Chapter 4: Moving the Pricing Process Forward

May 6, 2016 Jim Young

 

Customer expectations are rising everywhere, and the banking industry is no exception. In order to compete, banks need to shorten their lending timelines and be more creative with the options they offer borrowers.

How does that happen? That’s the focus of Chapter 4, the latest installment of  Earn It: Building Your Bank’s Brand One Relationship at a Time.

Last month we delved into the two aspects of pricing – Price Setting and Price Getting – in Chapters 2 & 3. In Chapter 4 we’ve started to expand on the Price Getting concept. We’ve titled the chapter “Moving the Price Forward,” a name that has a dual meaning. In order to make progress with pricing improvements, banks need to move the process away from the “back” of the bank and forward to the “front,” the place where lenders are working to create and sustain customer relationships.

It’s easier said than done, of course. Banks that move pricing forward provide feedback on deals to lenders while they’re with customers, not as part of a quarterly report. Giving lenders that sort of power means learning to trust they’ll use it wisely.

"Earn It" is now available to purchase! Buy it here: https://theearnitbook.com/

 

About the Author

Jim Young

Jim Young, Director of Communications at PrecisionLender, is an award-winning writer with experience in a range of positions in media and marketing, from reporter to website editor to content marketer. Throughout his career has focused on the story – how to find it, how to understand it, and how best to share it with others. At PrecisionLender he manages the many ways in which the company shares its philosophy on banking and the power of relationships Jim graduated Phi Beta Kappa from Duke University and holds a masters degree in journalism from Columbia University.

More Content by Jim Young
Previous Article
Bank Acquisitions: What Would Warren Buffett Do [Podcast]
Bank Acquisitions: What Would Warren Buffett Do [Podcast]

Warren Buffett is arguably the most successful investor in the world. Dallas Wells talks to Brett Werner fr...

Next Article
What British Cycling Can Teach Your Bank
What British Cycling Can Teach Your Bank

The British cycling team went from irrelevant to dominant in just six years. Their path to success is one t...