Blog

David Acevedo

Director of Sales at 360 View CRM. Helping banks and credit unions see the value of implementing CRM to build profitable, long-term client relationships. Specialize in developing meaningful employee incentive plans that drive performance and results. Offline, you can find me at the Jersey Shore or on the golf course, which also includes the “19th Hole.”
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Recent Posts

A Millennial Marketing and Recruitment Plan

Posted by David Acevedo

millennial-marketing-and-recruitment

With projections to be the largest living generation by 2019, millennial shave significant influence over the success of businesses in almost any industry. They are the fastest  growing customer base, with 85.3 million people in the U.S., and are expected to make up 44% of the workforce by 2022.

So, if your bank or credit union is not focusing on this demographic in your marketing or recruitment efforts, it’s time to make a change. Consider these tips for incorporating millennials in your marketing and recruitment plans.

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7 Steps to Building a Killer Onboarding Program

Posted by David Acevedo

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For retail banks, customer acquisition costs are high, and often don’t generate a positive business return. In fact, more than 40% of new customers will churn before costs are recovered, resulting in a negative value for the bank. This puts a lot of pressure on banks to make sure their customers are hooked from the get-go. The customer experience starts with onboarding, and the first 90 days can make or break your customer relationships.

There’s a lot that goes into making your onboarding program as effective as possible. Keep these seven steps in mind to ensure your customers stick around for the long run.

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Topics: Sales & Marketing, Customer Experience

High Interest Rates Signal a Change in Marketing Strategy

Posted by David Acevedo

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When the Federal Reserve recently raised the federal funds rate, and set off a rise in short-term interest rates, it signaled that more increases were on the way. While the impact may be felt differently by an individual bank or credit union, there’s no doubt that financial institutions must prepare for the “new normal” of rising interest rates — especially when it comes to marketing.

A Challenge for Some, an Opportunity for Others

Seeking to temper signs of inflation in the economy, the Fed recently raised the federal funds rate from 1.5 to 1.75 percent. That immediately triggered an increase in the prime rate, which, according to Investopedia, “represents the credit rate that banks extend to their most credit worthy customers.” Borrowing costs for all other consumer credit is pegged against this number.

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Topics: In the News, Sales & Marketing, Customer Segmentation

What the Dodd-Frank Reform Bill Means for Small Banks and Credit Unions

Posted by David Acevedo

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The United States Senate recently voted to repeal parts of the Dodd-Frank bill governing financial institutions. The Economic Growth, Regulatory Relief, and Consumer Protection Act (S.2155) or CHOICE, while still uncertain of final passage, would raise the threshold for closer Federal Reserve scrutiny from banks with $250 billion in assets from the current asset threshold of $50 billion. While there are a number of other provisions to the proposed legislation, this higher threshold is the primary target of those seeking to roll back what many believe are unnecessary regulations placed on community banks and credit unions.

Pending a compromise of House and Senate versions of the bill, and enacting the final bill into law, here are five impacts the proposed legislation would have on financial institutions.   

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Topics: In the News

Making Things Simple: How Lakeland Bank Used 360 View to Simplify and Connect Operations

Posted by David Acevedo

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Photo credit: The Sparta Independent

Management gurus tout the value of building successful companies with an eye towards truly knowing not just what they do and how they do it, but why they do it. Lakeland Bank, based in northern New Jersey, already knew the “why” behind their brand: to make banking simple. Each customer transaction is an opportunity to show customers that banking doesn’t have to be a chore. “We connect our customers to all the possibilities in their financial profile, and we make it as simple as possible,” says Ellen Lalwani, Lakeland Bank’s executive vice president and chief retail officer. Through this commitment to connection and simplicity, the bank has built a loyal customer following. In the words of one business banking customer, “…Lakeland is there to do things I really don’t think any other bank would do.” But there was a challenge: Lakeland’s internal business processes were hardly simple — or connected.

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Topics: CRM, Goal and Incentive Plans