Blog

“Checking Out” of Deposit Motels

February 26, 2023

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By Devon Kinkead As Ron Shevlin of Cornerstone Advisors likes to say, checking accounts have become “paycheck motels” – that is, temporary places for people’s money to stay before it moves on to bigger and better places. Given the all-out war for deposits right now by competing financial institutions, we...

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Rethinking Teaser Rates

August 5, 2021

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It’s time for retail banks and credit unions to apply “teaser rate” thinking to refinance more customer/member loans held elsewhere in a manner fully consistent with Fair Lending Laws. Offering attractive refinancing rates to acquire more loans customers/members hold elsewhere rewards loyalty by lowering their borrowing costs.  For the financial...

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Prescreening Solutions in a Box

July 28, 2021

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Unfortunately, a traditional prescreen marketing campaign's cost, complexity, compliance, and labor requirements can be daunting, particularly for community financial institutions. As a result, these financial institutions either do credit marketing infrequently or not at all.  That's now changing.

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Helping Bankers Go from Engagement to Sales

July 12, 2019

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There are almost as many different ways for a financial institution to use artificial intelligence machine learning to connect with their digital users as there are banks and credit unions in the United States. When it comes to connecting with customers who seldom visit branches, it’s essential to realize that the online and mobile engagements between bankers and their digital users—which, for some larger institutions, can number in the thousands per month—likely never would have happened if they required a branch visit.

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Bankers See AI Casting a Long Shadow

July 3, 2019

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By Kevin Flanagan, Marketing Director, Micronotes To paraphrase Paul Revere, “AI is coming! AI is coming!!” And that includes machine learning, too. That was one of the key findings in a new research report published by The Economist Intelligence Unit. The researchers asked more than 400 retail banking executives worldwide to...

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For Bankers, Sales is a Game of Follow the Lead

June 28, 2019

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By Kevin Flanagan, Marketing Director, Micronotes When it comes to successfully selling financial products and services to current bank customers or credit union members, there is one rule that proves accurate time and again: Leads turn into sales. And to generate those leads, you need to engage with your digital...

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How to Achieve Deeper Relationships and a More Compliant Bank

June 21, 2019

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By Kevin Flanagan, Marketing Director, Micronotes More and more financial institutions are deploying Micronotes’ AI-driven solution to engage with their customers and drive sales and revenue growth. But there is another important benefit that our machine-learning platform delivers. Banking is one of the most heavily regulated industries. Most governments around...

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Does Monzo Mean Gonzo for Traditional Banks?

June 14, 2019

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By Kevin Flanagan, Director of Marketing, Micronotes This week’s announcement by Monzo, a UK-based mobile-only “bank,” that it plans to offer its services in Los Angeles this summer generated a lot of media coverage. Most of the articles described Monzo’s success competing against traditional banks in the UK and predicted it...

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When Did Selling Become Bad for Business?

June 7, 2019

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By Christian Klacko, Cofounder and COO, Micronotes This week I attended a webinar with an interesting premise: It used Netflix as an example of how to successfully engage digital customers. The presentation focused on how bankers can take some tips from the Netflix playbook to meet the needs of customers...

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“Hey, Erica, Make Me an Offer”

May 31, 2019

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By Kevin Flanagan, Marketing Director, Micronotes This week, Bank of America issued a news release touting that Erica, its digital banking assistant, completed 50 million requests for 7 million BofA digital banking users in its first year of operation. The announcement was picked up by many media outlets over the next...

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