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Megan Cummins

Megan Cummins
Strategic Advisor

Megan Cummins works with Raddon clients, providing analytical, strategic and tactical recommendations. During her 14 years with Raddon she has held a variety of roles in Performance Analytics and Integrator™ training and implementation.  She earned a bachelor’s degree in Finance and an MBA in Marketing and Management from North Central College.

Raddon Report author posts

rr_2021.12.16
Thursday, December 16, 2021
Megan Cummins

The New Value of Checking

Checking accounts are important to financial institutions for many reasons, and those reasons have shifted over time. Typically, financial institutions have valued checking accounts because:

rr_2021.11.10
Wednesday, November 10, 2021
Megan Cummins

What Financial Institutions Are Doing to Keep Up With Auto Lending

According to the U.S. Bureau of Labor and statistics, the price of new vehicles has soared in 2021. A microchip shortage has reduced vehicle supply, and consumer demand has increased as conditions surrounding the pandemic continue to improve.

rr_2021.09.30
Thursday, September 30, 2021
Megan Cummins

What Successful Financial Institutions Are Doing to Capitalize on Rising Consumer Real Estate Demand

Since 2016, consumer demand for mortgages has more than doubled, primarily driven by the low-interest rate environment and rising home purchase intentions. In 2016 and 2018, the Raddon Research Insights study, If You Build It, They Will Come, found the number of households planning to purchase a home in the next two years to be 8 percent and 11 percent, respectively. That figure soared to 25 percent in 2020.

rr_2021.08.26
Thursday, August 26, 2021
Megan Cummins

What Top-Performing Financial Institutions in Credit Card Growth and Penetration Have in Common

Out of all the products that a financial institution offers, credit cards are the most unique and challenging to design because they have dual functionality. For some, credit cards are a way to borrow. For others, they’re a way to make payments.

As we look at trends in consumer credit card usage and data from the Raddon Performance Analytics program, we find commonalities among financial institutions with the highest credit card household penetration and balance growth. What are these institutions doing that makes them top credit card performers?

rr_2021.07.22
Thursday, July 22, 2021
Megan Cummins

How Some Institutions Are Using Financial Health Programs to Capture Business

As more consumers – especially millennials – grapple with managing their finances, the opportunity is ripe for financial institutions to offer financial literacy programs and build loyalty among accountholders.

rr_2021.04.08
Thursday, April 8, 2021
Megan Cummins

Characteristics of Your Most Unprofitable Households

By:  Megan Cummins and Jan Trifts

In a recent Raddon Report article, Characteristics of Your Most Profitable Households, we discussed the importance of understanding what makes an accountholder profitable. In this report, we’ll discuss the characteristics of your unprofitable households and provide strategies for engaging them.

rr_2020.12.10
Thursday, December 10, 2020
Megan Cummins

Understanding the Profitability of Accountholders

The pandemic and its accompanying economic slowdown have compressed margins at banks and credit unions, putting pressure on earnings. To mitigate this impact, consider understanding how your accountholders contribute to the bottom line.  Are they bringing the necessary value as consumers of your products and services?

Thursday, August 1, 2019
Megan Cummins

Whom to Target for Deposit Retention?

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

Whom to Target for Deposits?

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.