SRM Publishes Report on Boosting Account Growth
MEMPHIS, Tenn.–(BUSINESS WIRE)–SRM (Strategic Resource Management), an independent advisory firm serving financial institutions, today released its most recent SRM Academy Report, “How Financial Institutions can Boost Account Growth to Move with Changing Margins.”
In times of economic uncertainty, financial institutions (FIs) are challenged to grow their loan portfolios safely and profitably. While performance indicators do a great job of tracking existing business, they provide limited insight into unmet market needs and potential missed opportunities.
In this report, SRM recommends a series of data-driven programs that can help banks and credit unions of all sizes deepen client relationships and acquire profitable new business from new and existing customers. Some points covered in the report include:
- Account acquisition capabilities at banks and credit unions have not evolved as quickly as digital acceptance during the coronavirus pandemic.
- Digital acceptance will create challenges as FIs look to grow in a post-pandemic environment. FIs must consider longer-lasting structural shifts.
- Banks and credit unions can prepare to meet these challenges to counter narrowing profit margins.
- Five high-level principles can help FIs adopt a more systematic mindset when it comes to growth initiatives.
Also included in the report are two case studies, one with a retail bank and one with a credit union, to outline the potential outcomes and benefits of implementing the data-driven programs summarized in the report.
Patrick Goodwin, President of SRM, commented, “In today’s environment, competition is fierce, mindshare is harder to come by, and even existing customers look elsewhere when a new need arises. Banks and credit unions need to adopt a more systematic mindset to grow their loan portfolios safely and profitably. Those that succeed in implementing a series of data-driven programs can outpace the market in lending growth and return on assets. They can also better meet market demands.”
SRM (Strategic Resource Management) has helped more than 1,000 financial institutions add $3.6 billion of value to their bottom line in areas such as payments, digital transformation, core processing, artificial intelligence, and operational efficiency. SRM’s decades of experience have lowered costs, grown revenues, increased productivity, and provided a competitive edge for clients in an environment of constant and accelerating change. Visit www.srmcorp.com for more information and follow us on LinkedIn and Twitter for timely and relevant insights.