The Deluxe Knowledge Quarterly

Dare to defy convention. What are you waiting for? Now is the time to think differently, act boldly and try something new.

Sharpen your focus. Staying profitable today requires creative thinking and knowing your business like never before.

Strategic onboarding – get profitable, long-term customer relationships up and running earlier.

Strategic onboarding. Get profitable, long-term customer relationships up and running earlier.

Seeing Beyond Numbers. Measurement is necessary, but metrics alone tell only part of the story.

Get the scoop on happiness. Creating a standout banking environment today can be surprisingly easy- and amazingly profitable.

Approach each interaction as a unique opportunity to serve, and the sales will surely follow.

The economic recovery is still not here, but we will get there… eventually. And it's not too early to start thinking about how to prepare your bank or credit union to thrive when the better days arrive. Our twenty-fourth issue of The Deluxe Knowledge Quarterly explores this very topic, offering multiple perspectives on how financial institutions can best invest in their brands and their people as the global recession subsides. This issue's essays assume that we aren’t quite through the recession, but we will be soon, so you better get ready. We invite you to take a closer look at this issue now. As you read these articles online, don’t forget to share your opinions and ideas with other readers.

In today’s economic reality, consumers have clearly changed their behavior and are challenging service providers to think about them differently. This behavior resists demographic categorization, and the proliferation of digital social networks has conditioned consumers to expect instant communication and absolute customization in their interactions with the world. Our twenty-third issue of The Deluxe Knowledge Quarterly examines how the rules may have changed for marketing to customers and members, offering strategies for better understanding and connecting with this new breed of consumer. We even profile an Oregon credit union that has taken a novel marketing approach to connect with younger people.

In this issue: Articles by Nick Vaglio, David Meerman Scott, Nick Tasler, Will Marre, and Deluxe Chief Experience Officer – Martie Woods; a visit with Deluxe Collaborative member – Matt Purvis – vice president of marketing for Northwest Community Credit Union; introducing the new Collaborative members and a new take on learning in The Learning Curve. We invite you to take a look at these and the other insightful articles in this issue now.

A new era of elevated social consciousness has arisen in our culture. More people are seeing beyond their own spaces and considering the consequences of their actions. Many businesses are following suit, adopting corporate social responsibility (CSR) policies that guide them not only by the bottom line, but also by doing what’s right. Our twenty-second issue of The Deluxe Knowledge Quarterly explores the reasons behind the new social consciousness, along with how financial institutions can operate in the best interest of both themselves and the greater good. makes a case for businesses to continue prioritizing their CSR, even during difficult times.

In this issue: Articles by author and LIF Group CEO Blythe McGarvie, a visit with Michael Solberg, CEO of Fargo-based State Bank & Trust, and the unveiling of a new section, The Learning Curve plus much more.

These and the other articles in this issue share a hopeful message – that it is possible for financial institutions to operate in both a profitable and responsible manner. Clearly, tomorrow’s market leaders will be those that see beyond their own interests today.

The recent turmoil has altered the emotional dynamics between the financial institution and its customers and members. Consumers are no longer comfortable with simply defaulting to someone else’s financial expertise. Nor do they perceive banks as permanent fixtures that are immune to market influences. More than ever, trust must be earned. Our twenty-first issue of The Deluxe Knowledge Quarterly sets out to clarify exactly how consumer needs have changed, and how financial services professionals can adapt to meet these evolving needs.

In this issue: Articles by economic anthropologist Dr. Richard Wilk, noted economist Dr. Bill Conerly, our recurring guest columnist Will Marré and more.

Small businesses represent a vast majority of the U.S. workforce, and they’re a highly coveted segment for banks and credit unions. Yet many financial services professionals admit to having a limited understanding of what small business owners look for in a financial institution. Many also have difficulty forging loyal relationships with small business customers. Our twentieth issue of The Deluxe Knowledge Quarterly examines how financial institutions can better align their offerings with the needs of today’s small business owner.

The lead article details a study on small business banking loyalty conducted by renowned consumer watchdog J.D. Power and Associates. The study concludes that old-fashioned person-to-person connections are today's primary drivers of small business loyalty, and that such connections are generally overlooked by banks and credit unions. And in this industry's ongoing quest to procure more deposit dollars, you’ll want to read "How to Attract Deposits Without Giving Away the Bank," written by brand experience consultant Dave Norton. In the article, Norton asserts that if you want to improve small business loyalty, think cash flow. "We were surprised to learn that while rates are a key consideration for a portion of their deposits, small business owners are primarily focused on the job of cash flow," Norton writes. "Rate of return has little or no impact on their deposit funds decision-making."

We also assess what we've learned across the three Collaboratives we’ve conducted thus far, and we offer suggestions for upholding customer loyalty during this period of economic difficulty and consumer distrust of financial institutions. You’ll find these and additional informative articles in this issue.

Today’s consumers are skeptical and selective. They demand simplicity and transparency, and sometimes they suddenly leave one service provider for another for no apparent reason. Put another way, they’re hard to figure out. The nineteenth issue of The Deluxe Knowledge Quarterly explores the complex motivations behind modern consumer behavior, to help financial institutions better align their offerings with the needs of their customers and members.

The lead article, from noted emotional scientist Dan Hill, demonstrates how emotions trump reason when consumers make decisions. In “The Contradictory Consumer,” former Target trend leader Robyn Waters argues that consumers want to both stand out and be part of a group, and today’s market leaders are those that can fulfill these opposing needs simultaneously. You’ll want to read the excerpt from Yes! 50 Scientifically Proven Ways to be Persuasive, the new book authored by noted social psychologist Dr. Robert Cialdini. He cites several fascinating studies revealing the awesome power of a single, simple word: “because.”

We also publish impressive figures from a problem-resolution pilot conducted by 2007 Collaborative members in their own branches and call centers, plus we share the story of a South Dakota bank that found huge competitive advantage by adding identity theft protection to its checking offering. And have you ever noticed how much good customer relationships and good marriages have in common? Our recurring columnist Will Marre has. These are just some of the insightful articles in this issue, so take a closer look now.

The maxim may be overused, but it is fitting for financial institutions: people matter most. It is especially valid at a time when our products and services risk becoming commodities. More than ever, our employees differentiate us and define our brand. This issue of The Deluxe Knowledge Quarterly provides practical guidance for motivating employees to believe in their work and provide a stellar customer experience. The first article, titled “The Power of People” and written by former Southwest Airlines CEO James F. Parker, offers a fascinating firsthand account of how staying committed to treating employees with integrity will help businesses thrive, even during dire economic times. “You cannot make people enjoy their jobs or do the right thing,” Parker writes. “A more compelling approach requires building a culture in which people want to do the right thing because they love their company, embrace its mission and enjoy their jobs.” Acclaimed experiential thought leader Gary Adamson offers “The New ROI,” an article stressing that in today’s experience economy, businesses must work toward getting a Return On Involvement, by entitling employees and customers to essentially the same experience.

We’re also delighted to introduce our recurring contributing author, Will Marre. This Emmy Award®-winning writer and cofounder of the Covey Leadership Center offers fresh and entertaining stories, featuring lessons that can enrich both our professional and personal lives. In addition, we’ve published findings from a 2007 Collaborative pilot, which suggest a compelling connection between employee engagement and financial institution profitability. These are just some of the beneficial articles and insights you’ll find in this issue. We invite you to take a closer look now.

The first 2008 issue of The Deluxe Knowledge Quarterly defines and demystifies the concept of brand, while offering concrete strategies for helping you make the most of yours. It also stresses the inextricable connection that exists between brand and the customer experience, and how the two disciplines must be managed in careful unison to optimize them both. In the first article, an excerpt from the best-selling work The Brand Gap, author Marty Neumeier reduces the concept of brand to simplest terms, by first eliminating all those things a brand is not. “Building a Successful Brand Marriage,” an article written by senior Gallup executive Dr. William J. McEwen, shows how winning brands possess the same elements as any successful long-term relationship: confidence, integrity, pride and passion. “Every customer interaction must be evaluated against these four relationship requirements,” McEwen writes. “Each time a customer engages with your financial institution, the marriage either becomes stronger or gets more vulnerable.” Martie Woods, chief experience officer at Deluxe, unveils the latest 2008 Collaborative discovery: with proper tools and training, service representatives will stop dreading customer issues and actually start looking forward to them, resulting in higher customer satisfaction and less turnover.

We also offer an in-depth look at how Deluxe helped a large credit union extend its brand and build highly profitable relationships with indirect borrowers. This is just a sampling of the informative content in this issue, so we invite you to take a closer look. By developing a better understanding of how brand strategy can impact success in the marketplace, you’ll be well on your way to positioning your financial institution as truly unique and compelling.