Raddon Report

Raddon Report

OpportunityforSmalBusinesses
Thursday, September 10, 2020
Marcy Scanlin

By: Marcy Scanlin, Strategic Advisor, and Jan Trifts, Strategic Advisor

When Benjamin Franklin said, “Out of adversity comes opportunity,” he couldn’t have foreseen how a highly contagious virus could substantially halt the economy in the country he helped found.

Fortunately, banks and credit unions worked alongside businesses to turn the opportunity presented by the federal government’s pandemic-era funding into a lifeline for many employers and their employees.

lending
Wednesday, September 2, 2020
Greg Ulankiewicz

Effective loan application processes help financial institutions capitalize on a greater share of opportunities for new earning assets. More refined pricing models mitigate risk, faster decisioning lowers costs and discovery of potential product sales contributes to the bottom line.

authentic_brand_08202020
Thursday, August 20, 2020
Karen Kislin

Financial institutions navigated significant change in a short time to continue serving consumers during the COVID-19 pandemic. As markets begin opening in varying degrees, financial leaders are thinking about how to sustainably move forward in this new environment. Millennial and Gen Z research suggests the most trusted and authentic brands will survive.

authentic_brand_figure1

millennial,money.management
Thursday, August 13, 2020
Andrew Vahrenkamp

This pandemic has wreaked havoc on the American economy. With unemployment at record levels and no end to the pandemic in sight, one might expect the consumer to be feeling the stress financially. Research from the Pew Research Center shows millennials have been hit particularly hard, as they are overrepresented in industries like hospitality and retail, and they lack the net worth to ride out the lack of income.

rr_leveraging_market_insights
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.

personalization
Thursday, July 16, 2020
Becky Summers

By: Becky Summers, Strategic Advisor, and Joan Clark, Segmint, VP Product

There is a disparity between the level of personalized experience consumers expect and the actual personalized engagements banks and credit unions deliver.

emergingfromcovid
Thursday, July 9, 2020
Bill Handel

COVID-19 has had an immeasurable impact on our society – societally, technologically and most certainly economically.

During the first 13 weeks of the pandemic, there were 45.7 million initial claims for unemployment, or 3.5 million per week. To put this in perspective, during the Great Recession of 2007-2009, the average weekly total initial claims were 476,000, and the largest single week was 659,000.

hightechhightouch
Thursday, June 25, 2020
Andrew Vahrenkamp

It’s been four years since Raddon asserted in our study, Channels and Payments Insights: High-Touch and High-Tech Consumers Are the Norm, that “most consumers … are using electronic channels in addition to, rather than in lieu of, traditional banking channels.” Since then, our research repeatedly has confirmed that consumers like the option of multiple ways of doing business with their financial institutions.

strategic_planning_2
Thursday, June 18, 2020
Jan Trifts

More than any year in generations, 2020 has brought a wave of uncertainty to the marketplace. But it has also spurred an innovative, thoughtful response from businesses across industries – especially financial services. As banks and credit unions take on the strategic planning process in this watershed year, they do so with a new vision toward customer and member service, branch management and even disaster recovery. 

 

tiffany.nunez
Thursday, June 11, 2020
Jan Trifts

As the foundation of the financial services industry, banks and credit unions must continue to manage day-to-day operations but also keep an eye toward the future, as the world feels its way through life during and after COVID-19. With the industry changing before our eyes, strategic planning in 2020 is even more critical to financial institutions.

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.

Longer-Term Implications of COVID-19
Tuesday, April 28, 2020
Bill Handel

The economic impact of COVID-19 becomes increasingly significant as the lockdown extends. In the past five weeks, 26.5 million people filed initial claims for unemployment. To put this into perspective, that is almost as many people as those filing for unemployment in all of 2018, 2019 and the first 11 weeks of 2020 combined – a total of 115 weeks.

Stronger Than Before
Tuesday, April 28, 2020
Bill Handel

Although there are differing opinions and predictions about the long-term effects of COVID-19 on the economy, there is one undeniable truth: Right now, the consumer is in quite a state of concern. The focus and actions of financial institutions over the next several months – and perhaps longer – will be critical to our economic recovery process.

Pandemic-Era Deposit Operations
Tuesday, April 21, 2020
Jan Trifts

By:  Jan Trifts and Marcy Scanlin, Strategic Advisors

As the COVID-19 pandemic unfolds, financial institutions are forced to shift priorities and protocols quickly as they protect the physical and financial health of their employees, customers and members.

Helping Small Businesses Survive COVID-19
Thursday, April 9, 2020
Marcus Rothaar

As many small businesses struggle to navigate the COVID-19 pandemic, financial institutions have an opportunity to step in and extend a lifeline to small business owners, many of whom are relying on their financial institutions to provide resources, insight and stability.

By proactively reaching out to small business owners, instituting provisions to provide them relief, and connecting them with local, state and federal programs, financial institutions can make a meaningful difference now and create long-term loyalty among small business accountholders.

Leading the Team Through Change
Tuesday, April 7, 2020
Eric Wittekiend

By Eric Wittekiend and Rebecca Oeltjenbruns, Center for Practical Management

In the first quarter of a typical year, leaders face any number of changes in their organizations: acquisitions, reorganizations, new product launches, new management structure. But the COVID-19 pandemic has added a new level of organizational change, combined with unexpected stresses at home.

Managers are critical to helping employees handle the worry, stress and anxiety they may be experiencing so they can move on to acceptance and productive engagement. But how?

Management in the Time of Coronavirus - Employee Considerations
Thursday, April 2, 2020
Karen Kislin

In the midst of “stay at home” mandates and social distancing strategies to limit the spread of COVID-19, leaders of financial services institutions are facing new management challenges.