Onsite: Day 2 of the Western Independent Bankers Education Summit & Expo

Today was the second full day of Western Independent Bankers Education Summit & Expo. There were even more sessions today than yesterday. Additionally, the vendor Expo was held today. The 1 day format for vendors to exhibit was very well received. Some liked to go in the morning while others preferred sometime a little later in the day. Like I mentioned yesterday, there is something for everyone at this conference.

Today’s conference had 4 learning sessions throughout the day. Like yesterday, each learning session had 5 different tracks. I tried to sit in on as many different sessions as I could. You can find more updates on twitter using the #WIBSummit15 hashtag. I’ll provide a brief update on a few of the sessions.

Shanda Purcell with CSI spoke about customer relationships in community banking. Just having a CRM software package isn’t enough in today’s banking environment. Banks need to be able to customize the program to fully understand and utilize the data they have on their customers. The bank should identify their data and establish metrics for measuring. Be careful what you measure. Not selecting the right data will provide reports that don’t meet your predefined goals. She touched on the fact that banks should focus on customer retention vs acquisition. She said the cost to acquire new customers is about 6 to 7 times that of retaining the ones you already have.

David Noland gave a great presentation about diversity and compliance issues in today’s workplace. Large employers are required to be compliant with several diversity related mandates. Title VII, equal pay act, age discrimination, and the Americans with Disabilities Act are just a few. He noted that reporting requirements are different for each and must be followed. He engaged the audience by asking why diversity matters beyond the legal requirements. Is it good for business? Most in the audience agreed that it is. Citing increased adaptability, broader service range, and a larger customer base.

Laurie Beasley’s presentation was interesting. She explained how email marketing is evolving from the computer desktop to include mobile devices. The strategies that created an effective email campaign don’t necessarily translate to the mobile world. Email campaigns need to be designed and coded so that they display properly on multiple desktop operating systems, email clients, and mobile devices. That involves a lot of preplanning during the development stage.

Kathy Moe with the FDIC discussed today’s regulatory hot topics. This was a very interactive session. With Kathy fielding questions on everything from IT compliance to ALLL compliance.

Scott Morgan with PrecisionLender talked about how you can maintain your customer base. He asked, do you hate when you receive a mailer from your competitor offering lower rates? You shouldn’t. You can use this information to better understand what your competitors are offering. Scott said that if you’re competing on rates alone you’ll lose about half of your deals. He did a great job of explaining how a bank can utilize the OODA model for success.

JP Nicols with Innosect, and also the Co-Founder of Bank Innovators Council, gave the afternoon general session presentation. He spoke about innovation and how banks need to keep up with changes. Banks cannot simply continue the status quo. Digital disruption is here and banks need to adapt. Non banks are doing a great job at taking business from your bank. You can’t rely on regulators putting them out of business as a strategy. The non banks will adapt and move on. They are a real threat. Fortunately, many of them want to partner with banks to offer a combined service.

Western Independent Bankers put on a great conference. The speakers were excellent. Each had their own style and they all kept the audience engaged. The multiple tracks for different business units ensured that there was something for everyone. It gave those interested in a business unit other than their own the chance to learn more about another. The schedule was organized in just the right way. Allowing just the right amount of time to take breaks and recharge to be ready for the next session.

Western Independent Bankers is truly a great organization worth checking out. They provide community banks throughout the West with an avenue to share information and to help each other succeed. They do this by offering outstanding educational and leadership development forums. Take some time to check them out. You can find them online at http://wib.org/, LinkedIn, or twitter.

 

David Miller

David Miller

David Miller is the Co-Founder of CBInsight.com. He has been involved in the financial services community for many years. As the Co-Founder of CBInsight.com David works closely with ... Web: www.cbinsight.com Details

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