It's a tough time to be a bank.
Banks were once associated with “It’s a Wonderful Life.” Now it’s “The Big Short” and “Too Big to Fail.” And they’re facing a new world of greater regulation and stiffer competition.
To survive, and even thrive, banks have to rebuild their brands – one customer relationship at a time.
To do this, banks must rethink their approach to commercial pricing: The value they place on it; the strategies they use; the people and the tools they use to execute those strategies. To get pricing right, banks have to begin with the lender/customer interaction and work backward from there, always keeping the process focused on strengthening the bond between the banker and the borrower.
That’s what we believe at PrecisionLender. It’s something we feel so strongly that we were compelled to put our philosophy into words, in this book.
Whether you're a community banker, or working at a multinational money center, Earn It has lessons and advice you can use to change your bank's bottom line - and its future.
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About the Author
Carl Ryden, Co-Founder and Chief Executive Officer of PrecisionLender, has deployed pricing management solutions in hundreds of financial institutions ranging in size from $50 million in assets to over $180 billion in assets. In addition to his work in authoring and developing PrecisionLender’s loan pricing system, Carl actively provides strategic consulting to PrecisionLender clients.
His breadth of experience and passion for technology, finance, strategy, and software development enable him to address risk-based pricing from a unique perspective. Carl has an MBA from MIT Sloan School of Management, a Master’s Degree in Electrical and Computer Engineering from MIT and a BS in Electrical Engineering from NC State University.
Table of Contents
About the Authors v
Chapter 1 Why Is Pricing So Important? 9
Chapter 2 Price Setting 23
Chapter 3 Price Getting 33
Chapter 4 Moving the Pricing Process Forward 43
Chapter 5 The Case for the Chief Pricing Officer 53
Chapter 6 What Makes a Great Lender? 63
Chapter 7 Sunlight is the Best Disinfectant 85
Chapter 8 Building a Lurking Ecosystem 97
Chapter 9 Choosing the Right Tool 113
Chapter 10 Get Your Lenders to Engage, Not Revolt 133
Chapter 11 The Power of Continuous Improvement 153
Chapter 12 How Will You "Earn It" in the Future? 171
Most Helpful Customer Reviews
Reviewed by Arya Fomonyuy for Readers' Favorite Earn It: Building Your Bank’s Brand One Relationship at a Time by Carl Ryden, Dallas Wells and Jim Young is a compelling book for bankers and those who are interested in running a financial business that involves lending or other banking services. What is the secret of surviving the cut-throat competition of this contemporary age as a banker? What would it take for banks and financial institutions to stand out from the competition, thrive, and continue to attract many customers? Readers can get answers to these questions, each of them addressing their specific needs, but for the authors of this book, what makes banking business successful is the image it presents to the world, its brand, and being built on the commitment to build lasting customer relationship. At the heart of this book is the idea that banks need to rebuild their brand and stand out, and that they must rethink their approach to commercial pricing, be clear of the value they put into it, determine the best strategies to implement it, and how to put the strategies into practice. This may sound simplistic, but this book, written by experts and professionals who have been in the lending business and who run their own business, offers surprising thoughts, best banking practices, and secrets to building powerful and lasting relationships with customers, hence polishing the bank’s brand. Earn It: Building Your Bank’s Brand One Relationship at a Time is beautifully written and readers will enjoy the powerful insights and practical pieces of advice that punctuate the book. I enjoyed the fact that the authors use diagrams, graphs, and statistics to illustrate their arguments. One feels that their confidence comes across in the writing and there is no doubt that they are writing from their experience in the lending business. In this book, you’ll find answers to questions that many customers ask. It’s a book that will inform, entertain, and educate both bankers and consumers.