Truly innovative financial institutions who want to capture a greater share of new deposits in the lucrative small business owner (SBO) category need to focus on the "job" that small business owners most want to hire them to do. Our research shows it has everything to do with flow. Small business owners live and die by the ebbs and tides of cash flow. If you help them create flow with their money, they will hire you and remain loyal to you. 

The following key findings form a foundational strategy banks can build on to increase deposits:

Focus on the most important "job" to get done: create flow

• The financial industry is being disrupted by new entrants who either compete on price or deliver on relationship-based jobs that people want done.
• While the rest of the industry tries to differentiate based on rates and fees, savvy financial institutions will find new ways to help small business owners (and individuals) create flow.

How to analyze and profile your small business customer's deposit needs

• Organizations can be prepared to deliver on customer needs by simplifying products for flow, being prepared to partner, having the right knowledge to share, and by creating a cash flow fit.
• To create cash flow fit organizations need to profile customer needs based on five dimensions: timing, type, threshold, technology, and touch.

To get even the most loyal customers to switch, create a relationship wave

• Most SBOs do not want to switch and typically do so only because they are dissatisfied with their current bank.
• The most effective strategy for getting small business owners to switch to your financial institution is by turning a few of your current customers into flow angels. Angels are customers who are willing to give their own time and energy to help your cause.
• Shared experiences with angels, an easy process for switching, and appropriate marketing create the relationship wave that causes prospects to want to become customers.

Purchase

Option 1: Capturing Deposits Whitepaper + a Q&A Session

Read the whitepaper and then ask your questions! The whitepaper comes bundled with a 2-hour conference call Q&A session with a member of the Stone Mantel team involved in the study.

Option 2: Capturing Deposits Workshop

Train your whole team! Choose an optional Capturing Deposits Workshop conducted by two Stone Mantel team members to train your team on the study's findings and on how to create meaningful brand experiences for your clients. Learn how to apply the findings to your specific situation. At the end of the workshop, you'll have an action plan to help you implement the recommendations in the whitepaper.

Call 303.814.3627 for pricing on both options.