Wintrust Commercial Banking’s Post

Stacy Armijo's 2024 tagline of "deposits are gathered in a decade, not a year", captures well the need for FI's to be strategic in their approach to growing and retaining core deposits. Designing and delivering a customer experience based on consumer's relevant needs; where and how they want to fulfill them, should be the North Star for FI's. My colleague Steven Simpson, PhD at Cornerstone Advisors, would recommend using deeper data and analytics to better understand behaviors and preferences, moving way beyond the typical persona-driven approach. Parallel to this discussion is the recent press on the re-birth of branches by some larger institutions, really the rationalization of the branches, as opposed to just growing the sheer number of them, and this strategy is entirely driven by expected customer experience supported by robust data and insights. These newborn branches don't look like they used too. In a recent article in The Financial Brand, Michael Abbott from Accenture opined on bank apps noting, "It's a sea of sameness. Banks have become functionally correct, but emotionally devoid". Any value-add core deposit strategy has to connect with the consumer they're trying to reach. Sam Kilmer, I look forward to hearing more in your future sessions. #coredepositgrowth

Thanks Sam Kilmer, due to the ease of managing deposits for so long, overly simplistic conclusions within bank executive teams have developed about what drives success in this regard. Your focus on the entire ecosystem of deposits including product, delivery, data, process, experience, promotion, branding, and energizing the team is essential. Too many bankers have fallen into the trap of thinking if they just upgrade technology, it alone will solve the problem. We find that helping people manage their money as trusted advisors is the only way you can avoid the interest rate wars. If you want to attract and retain properly priced deposits in this non-trivial interest rate environment you cannot limit your offerings to the classic deposit accounts via online and mobile banking apps. Talk about the ultimate commodity! You need to offer nuanced and customized solutions via competent financial professionals at your frontline who have effective and efficient technology to deliver the experience the depositors are seeking. I just published a 4-minute YouTube on Developing a Complete Set of Deposit Options. You can find it at https://lnkd.in/gudKFt5m

10 video interviews that explain banking in 2023 | American Banker: In American Banker's Leaders Forum, our journalists interviewed top executives from across the banking and fintech sectors as well as regulators ...

As we gear up for another great event I wanted to take a moment to thank everyone along the way who has helped me transition from the HOA and property management software space to the HOA/property management banking space. Kevin Farmer and the team over at AppFolio gave me a foundation that provided opportunities for my future and honestly have one of the best business development training programs in the business! Tom Loos over at Enumerate is someone I trust and understands the industry in spades. His knowledge and our frequent 'pow wow' sessions virtually during COVID times was invaluable to me. Ryan McBeth over at CINC Systems (& previous banker!) is the guy who saw me at CEOMC, picked me out of the crowd, critiqued me heavily (and still does!), and gave me the opportunity to start my way into the HOA/Property Management banking space at Axos Bank. I carry that every single day when I come into work. William S. right here at Axos Bank & our entire HOA vertical team. No one has spent more time critiquing, molding, befriending, and teaching me than him. The amount of information I've been able to absorb in almost 2 years from him is almost hard to imagine and the wins are only the icing on the cake! Special mentions to a few "friendenemies" in the banking space who I genuinely trust and enjoy hanging out with & getting advice from at our industry events -- it's rare in an industry that you can compete for the same business and still be friends and I enjoy that aspect of what I do. Rachel Rowley - AMS, PCAM Barry Coleman Erin Sweeney Jamie Kay Redden, CMCA, AMS, EBP Michael Coleman, CMCA Amber Welch Tavarious Butts, EBP Jeff Dunn -- our monthly chats, whether you are at FRONTSTEPS or CINC Systems, doesn't matter, is a highlight each time I see you on my caller ID! I feel more motivated than ever to continue this path forward and I hope I get to meet many more of my LinkedIn connections throughout this year at industry events -- including CAI National in Las Vegas this May! #wearecai #hoamanagement #condomanagement #propertymanagement #largescalehoa #singlefamilyrentals #multifamilyrentals #hoabanking #enumerate #appfolio #getincinc

Are you a careful reader of banking news? The American Banker News Quiz for this week is live. Test your mettle!

Start the new year off right with Simple Solutions Tips from our Solutions Banking Team! 😀 This week's tip is shared by Tonya Young, Solutions Banking relationship manager, and covers the importance of building an emergency fund. Watch here: https://wi.st/3vorGH4 Member FDIC

It’s a New Year 2024! So why not start with some great habits on your Financial Journey? Take a moment to review some great tips from Tonya Young ! 💙💚

Check out our new article featuring Joshua McKay - The vital three C's of banking 💰 https://lnkd.in/gfgdJvt4

What's happening in the banking industry in Nevada? Read this month's Nevada Business Magazine Industry Focus to hear valuable insights from our CEO & President of Lexicon Bank, Stacy Watkins, and other banking experts in the valley. https://lnkd.in/gTtkDdjQ