College basketball fans all over are getting excited about the upcoming national college basketball championship referred to as "March Madness." I am no exception! The intensity and quality of play as teams are eliminated provides a great deal of entertainment.
Productivity drops as countless office pools surface and conversations around the copier, water cooler, etc. last longer. Although most only invest one dollar in the office pool, they probably spend more time researching and picking their teams than they spend researching and picking a stock for their portfolio.
March also signals an opportunity for community banks and credit unions. People are receiving their tax refunds and need a place to put those refunds that is safe and secure. The effects of winter has taken a toll on landscapes, property, etc.. People are returning to the showrooms to replace that automobile that they made last "just one more year." Consumer confidence is returning and people once again are thinking about and planning that much needed vacation.
In short, "March Madness" might also refer to the consumer loan demand that is out there!
Is you institution prepared to respond?
How long has it been since your institution took a hard look at whether your consumer loan product line is competitive?
Does your market recognize your institution as the "best place" to go for a consumer loan?
If you answered "no" to any of the above questions, the time to act is now!
Have a great week/weekend!
Mike
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