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Industry News Banks face crowded field in fight for customers' investments 2010-08-09 In the current market, many financial institutions are putting less of a focus on their lending practices. Instead, they're working to grow their investment and wealth management services to help improve customer loyalty in banking, according to the Pittsburgh Tribune-Review. Many banks - such as Bank of America and Wells Fargo - have acquired established investment firms, while others are starting from scratch. Analysts told the paper that the shift has been fueled by the current banking environment, in which consumers have become less loyal to their providers. "In a period of change like we've had in the last 15 months, people are shaken up and become more willing to shift their money to another money manager or adviser," Kim Craig, president of FNB Wealth Management, told the paper. But banks trying to enter the market are also facing stiff competition. Many nonbanks - such as accounting firms - have even jumped into the field to try for a piece of the metaphorical money management pie. "Wealth management is a huge, competitive field with lots of players," Bert Ely, a veteran bank consultant in Alexandria, Virginia, told the paper. "You have everybody and his brother jumping in." Wealth management strategies have become more important in the U.S., as recent data shows that consumers are working to put more effort into saving money for the future. The Bureau of Economic Analysis says that personal savings rates have risen sharply - from 1.8 percent of disposable income in 2007 to 6.4 percent this past June. 
Make Every Staff Member a Marketing Ambassador Recent Customer Attrition Retention, and Loyalty News Two More Words on Client Retention
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