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I occasionally cover topics related to the financial services industry because my primary employment serves financial institution clients. There is a proposed bill in Congress right now that caught my attention for several reasons: consumer advocacy, government regulation of the banking industry, and implications in the marketing technology space.
A brief recap. The Freedom and Mobility in Consumer Banking Act, H.R. 3077, was introduced by Rep. Bradley Miller [D-NC13] on October 3, 2011. The purpose of the act is to make it easier for consumers to close an account with one financial institution and move to another financial institution. The legislation is supposed to increase competition between banks and provide …Continue reading >>
I love my credit union. I’ve been a member for many years and my relationship with them has steadily grown. I use online banking for money transfer, bill pay, a personal finance manager (PFM), and even an integrated link to Turbo Tax. In return, my credit union gives me competitive rates on loans, better than average interest rates on share and draft accounts, great customer service, and no worries about nuisance fees.
Last year I opened a custodial share account for my daughter. She is the primary owner of the account but my name is on it until she reaches legal age. This account is not for her college education, …Continue reading >>
Company websites are an opportunity to create solutions for a customer. The website is not about your products/services and how great they are. The website is about how your products/services solve problems/needs for customers.
The website is not about your many awards and achievements. The website is about the customers that were satisfied to win those awards.
The website is not about keeping customers away from you by having a generic set of FAQs. The website is about getting customers in touch with people that can answer questions.
The website is not about public relations copy and marketing spin. The website is about communicating in real language with real people.
…Continue reading >>
Last week I posted about using LinkedIn for client forums. The question brought five answers from the community on LinkedIn. To my surprise, none of the respondents have used LinkedIn groups as a mechanism to facilitate an ongoing client forum. Most of them said they like to use other spaces that they completely control or some other software that is built for this purpose.
Dr. Giles Brindley indicated the answer depends on the desired length of time for the client forum. Brindley says “My personal feeling is that people use alternate methods for this kind of thing, we use Google, we can share documents as well as have a forum …Continue reading >>
A friend and colleague Jim Marous shared an article from American Banker on Googe+ entitled Banks Underuse Mobile for Communication. The article discusses challenges that financial institutions have with communicating with their customers through mobile devices. While mobile device applications and mobile optimized sites are becoming more common, and expected by account holders, financial institutions are not using the mobile channel for proactive communication. Kael Kelly, senior director at Varolii is quoted in the article “Banks don’t have the data that they need. A lot of the phone number data doesn’t easily distinguish between a mobile number and a land-line.”
So the idea that banks don’t know what data they …Continue reading >>
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