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:

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.

Every year, Raddon conducts nationwide research of consumers and small businesses to understand their motivations, preferences and behaviors in banking. We include our discoveries in four comprehensive reports: Deposit Insights, Lending Insights, Payments and Channels Insights and Small Business Insights. Subscribers to the Raddon Research Insights program receive these four studies as well as an invitation to a webinar giving highlights and strategic recommendations.

A significant factor in building an institution’s brand is the culture generated by its employees. Managing employees was a key element in several popular breakout sessions at this year’s Raddon Conference. Here are six key takeaways on the topic.

What a Conference!

Another Raddon conference is in the books, and what an event it was! So many factors came together to make it exceptional – insightful keynote speakers, engaging breakout sessions, Raddon Rocket cocktails, reasonably good Chicago weather – that everyone involved had a blast.

If you didn’t make it this year, be sure to plan for next year’s event. In the meantime, here are seven key takeaways from the 2018 conference about the industry and the economy.

Community banks and credit unions have done poorly in attracting Hispanic customers. Andrew Vahrenkamp from Raddon, explains why and offers some possible ways to build relationships with this strong and growing market segment.

Market economics suggest that the price of a good or service is linked to where supply meets demand.  When demand for a good goes up, the price can go up; the reverse is true as well.  That’s why customer loyalty is so important to your long-term success. When your loyalty falls, you must either lower your loan rates or raise your deposit rates to compensate for that reduced demand.

Free checking is dying.  Banks are reducing their branch networks, with 93% of the closures occurring in zip codes with below-average incomes.  Transitioning to digital channels is leaving those Americans without access to technology behind.  As we noted last year,

The financial press has been fairly outspoken about rising rates.  Given the Fed’s persistence in raising the Fed Funds rate, we should expect this level of reporting, but has that concept filtered down to the American public?

In a recent Raddon study, Lending Insights: Loan Demand Rebounds but Challenges Persist, we find that yes, the borrowing public is aware of the rate environment and motivated as a result.