Five Big Strategic Questions for 2020
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:
- How can financial institutions prepare for a recession? The yield curve is predicting a recession on the near horizon. Even if it is not as deep and long as the Great Recession, banks and credit unions will feel the pinch of declining revenue and rising losses. At this year’s Raddon Conference, we will hear from noted economist Art Laffer about where we are and from Raddon Chief Economist Bill Handel about how your institutions can manage risk while times are still good so that you can prosper when times turn bad.
- As technology changes the way financial institutions work with consumers, will it change how they work with employees? One of the key characteristics of a high-performing institution is strong employee engagement. Engaged employees are advocates, building the brand with every interaction, even in a digital age. At the Raddon Conference, several breakout sessions will explore the transformation of employees’ roles and discuss ways you can maintain engagement.
- How can financial institutions grow their deposit base without relying solely on price? In an increasingly competitive deposit environment, finding ways to grow deposits by using strategies other than pricing is challenging for financial institutions. Today, major banks control more than one-third of the deposit balances in play. In addition, the use of internet banks presents traditional financial institutions with significant hurdles to overcome to meet their goals for deposit growth. At the Raddon Conference, we will host a breakout session to discuss crafting an effective deposit strategy that enables your organization to attract and retain key deposit relationships through multiple methods and win your fair share of the market.
- Are credit cards still valuable in a digital world? Building lasting relationships with consumers takes work. And for those relationships to thrive, institutions need to meet consumers' expectations for digital experiences that are in step with their lives. Payments are evolving to provide consumers with more intelligent experiences related to factors such as enablement, awareness and fraud. Therefore, card issuers must refocus their approach in the fight for the digital era’s version of “top-of-wallet” status. At the Raddon Conference, we will explore how card rewards and controls can help you improve relationships and increase cardholder stickiness.
- Can the branch be saved? Following the emergence of mobile banking, retail financial institutions have been compelled to rethink and rationalize their physical locations as foot traffic steadily declines. But the nascent return of deposit competition is poised to make branches more relevant than they have been since before the financial crisis. At the conference, we’ll highlight the critical role of the branch for building deposit relationships and discuss how you can reassess branch strategy and performance after a decade of focus on transactional efficiency.
To find more questions and answers, please join us at our Third Annual Raddon Conference in Chicago November 4–6.