deposits | Customer Service Solutions, Inc.

Address the Expectations that Were Set - 8/26/25


Before the caller ever got to Marco – the customer service representative, the customer had been working with the company for months.  They had read the marketing brochures, had a conversation with a sales rep, reviewed the new customer information on the website, and read all the information e-mailed Read more

When Technology Fails the Customer - 8/19/25


Technology is a wonderful thing…until it isn’t.  The website is down, the mobile app won’t work, the system keeps kicking them out of their account, or they received a spoofing phone call supposedly from your department. If you’ve ever been manning the phones or managing the department inbox, you know Read more

The Misunderstood Physician - 8/12/25


I was speaking with one of my personal physicians years ago, and when we were talking about my work – particularly customer satisfaction research - he started talking about online physician ratings.  He lamented that a few low ratings were dinging his overall score.  Then he shared that the Read more

Uncover Silent Concerns - 8/5/25


One of the customer service statistics we have quoted many times over the years is:  For every complaint you do hear, there could be 26 other customer issues that you don’t hear. And when we bring up that statistic, we bring it up because we want to make sure companies Read more

Talk Yourself Up to Take Down Their Anxiety - 7/29/25


I believe that most customer service people are pretty humble, so I’m not asking you to lose your humility.  But I do have one ask of you… When that customer is anxious or nervous, when they fear the future because the future is unknown or it could be laced with Read more

Use Little Acts to Make a Big Impact - 7/22/25


A WOW Experience is not always one instance, one act that blows away the customer.  It’s not always an over-the-top-the-employee-saved-the-day act of brilliance.  Sometimes a WOW is the sum total of a series of little things that others don’t do – those actions that differentiate you from others.  The Read more

Avoid Some Stress by Addressing Issues Quickly - 7/15/25


It’s good customer service to resolve issues quickly.  The customer sees the light at the end of the tunnel.  They more quickly bring their anxiety and stress, their negative emotions down.  And they more quickly get to a solution. But this tip is not about them.  This tip is about Read more

Better Customer Service through Better Teamwork - 7/8/25


We spend so much time talking about what great customer service looks like in those 1-on-1 Moments of Truth, that we often neglect to discuss what goes on inside the company that leads to those great moments.  We’ve talked about customer handoffs within an organization, but what does a Read more

Highlight the Hidden Value - 7/1/25


Marketing campaigns often highlight a particular product and ALL the features and extras that the customer will receive… “For 3 low, low payments of only $39.99, you not only get these world-renowned chef knives, but you can also get this free laser-etched spatula!  AND THAT’S NOT ALL!  We will also Read more

Don’t Harp on the Customer’s Mistake - 6/24/25


Seth’s daughter, Sarah, had missed some swim classes, and Seth remembered that the aquatics center had several make-up classes available late in the summer.  So Seth pulled up the class schedule on his phone, found one that worked on his and Sarah’s schedules, and planned to attend a session Read more

Banking on Deposits Requires More Than Acquisitions

Posted on in Business Advice, Carolinas Please leave a comment

Many small banks are trying to increase their core deposits, relying less on fees to generate revenue. And while this is a good thing for many banks, there needs to be a retention component to the core deposit growth strategy.

In the article Small Charlotte-area banks get creative in boosting core deposits, Adam O’Daniel makes the point that small banks in the Carolinas are attempting to increase core deposits (i.e., local deposits) to help fund growth because of their stable nature; remember that cash that comes in from loans or short-term investments creates more variability, uncertainty, and risks for banks than cash from core deposits.

The way many of these banks are growing core deposits is through acquisition. The concept is that if the small banks buy even smaller banks in small towns, the acquirer would have that stable cash flow for a long period of time to fund other activities. Without getting too much into the minutia, here’s the key customer retention-related point – just as banks have acquisition strategies to buy other banks, they need culture-oriented strategies and client retention and growth strategies which address the employees and customers they acquire.

Internally, these banks need to be looking at how they retain the small town staff that have formed the relationships with the customers – because the customer relationship and loyalty may be more with “my Teller, Betty” than with “Bank XYZ.” The banks need to ensure that executives are incented for retention just as much as profits, since the acquisition assumed that the core deposits would be retained. And the banks need to have processes in place to quickly analyze and get to know their new customers, build relationships with them, and proactively seek to grow those relationships once retention is solid.

When trying to grow through acquisition, make sure you’re not going to lose the good employees and solid clients you acquire. Understand what drives loyalty at the local level.

Interested in improving your company’s customer service? See more at our new website! http://www.cssamerica.com/

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