First Data understands the challenges and opportunities that community financial institutions (FIs) face in this current economy. We researched the competitive landscape and talked with some of our customers about their success attracting new customers. This document shares five lessons to help other community FIs grow market-share.
While the financial crisis has put many large banks into a tailspin, community financial institutions are seeing unprecedented opportunity. Many Americans blame Wall Street and the larger national banks for our current recession and are taking action by moving their business to community banks. Consumers are looking for more than just a place to keep their money—they’re looking for a relationship with an institution they can trust. But it’s not as simple as unlocking the doors and waiting for the customers to pour in. Community financial institutions must offer a similar mix of products, services and support compared with what these customers have grown to expect from the industry giants.
First Data has been following this unique opportunity. We’ve researched the competitive landscape, and we’ve talked with many of our customers about their success and how they’ve been attracting new customers in record numbers. From this, we’ve taken five key lessons and developed a roadmap to help other community financial institutions leverage the current opportunity for growth.