Build Actionable Campaigns to Grow Your Organization
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.

How to Win in the Online Shopping Spree
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.

Grow Your Credit Union Through Targeted Marketing
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.

Key Takeaways from this Year's Raddon Conference
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.

Understanding the Non-Mobile-Banking, Smartphone-Owning U.S. Consumer
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, 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.)

Thursday, April 18, 2019
Andrew Vahrenkamp

Recently, Kroger made big news by refusing to accept Visa credit cards at some of their stores in western states. “Visa has been misusing its position and charging retailers excessive fees for a long time,” said Mike Schlotman, Kroger’s executive vice president and CFO. “Visa’s credit card fees are higher than any other credit card brand that we accept. Visa’s excessive fees and unfairness cannot continue to go unchecked.”