The Response to SVB // Cornerstone Hot Takes

GonzoBankers, it’s been a crazy week with SVB and Signature. We wanted to get in front of everybody and talk through how our clients are handling it and what the best approach is.

I asked Mary to join me. Mary, what are you seeing out there from a communication strategy? We think that’s key.

Well, we all have to look at Jill, who’s the CEO of Citizens Bank of Edmond. No one slam dunks on media quite like her. She’s all over Twitter, all over LinkedIn, reassuring people that their deposits are safe at her bank. She did a video message, and she’s listing her personal cell phone so people can reach out to her.

Yeah, I think that confidence level is there. A couple of things I saw, I think HomeTrust did a great job looking at an opportunity to talk about insured sweep accounts for their commercial clients.

Then kudos to Encore Bank as well, who has basically upped their insurance threshold and made that a part of their media strategy.

Anything you think we’ve missed from our client perspective?

I think we’ve missed quite a bit because a lot of banks and credit unions have been pretty silent on social media, and their customers and members are definitely having questions.

I think another great example is to look at Zach tweeting from Plaid. He’s the CEO, and he’s asking what banks need integration with Plaid because I have a feeling some of the depositors that fled these banks are going to sign up for new bank accounts and not have the functionality that they are used to and/or need. So that’s a big, big worry, I would say.

Yeah, I think our clients need to be talking about things like API functionality and things like that that are there.

Oh, absolutely. I think that’s a miss.

And for more of Cornerstone’s stance, jump on our Brands page and you’ll see all kinds of tips. The most important one, I would say, is communicate, communicate, communicate.

Absolutely. And you’re headed to Fintech Meetup if anybody has any questions, right?

Yeah. Come find me at Fintech Meetup. I’ll definitely be exploring this issue there, too.

Great. Thanks, Mary.

Thanks, Tony.