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Go Local
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Fine Points
By Camden R. Fine, president and CEO of ICBA
Establishing a Movement
Opportunity comes in many forms, but almost always only once.
The paralyzing fear from the early days of theWall Street financial crisis that morphed into simmeringconsumerfrustration, resentment and anger towardmanyWall Streetinstitutionsappears to bemovingintoa new, more activephase.Consumers are awakening to their collective power in the marketplace. More are ready to vote with their wallets, purses and deposits than ever before—mostlyto make astandagainst the widespread belief that the economic playing field is tilted against the ordinary citizen and in favor of mega-firms and the “corporate elite.”
Community banks could be nearing a tipping point in winning more than just the hearts and minds of consumers.That is, many moreAmericansarereadyto startanewrelationship withalocalcommunity bank.All they needis a nudge or a helping hand.
That’s why ICBA recently launchedanationwide “Go Local” public awareness campaign for the community banking industry.Tapping intoexistingrecognition oftheeconomic benefits of shoppinglocally andconsuming locallyproduced goods,the Go Local campaign highlights thepersonal and societalbenefits ofdoingbusiness with local community banks. Supportingsmall businesses andlocal economies, obtaining superiorrelationship-basedservice with fewer fees and making afree-marketstatementto counterthe abuses, arrogance and tone-deafness of some Wall Street financial firms areamongthecampaign’sempowering messages.
ICBAalsodesigned theGo Localcampaignso our member banks can easily incorporate its messages and materials totheir local marketing and community relations efforts, and we plan to continue expandingthe campaign’s resources for member banks.
Byseveral key measures,the Go Localcampaignhas been aremarkable successso far.National andlocalmediaall overthe nationarewriting and broadcasting storiesaboutit, and more than22.5millionpeople who pass through Times Square this holiday season will view campaign videos.Community banksthroughout the country areusing the campaign, andICBA memberstell us consumersareresponding favorably in overwhelming numbers.
By working togetherin a sustained way, ICBA and individual community banks canplantand nurturea grassrootsmovement, particularly among the up-and-coming generations,thatputs community banking in the forefront ofconsumers’ financialchoicesandpersonalvaluesfor years to come. For this reason,ICBA is positioning theGo Local campaign foralong run,and we’rehopingevery community bankparticipates.
To do your part, prepareforit. Make the campaign part of your board of directors’ discussions. Have yourmarketing and customer outreachinclude messages that show how your bank serves its community and what makes it different from other financialinstitutions.Prepare your staff to helpnew customersclose old accounts. Think aboutrelated operational issues such as how to best cross-sell new customers,the implications of acquiring moredepositsandhow to solidify your bank’s position as the primary financial institution for its new customers.
With a steady focus and effort, we will continue to attract people to our institutions.Truth and momentum are on our side. Let’sfullyseize thisopportunity. Let’s aAll “Go Local.”
Reach Camden R. Fine at .