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Maybe they weren’t so “Mad” after all.

Mad Men. While the show's portrayal of 1960’s Madison Avenue may seem dated, its portrayal of the strategic thinking that goes into a good marketing strategy certainly isn’t… dated, that is. One particularly noteworthy scene – featuring Don Draper, Lee Garner Jr. and Sr., and a discussion around how to sell a poisonous product, tobacco – provides us with a not-far-off-the-mark-at-all glimpse into how a solid marketing strategy is developed.

Don Draper: This is the greatest advertising opportunity since the invention of cereal. We have six identical companies making six identical products. We can say anything we want. How do you make your cigarettes?

Lee Garner, Jr.: I don't know.

Lee Garner, Sr.: Shame on you. We breed insect repellant tobacco seeds, plant them in the North Carolina sunshine, grow it, cut it, cure it, toast it...

Don Draper: There you go. There you go.

[Writes on chalkboard and underlines: "IT'S TOASTED."]

Lee Garner, Jr.: But everybody else's tobacco is toasted.

Don Draper: No. Everybody else's tobacco is poisonous. Lucky Strikes'... is toasted. Advertising is based on one thing: happiness. And do you know what happiness is? Happiness is the smell of a new car. It's freedom from fear. It's a billboard on the side of a road that screams with reassurance that whatever you're doing is OK. You are OK.

Lee Garner, Sr.: It's toasted. [Smiles] I get it.

Now, as far-fetched as this may seem, this is actually the way it works in the ad agency world. This is how the agency arrives at a brand’s USP or Unique Selling Proposition, which is the most critical component of any marketing campaign. First, you determine who your audience is. Then, how you’ll reach them. Once you’ve done that, you need to ask yourself this very important question: “What makes this product different, better, or better still, unique?” The answer will become your USP, and it’s the USP upon which you will build your campaign. 

I can’t count on both hands and both feet the number of times I sat in meetings just like this one. In fact, when I worked on the Oscar Mayer business – let’s just say a few years back –  we came up with "Roasted" (yes, roasted, not toasted!) for their hot dogs. We’d gone to one of their plants and learned that, unlike their competitors, they cooked their hot dogs over an open flame. We figured that "Roasted for flavor" would make a great way to position our hot dogs against the competitors and then built a commercial around that USP.  You can click here to see the commercial!

At its core, a USP is a succinct statement that encapsulates the unique benefits and value proposition of a product or service. It serves as a clear differentiator that sets a brand apart from its competitors. In a sea of similar offerings, a strong USP gives consumers a reason to choose your bank over another. It answers the fundamental question every consumer has: "Why should I choose you?"

Consider Apple's iconic USP, which also serves as their theme line: "Think Different." This simple yet powerful statement positioned Apple as a brand that challenges the status quo and empowers creative thinkers. By focusing on the unique trait of embracing innovation and individuality, Apple effectively set itself apart from its competitors and fostered a loyal customer base. Take Nike's, "Just Do It." This concise phrase encapsulates the brand's spirit of empowerment, encouraging individuals to overcome obstacles and pursue their goals. By tapping into the universal human desire for self-improvement and achievement, Nike's USP resonated with a broad audience, making it a hallmark of successful advertising. Lastly, how about FedEx's, "When it absolutely, positively has to be there overnight." This straightforward statement communicates the brand's commitment to reliability and speed. By focusing on a single core benefit, FedEx's USP became synonymous with efficient, overnight delivery.

Often, a USP revolves around taking what could be perceived as a negative, and positioning it as a positive. Sometimes, in the case of Mad Men’s Lucky Strike campaign, it can simply turn a feature that all products share into a competitive advantage. Can this really work? In the case of Lucky Strike, Lee Garner Jr. points out, well, the obvious: “But everybody else's tobacco is toasted.” True. But, Draper’s idea is still brilliant. Sure, everyone’s is toasted, but no one’s talking about it.  Lucky Strike can own that positioning and that translates into… “competitive advantage.”  Here, again, a USP serves as the brand’s theme line in “It’s toasted.”

How does this apply to you, the community banker? Yes, you’re smaller than those big nationals and don’t offer all of the big bank bells and whistles. Turn it into a positive, such as the notion that being small is better. Or, maybe your digital experience doesn’t match that of bigger, better-funded banks. Who wants to do business with robots? Certainly not potential customers of yours.

It’s a relatively simple exercise, really. First, and importantly, put yourself in the shoes of that individual who may be reluctant to do business with you. Make a list of “cons” based on what you know about that reluctance. Figure out how to move some of those “cons” to the “pro” side. Once you’ve done that, post some clever ads – many of which you’ll find in our portal – to your social platforms. The beauty of this kind of messaging is that it, as they say in the biz, “challenges assumptions.” It leads the reader to step back and re-examine beliefs/notions they may have about a product or service. It can lead to that “aha” moment that ad folks strive for; that consumer realization that “hey, I never thought about it that way.”  When you get that from your audience, you know you’ve created something truly impactful.

About Bank Marketing Center 

Here at bankmarketingcenter.com, our goal is to help you with that topical, compelling communication with customers; the messaging — developed by banking industry marketing professionals, well trained in the thinking behind effective marketing communication — that will help you build trust, relationships, and revenue. 

To view our marketing creative, both print and digital – ranging from product and brand ads to social media and in branch signage – visit bankmarketingcenter.com.  You can also contact me directly by phone at 678-528-6688 or via email at nreynolds@bankmarketingcenter.com. As always, I welcome your thoughts.




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Geofencing. A marketing tool whose time has come.

Geofencing, a location-based marketing strategy, is emerging as a powerful tool that not only connects you with your customers but also enhances their overall experience of your brand, products and services. And while geofencing has actually been around since the early 1990’s, the popularity of smartphones and mobile devices has now made it an incredibly valuable marketing tool for businesses… like your community bank.

Geofencing offers a world of possibilities. Unbelievable as it sounds, geofencing can even enable you to build a “fence” around another bank. When a prospect is inside that fence, they can receive a notification that you offer credit cards with the lowest interest rates in the area. Let’s take a deeper look at the benefits of geofencing and how your community bank can put it to good use.

How does it work?

Geofencing uses IP addresses, Global Positioning System (GPS), Radio Frequency Identification (RFID), Wi-Fi, or cellular data in order to define “virtual boundaries” around physical locations. These virtual perimeters allow marketers to send targeted messages, notifications, and offers to users' devices when they enter, exit, or dwell within that predefined, “fenced” area. Think of it as literally connecting the online and offline worlds, enabling businesses to deliver timely and relevant content to consumers based on their physical location.  (Image below courtesy of Propellant Media)

 

 

Personalization Redefined

One of the most significant advantages of geofencing lies in its ability to deliver hyper-personalized content to consumers. By leveraging its ability to collect personal data, you can tailor your messages to match a potential consumers' immediate surroundings and preferences. With it, you now have insights into the demographics of the local population, including what kind of offers, or news, might interest them. For instance, say Valentine’s Day is just around the corner. Using geofencing, you can build a geofence around your ATMs, then send a push notification reminding your target audience that should they decide to make a Valentine’s Day purchase, there’s an ATM conveniently located in their area, (maybe even “within a short walk from where you are right now!). Another example? Build a geofence around area car dealerships if you are looking to make auto loans.  

This personalized approach not only boosts the chances of engagement but also enhances the customer's perception of your bank’s brand. According to a study conducted by SmarterHQ, 72% of consumers admitted to only engaging with marketing messages that are personalized to their interests. Geofencing takes personalization a step further by aligning messages with consumers' physical location, making the content even more relevant and appealing.

Enhancing Customer Engagement and Loyalty 

Geofencing enables you to engage your customers at the right place, at the right time, and with the right message. By offering location-specific promotions, recommendations, or event notifications, your bank can foster an even deeper connection with your customers, building greater trust and with it, loyalty. You see, not all of your messages need to be intended to sell products. For instance, you can target attendees at a local community event – such as a breast cancer fundraiser – and reach out to them with a message that says you appreciate their support and that your bank is a supporter, too.

Furthermore, geofencing can be integrated with loyalty programs. When customers receive rewards or incentives upon entering one of your retail branches within a geofenced area, they are more likely to return. This combination of personalization, immediate gratification, and incentives contributes to higher customer retention rates and long-term loyalty.

Real-Time Analytics and Data Insights

In addition to its customer-facing benefits, geofencing provides valuable data insights and analytics. Knowing just what brought a new customer can be hard to measure. What brought that customer into your branch? If you don’t have the chance to survey every customer who walks through your door – and you probably don’t – it can be difficult to connect an in-branch visit to your online efforts. However, if customers are coming in with your promotions from geofencing, there are a number of metrics you can measure, including sales, how long they are in your store, and how often they visit. All of this can be valuable information that adds depth to your analytics and with that, more effective marketing across the board.

As Shakespeare said: “Know thy customer!”

Before you begin marketing with geofencing, make sure you understand customer demographics and who your local customers actually are. This helps ensure that the promotions you use are, in fact, the ones that are going to be most successful and get the kind of results you want.

Keep it Close

You do not want to have your geofencing area too large. In fact, according to Salesforce, “the general rule is a four-to-five minute travel radius. If you are in a city where most people walk from point A to point B, then this means you want to keep it a four-to-five minute walking radius; alternatively, if most people drive, a four-to-five minute transport distance is the maximum to be successful.”

Challenges and Considerations

While geofencing offers numerous benefits, there are potential challenges and concerns associated with its use. Privacy is a primary concern, as users might be wary of sharing their location data and personal information. The California Consumer Protection Act (CCPA), for example, details common rights for consumers:

  • The right to request disclosure about what information is being gathered and what purpose it is being used for
  • Limitations on the use of information only for its expressed purpose
  • The right to access information gathered
  • The ability to opt-out

Your provider should ensure that you are being transparent about your data usage policies and are in compliance with any regulatory requirements. Your provider should also manage obtaining user consent before engaging in geofencing activities. 

Give it a try

Geofencing has evolved into a game-changing marketing strategy that empowers businesses to connect with consumers in innovative ways. From delivering hyper-personalized content to driving impulse purchases and enhancing customer engagement, geofencing offers a range of benefits that contribute to improved brand perception, customer loyalty, and bottom-line results. By harnessing the potential of geofencing while being mindful of privacy concerns, your community bank can build brand, loyalty and revenue.  Now, if you’re interested in moving forward, I will say that there are a number of companies that can partner with you in implementing this platform. I found this G2 site helpful; it points out the pros and cons of some of the more popular geofencing providers.

 About Bank Marketing Center 

Here at bankmarketingcenter.com, our goal is to help you with that topical, compelling communication with customers; the messaging — developed by banking industry marketing professionals, well trained in the thinking behind effective marketing communication — that will help you build trust, relationships, and revenue. 

To view our marketing creative, both print and digital – ranging from product and brand ads to social media and in branch signage – visit bankmarketingcenter.com.  You can also contact me directly by phone at 678-528-6688 or via email at nreynolds@bankmarketingcenter.com. As always, I welcome your thoughts.

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Looking for highly targeted, measurable, cost-effective messaging? Google it!

 

More and more marketers and businesses are taking advantage of the benefits of PPC advertising and Google Ads in order to reach new audiences, build brand awareness, and increase revenue.  At the same time, there are still some marketers who think, “Why would I pay to appear on Google when I can get my site to show up for free?” The answer is that it is not as easy to appear in the SRPs (Search Results Pages) via an organic search as you might think. It often takes a lot of time, work and yes, spending on SEO, to achieve high organic rankings on Google for the keywords you want to rank for.

Don’t know much about Google Ads, PPC or aren’t entirely convinced of their value?  How about this, from a fairly trusted source; the American Marketing Association?

“If you are an aspiring marketer, perhaps you think you don’t need to know about PPC using Google Ads. Well, we have some news for you. Every marketer needs to know the importance of PPC using Google Ads. Google Ads PPC marketing is an effective, quick, and cost-effective way to spread awareness about a brand and sell products quickly.”

What, exactly, is Pay-Per-Click (PPC)?

PPC advertising is a messaging model where advertisers pay only for actual clicks on their digital ads, with the added perk that ad impressions come at no cost. This grants your bank a listing prominently on search engine results pages, and you only pay for the ad placement when your ad generates a click.

With PPC ads, your community bank can quickly deliver high impact results that are both measurable and cost-effective.  Here are just a few of the objectives you can accomplish:

  1. Sell products and services
  2. Educate current and potential customers
  3. Reinforce your brand image
  4. Increase foot traffic to branch offices
  5. Target customers and prospects of competitors
  6. Increase mobile app usage
  7. Cross/Up-sell existing customers to other products and services
  8. Target individuals in untapped geographic markets
  9. Promote new branch openings
  10. Promote community event participation, in short…
  11. Make better use of your marketing dollars

 How, exactly, does it work?

Google Ads allows you to take advantage of the benefits of online advertising, presenting the right message to the right people, in the right place, at the right time. Here are a few specifics.

  1. Target your ads

With Google Ads, you have different targeting options, such as: 

  • Keywords: Words and phrases, relevant to your products and services, that consumers might use to search for them.
  • Ad location: Show your ads on Google SRPs and websites that are part of the Google Search and Display Networks.
  • Age and location: Choose the age and geographic location of your target individuals.
  • Days, times, and frequency: Show your ads during certain hours or days of the week and determine how often your ads appear.
  • Devices: Your ads can appear on all types of devices, and you can fine-tune which devices your ads appear on and when.
  1. Manage your budget

Google Ads gives you control over how you spend your money. You have total flexibility. There’s no minimum, and you can choose how much you spend per month, per day, and per ad. And, you can change that expenditure anytime you want. Plus, remember. You’ll only pay when someone clicks your ad.

  1. Measure your success

With Google Ads, if someone clicks your ad, you know. If they clicked your ad and then took an additional step, i.e., visited your website and viewed a page dedicated to, say, auto financing, you can track that, too. By seeing which ads get clicks and which ones don’t, you’ll also quickly see where to invest in your campaign. That, in turn, can boost the return on your investment.

You can get other valuable data, including how much it costs you, on average, for advertising that leads to a purchase. And you can also use analytical tools to learn about your customer’s shopping habits -- how long, for instance, they tend to research your product before they buy.

  1. Manage your ad campaigns easily, from almost anywhere

Google offers tools to easily manage and monitor accounts. If you have more than one account, for example, a My Client Center (MCC) manager account is an amazing tool that saves you time by enabling you to easily view and manage all of your Google Ads accounts from a single location.

You can also manage your Google Ads account offline with Google Ads Editor, a free, downloadable desktop application that allows you to quickly and conveniently make changes to your account. You can use the Editor to manage, edit, and view multiple accounts at the same time, copy or move items between ad groups and campaigns, and undo and redo multiple changes while editing campaigns.

Fast and easy to run, measure and track

Once you learn how to create and optimize a pay-per-click campaign, it is fairly simple to get a campaign up and running. Google makes it easy to see how your PPC campaigns are performing.

Cast a wider net for new customers

Email and social media marketing tend to target people who are already aware of your brand. These strategies work better to nurture existing customers. But with PPC ads, which can be highly targeted based on age, gender, location, and more, you have the opportunity to cast a wider net to find new potential customers.

About Bank Marketing Center 

Here at bankmarketingcenter.com, our goal is to help you with that topical, compelling communication with customers; the messaging — developed by banking industry marketing professionals, well trained in the thinking behind effective marketing communication — that will help you build trust, relationships, and revenue. 

To view our marketing creative, both print and digital – ranging from product and brand ads to social media and in branch signage – visit bankmarketingcenter.com.  You can also contact me directly by phone at 678-528-6688 or via email at nreynolds@bankmarketingcenter.com. As always, I welcome your thoughts.

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It’s in your best interest to help customers manage their debt.

We’ve talked about financial literacy quite a bit, haven’t we? And why not? We shouldn’t wait until April to talk about its importance. Given the state of the economy, it’s pretty important right now. In fact, according to a recent report from lendingtree, “Americans have an absolute mountain of credit card debt — $986 billion, to be exact.”  While this is, of course, an unenviable and challenging position to be in as a consumer, it does present opportunities for community banks.

Granted, the credit card business is concentrated largely among a handful of large banks, but smaller banks are exposed to potential losses. As we all know, excessive debt depletes consumers’ savings, erodes their credit scores, and limits their ability to buy homes and cars, as well as other expenses such as paying for college. 

Times being what they are, your customers are – more than likely – relying on their credit cards far too often and probably making smaller monthly payments than they could or should. This is especially true of younger customers who carry student debt. With loans in forbearance, these important banking customers have, unfortunately, learned some unhealthy money management habits. The result is that we now have roughly 45 million people who haven’t accounted for monthly federal student loan payments in their budget for three years now.

One of those critical services that you should be offering your customers on a regular basis is guidance, especially at this moment is managing their money… their debt, in particular. How should you advise them and, hopefully, bring some clarity to what they’ve seen and heard?  Here are a few things you can talk about:  

  1. Maintain and monitor credit closely: Free weekly credit reports are available through the major reporting agencies and can be accessed simply by visiting AnnualCreditReport.com. Whether or not they’ve missed any payments, staying on top of credit reports and scores is always a good idea. Should inaccurate information be found – in the case, for instance, of fraud or identity theft – actions can be taken in a timely manner to limit exposure.
  2. Prioritize debt: According to US News, this starts with “taking advantage of the CARES Act and the temporary credit score protection offered to those who are unable to make their minimum monthly payments.” If their accounts are currently in good standing, your customers can ask their lenders for payment accommodations. Then, if they can pay some of their bills but not all of them, they should prioritize based on the two different types: secured and unsecured. Paying secured debts first, i.e. mortgage and auto, ensures that they do not lose their home or vehicle.
  3. Making every effort to make payments on time: While it may get difficult, it’s best to make at least a minimum debt payment by its due date every month. Credit scores are greatly impacted by late or missed payments. If your customers hope to emerge on the other end of this crisis with a credit score that will serve them well, they should make every attempt to maintain on-time repayment even if they’re only paying the minimum amount. 
  4. Make use of debt management services:  Debbie.com is just one example. The service partners with community banks and credit unions to help their customers better manage their personal finances. Debbie pulls together credit card data, then utilizes tactics such as behavioral psychology, positive reinforcement, and cash rewards to motivate borrowers to shrink their debt and improve their financial habits.
  5. Have a strategy in place: While relying on credit should be approached with caution, there are strategic ways to use it during tough economic times. If job loss or reduced income leads to unexpected expenses, a well-managed credit card can serve as a temporary bridge. However, it's crucial to have a repayment plan in place to avoid falling into a cycle of revolving debt. Create a budget that outlines how you will pay off any credit card charges as quickly as possible. Prioritize paying off existing debt and avoid taking on additional credit unless absolutely necessary. Consider debt consolidation options, such as low-interest HELOCs, to streamline multiple high-interest debts into a single, more manageable payment.

Be the trusted advisor your customer needs

When it comes to important matters that can have a long-lasting impact on such things as credit, financial institutions have not just an opportunity, but a responsibility to keep their customers informed. Take this opportunity to be the trusted advisor that your customers need. That’s why we’ve created campaigns, like the one below, that you can post to your social platforms and get the word out.

About Bank Marketing Center 

Here at bankmarketingcenter.com, our goal is to help you with that topical, compelling communication with customers; the messaging — developed by banking industry marketing professionals, well trained in the thinking behind effective marketing communication — that will help you build trust, relationships, and revenue. 

To view our marketing creative, both print and digital – ranging from product and brand ads to social media and in branch signage – visit bankmarketingcenter.com.  You can also contact me directly by phone at 678-528-6688 or via email at nreynolds@bankmarketingcenter.com. As always, I welcome your thoughts.

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FedNow. A big opportunity for community banks and small businesses?

There’s a new instant payment service provider in town: the Fed. Is this a big deal, in and of itself? I don’t think so, at least not at face value. Do we really need another instant payment service? I could live without one. But, delve a bit more deeply into what the new FedNew service could potentially mean to community banks, and the argument for it being a big deal becomes a bit more compelling. Especially when we’re talking about community banks and their bread-and-butter customer, the small business owner.

Backing up just a bit, we all know running a small business is challenging. As we’ve discussed before, small business owners often find themselves walking a tightrope of financial stability. Meanwhile, the community bank’s battle for small business accounts grows more intense every day as competitors pursue them with innovative, agile solutions in the areas of payments, lending, financial management, and more. Small business owners need solutions like these more than anyone, as they rely heavily on the timely movement of funds in order to meet operational expenses, pay suppliers, and maintain inventory levels. 

These big tech disruptors, like Square Banking, QuickBooks Cash, and Shopify Balance, as well as fintech innovators such as Kabbage, BlueVine, and Brex, continue to wreak havoc in the community banking landscape, working overtime to create a wedge between small businesses and, yes, you, the community banker.

A larger group of payees

So, is FedNow really that different from most of the instant payment services out there? It doesn’t seem to be… at first. For starters, unlike services like Paypal, Venmo, or Square Cash, which are nonbank “closed loop” systems, FedNow provides a faster, interbank payment system. Interbank systems typically enable payers to pay much wider groups of payees, including those who have an account with a different financial institution.

Healthy competition among providers

What’s wrong with a little bit of healthy competition? Nothing. In fact, competition can often result in efficiencies related to pricing, service quality, and innovation… all of which benefit service providers and end users. 

A more even playing field for small businesses

Traditionally, big businesses have had the advantage over small businesses when it comes to quickly accessing funds, giving them an edge in negotiations and opportunities. FedNow's real-time payment capabilities break down this barrier, allowing small business owners to compete on a more level playing field. Whether it's securing a deal with a supplier or making time-sensitive investments, FedNow empowers these entrepreneurs to act swiftly, capitalizing on opportunities that might have otherwise slipped through their fingers. 

Reducing Transaction Costs

In the realm of financial transactions, time is money. Traditional payment systems often come with a price tag attached to expedited transfers. For small businesses operating on thin margins, these transaction costs can accumulate, eating into profits. FedNow offers a cost-effective alternative by providing real-time payments without the premium. By eliminating the need for intermediary services and reducing processing fees, the service becomes an invaluable tool for small business owners to optimize their financial operations and redirect savings toward growth-oriented initiatives.

Building trust and customer relationships

Customer satisfaction and trust are cornerstones of any successful business, especially community banks. For small businesses, nurturing client relationships can make the difference between thriving and merely surviving. FedNow contributes to this effort by giving businesses the ability to provide immediate refunds, disbursements, or reimbursements to their customers. In cases where customer dissatisfaction arises, prompt redressal through instant payments can rebuild trust and maintain a positive brand image. This level of responsiveness can foster customer loyalty and enhance the reputation of small businesses in a highly competitive market.

Not just a payment system. A foundation for something much greater

Also – and more importantly – according to the Federal Reserve’s FedNow website1, FedNow is (or, at least, is going to be) “much more than simply a new instant payment infrastructure. It is designed to be a foundation for the broader payment ecosystem.” Here’s where, perhaps, the “big deal” comes in.

What does this mean, for community banks? It means that, down the road, participating banks will benefit from what the Fed calls “a wide range of modern, innovative, and safe instant payment services supported by real-time gross settlement.” Simply put, the FedNow Service features and functionality will be used as a springboard for developing additional new services including, for example: Bill pay, immediate payroll, e-invoicing, funding a brokerage account, and claims payments. But, there’s more. Through partnerships with a wide range of industry stakeholders – financial institutions, end users, and technology service providers – the Fed’s goal is to “establish a robust ecosystem that will drive development of instant payment capabilities across the value chain,” with subsequent-release functionalities related to fraud prevention, error resolution, and case management.

It is a “big deal,” after all

Beyond its convenience for individuals, the FedNow service holds immense significance for small business owners and with them, community banks. By enhancing liquidity, leveling the playing field with bigger businesses, reducing transaction costs, fostering trust, and serving as a foundation for innovative new services, FedNow can provide small businesses with the tools they need to thrive in an increasingly uncertain economy and competitive marketplace.  As more individuals and enterprises embrace this transformative service, and FedNow evolves with innovative functionalities, it will undoubtedly play a critical role in shaping the future of finance and business.

About Bank Marketing Center 

Here at bankmarketingcenter.com, our goal is to help you with that topical, compelling communication with customers; the messaging — developed by banking industry marketing professionals, well trained in the thinking behind effective marketing communication — that will help you build trust, relationships, and revenue.  

To view our marketing creative, both print and digital – ranging from product and brand ads to social media and in branch signage – visit bankmarketingcenter.com.  You can also contact me directly by phone at 678-528-6688 or via email at nreynolds@bankmarketingcenter.com. As always, I welcome your thoughts.

 

1Federal Reserve.  FedNow Instant Payments.