Community banks have the stones – or can get them readily – to conquer commercial deposit accounts. I’m talking about treasury services such as RDC, mobile banking (including mobile capture), bill pay with cash management, etc.
Yes, the bank can readily buy the stones. But once they have the stones, they need a slingshot. Otherwise, they’ll just have to wait on the giants to run up to the bank, pick up the stones and hit themselves in the head. Not likely.
The slingshot for community banks is internet delivery of videos: sales, demos and training videos.
With internet + video, banks have a slingshot, a delivery system, that does two very important things: (1) multiplies the productivity of their staff, permitting them to make lots of effective sales calls, with fewer bankers, because it’s easier (and much more convenient) to get prospects to view the videos than schedule a sales call; and (2) video “how-to’s” make training and support much more efficient: once customers have viewed the videos, they don’t need nearly so much hands-on by the bankers.
Does this eliminate the need for personal support? No, of course not. But this does mean you will need fewer people to sell many more prospects. As you may recall from Sunday school (you remember Sunday school, right?), the Philistines weren’t vanquished by just one slingshot. But it did, for sure, level the playing field and bought the good guys time to beef up the troops. What worked then, will work now.