March 2023 United States Bank Failures

The March 2023 United States bank failures, as it’s called by Wikipedia, left banks and consumers questioning the trust of banks and other financial institutions.
People want to know their money is safe and secure.
They want to trust the institution where they deposit their hard-earned cash. According to the federal reserve, there was $389 billion dollars loss in deposits last month(see image below). This is at least four times more than ever before in history!
I am no banking expert, however, if you have been in banking for any length of time, you know banks have hardships like any other business. Take for instance the 2008 financial crisis, 326 banks were assumed or sold from 2007-2010, according to this article.
So, how do you keep people from withdrawing their money and walking?
Speaking personally, if my bank does not know my goals, touchpoints, relationships, opportunities, and referrals, you do not easily gain and win my trust.
Trust is the keyword. If people do not trust your team and institution, there are many different options to explore and in this economy, they will.
My advice to financial institutions is to invest in building relationships like no other. Stop throwing your nets wide and dive deep. Many banks say they do this, but all of this information is locked in someone’s head. This is not good enough. It must be documented, accessible, and intelligent for your bank to share with everyone who interacts with your customers.
This creates the opportunity for those banks that have prepared and invested in customer relationships. How about a system for managing these relationships?
Is CRM = Customer Relationship Management a priority for your financial institution? Check out the demo below.
Good news, it’s not too late!
If you are new to CRM or have a CRM that doesn’t look like the demo, you would benefit from a free consulting session from Fostering.
We have helped numerous financial institutions maximize RIO on the CRM leader Salesforce and build a platform for trusted relationships.
If you currently use Salesforce Financial Services Cloud I encourage you to check out the article I wrote for SalesforceBen – Top 8 Underrated Features of Financial Services Cloud (FSC).
Matt Foster
CEO & Chief Solution Architect at Fostering
4x Salesforce Certified
P 320.245.7955
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