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Maintaining marketing focus is the primary hurdle for the financial industry. However, marketers are realizing that greater success can be achieved through data modeling. Data modeling effectively identifies many more profitable niches than what was originally considered. While it can provide analysis of an FI’s customer base, it also reveals several different forms of segmentation.
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There has been a substantial growth in health savings account deposits. Reportedly, the average deposit is approximately $1,940 for accounts opened more than a year. FIs and other corporations are surprised by the growth rate.
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9.1 million women-owned businesses in America, so if your revenues are stagnating maybe you should be asking yourself, what is my financial institution doing wrong? Hardin offers some effective ways to win over female consumers.
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Today credit unions and banks offer many of the same services. With credit union membership on the rise, bankers are being more mindful of customer service.
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The creation of diversified workplace banking packages is on the rise. Savvy financial institutions rush to develop competitive products and services that meet the specialized needs of its customers.
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Women are the world's most powerful consumers. They are the biggest spenders, and 90% have sole or joint responsibility for their household's financial well being. Understand a woman perspective, and watch your revenues and customer retention increase.
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FDIC is seeking public comment on a variety of issues relating to Industrial Loan Companies (ILCs); all entries must be submitted on January 31, 2007.
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Blogging is more than a teenager's online diary, now that smart financial institutions use this new channel to take advantage of a unique opportunity to develop an interactive approach to win customers over.
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Efficiencies in marketing have become a factor in determining market leadership, as today's competitive banker searches for the best method to reach customers. Perhaps the greatest channel for deriving opportunity is the centers of influence (COI).
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The House unanimously voted in favor of the Financial Services Regulatory Relief Act of 2006 on Wednesday, September 27, 2006.
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Building strong one-on-one relationships with customers enables a business to understand what the client needs on a deeper level. Satisfied customers benefit the entire company; and businesses that deal with customers as business associates see significant business growth.
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Financial institutions like many other businesses want to acheive a return on investment from all of their ventures. However, many of you should pay closer attention to your customer’s needs and reactionary triggers when identifying target market and offerings.
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It’s difficult to coordinate several financial products, and promote it to your prospective customers. The cornerstone of all business strategies to meet customer expectations generally entails installing a Customer Relationship Management (CRM) system. So how should you develop or select a CRM product that's the perfect fit for your institution? Knowing what you want is key in the entire selection process.
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In this age of global competition, one of the most valuable commodities a financial institution can possess is employees who keep your company humming. Interested in keeping your assets working for you? Begin by keeping up with the latest benefit plans, start offering competitive compensation and bonus plans, and provide your employees with a balance between work and home.
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Location, location, location is a business 101 fundmental considered to be highly important to the sucess of business. Increasingly, financial institutions realize that the right branching decisions can translate into cold hard cash, and an increased customer base.
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Consumers only seem to think about their credit reports when they are in the midst of purchasing something major, like a car, a house; or when they are starting a business. However, financial institutions should remain cognizant of the fact that a customer's credit obstacles can absolutely stunt good business growth.
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December 31, 2006 is the deadline for financial institutions to conduct risk assessments and determine the safety of their Internet security systems for online banking; the directive came in the Federal Financial Institutions Examination Council (FFIEC) guidelines issued one year ago.
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What do pioneering financial institutions like Susquehanna Bancshares have that others do not? Well, for starters, Susquehanna offers a great line of products, and has a dynamic management team dedicated to encouraging growth; by identifying what works and what doesn’t.
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Financial institutions are in a bare knuckled brawl with each other for customers’ attention. Victory means market share. Defeat means missed revenue expectations and bank CEO’s second-guessing their marketing strategy (and their marketing officers). With so much at stake, there are three trends you may see after the big ball drops in Times Square.
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The FDIC's unwelcomed new deposit insurance premium hike has perplexed bank executives across the nation, as concern over the insurance fund's growing assets emerges.
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Profit margins in the financial industry are shrinking, will diversification between fee-based vs. interest-based income structure lend stability; or is new more efficient IT innovations the answer to this rousing dilemma.
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All organizations share a common trend: the ever-tighter compliance regulations for customer surveillance, privacy protection and financial reporting require more precise data integration, activity monitoring, and record keeping. The burden falls most heavily on the least sophisticated organizations, because their systems need the most improvement. But more advanced systems require additional compliance techniques, so some effort is required at every level.
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What are the big issues facing financial institutions in 2007? Cutting edge developments with technology, products, branch expansion, and marketing initiatives appealing to a more diverse market seem to be the consensus.
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The internal control auditing standard over financial reporting may be updated once the PCAOB submits its prposal to the SEC for approval. The board intends to help auditors focus on risk to reduce testing and reduce costs to financial institutions.
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The nearly 100 year old bank in Forsyth, GA sticks to its roots by maintaining its ties to the community through outreach programs and sponsored events. Although MCB has become known for it's hometown feel,don't think it's products and services are old-fashioned. Having garnered $78 million in total assets, the bank must be doing something right. Bank President Bill Bazemore spills the beans on MCB's next endeavour - rebranding.
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Green to Gold highlights environmentally conscious business strategies. While outlining effective methods of evaluating internal processes to realize improved efficiency, reduced waste, and overhead. This book will help direct your attentions and provide a framework for your pursuit.
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Congress gave final approval for the Tax Relief and Health Care Act of 2006, which expands Health Savings Accounts (HSAs) and incorporates provisions from the Health Opportunity Patient Empowerment Act of 2006. The adjustments in this bill will make HSAs more attractive as Americans consider their health insurance options.
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Most businesses rely on the integrity of their documents as a vital part of the daily operation of their business. Considering the volume of information has reached levels that were unthinkable only short time ago, financial institutions find themselves in a quandary of what to do with all of this paper.
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Hailey Violette has helped Dean Bank garner success with its community-geared marketing efforts. From a full-service branch located in a local vocational high school to an elementary school savings program called “Save for America”, Dean Bank is committed to serving and educating its customers, young and old.
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Do your business goals include increasing your account base and revenues but your customers simply aren’t taking advantage of the diverse services your institution offers? Do you understand the reasons why YOUR customers say "NO"? According to Jon Steel, “professional pitching coach” and recipient of the AMA Effie Award, the proof could be in your sales approach. Steel briefly explains how to connect with each of your customers, on a personal level.
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Misunderstanding how lifetime value measures the results of various marketing programs and corporate initiatives can be deterimental to your bottomline. David Raab explains why lifetime customer value is a reliable way to translate your commitment to superior service into programs that improve the results of your business.
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A. Stewart Rose, president and CEO of Truebridge Financial Marketing reveals the key components of focusing on customer education in an interview with Ginny Phillips.
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Despite the apparent advantage to focusing on benefits versus features, banks continue to focus on promoting of their financial products and services ineffectively. Unfortunately, when it comes to personal financial services, consumers have become so programmed to expect an impersonal, uninspired transactional experience with their banks, that benefits such as smarter, richer or sexy seem, well, ludicrous.
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Business are grappling to understand their consumer's needs and desires. Is neuromarketing the key to knowing what your customers want? If so, how can that information benefit your business?
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Washington Business Bank is a bank with heart and a deep sense of building community prosperity. Having become a cornerstone in the Olympia/Seattle area, this bank believes that understanding what commercial customers want is the key to providing better service and encouraging revenue growth.
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Managing a branch entails a host of duties which include scheduling, supervising, implementing compliance and security, providing customer service, making the “numbers”, and supporting the marketing efforts of the bank. Many managers evolved from employees who were loyal, pleasant, and performed well in a previous position; in other words, employees who weren’t trained on how to manage a branch or the people who work in it. Is your institution having difficulty reaching its full potential, wondering how to fix the problem or how to identify the missing link that drives your bank’s performance?
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Founded in 1953, Umpqua Bank has been recognized for its unique customer experience and banking strategy by such national publications as the Wall Street Journal, the New York Times, and Business Week. With 130 locations stretching from the greater Sacramento area to Seattle, Washington, the bank boasted a net income of $84.4 million for 2006, an increase of nearly $15 million over 2005. But Umpqua’s success lies not only in the banking it provides, but also in the style that the services are presented to the customer. Umpqua offers a product line of deposit accounts, and loan products tailor-made fashion to fit each of its customers’ lifestyle and needs.
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Branching is a risky business these days for those who haven’t done their homework, and deciding what that homework should involve becomes all the more crucial. Although But armed with a well-planned strategy highlighting the associated costs, business initiatives and marketing, LOCATION still plays a huge role in generating business. Driven by a tighter profit margin and a market flooded with competition, trends may lean towards specific niches for branching. Those who have carved-out niches in the market have already seen impressive growth.
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By the end of 2008, business customers of nearly six out of 10 community banks may be saying goodbye to couriers and routine trips to the bank. A new survey indicates 2008 will mark widespread community bank adoption of remote deposit capture service. Currently, only 16 percent of the 590 banks that responded presently offer remote capture, that figure is expected to grow to 33 percent by the end of 2007.
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This book offers some helpful advice and strategies for getting your customers to refer your products and services to others to increase your bottom line. Geared towards large and small organizations, Shaun Smith and Joe Wheeler can help you improve your competitive advantage and profitability over the long term through their loyalty strategy, which is detailed in their book, Managing the Customer Experience: Turning customers into advocates.
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Senator Charles Schumer revealed his proposal to establish a new program designed to help borrowers refinance troubled subprime mortgage loans before a foreclosure occurs, at a Joint Economic Committee press conference held on April 11, 2007.
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Not unlike many other companies, financial institutions believe their industry is product-based as opposed to service-based. But is it an accurate definition or just misconception industry leaders have about their brand? Can financial services be considered commodities like automobiles or shoes? The answer is no, and Foley offers a logical discussion to help institutions regain their “true” identity.
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Like other businesses, financial institutions are looking for ways to measure how well their employees interact with customers. Whether you are armed with a well-designed marketing campaign or dynamic advertisements, it doesn't matter, the result could be disappointing. Before you start to consider whether it was the design work of the campaign, or the implementation, consider this, could it be something else? Find out how mystery shopping programs can assess face-to-face customer interactions and help your institution get the performance results that could increase your bottomline.
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Marketers’ primary challenge for 2007 is to measure the value of marketing investments; marketing is widely viewed as the last under-managed area. But while the problem is clear, the solution is not. How can marketers convince themselves and others that they really do know what their investments are worth?
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Congress originally formed this national network of privately-owned wholesale banks in 1932, during the Great Depression. Essentially, the system of FHLBs uses private capital for a public mission. And the mission is to provide a constant stream of low-cost funding that helps financial institutions serve their communities in every economic cycle. By using the FHLBs wholesale funds, neighborhood banks and credit unions can make home mortgages, small business lending, community development projects, and agricultural loans more affordable.
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Founded in 1955, Parker Global Strategies provides institutional and high-net-worth clients with customized hedge funds -- investing across a broad spectrum of strategies, markets, and regions. The firm specializes in innovative investment solutions, including index linked products, portable alpha, and its comprehensive risk oversight. Parker Global Strategic's client base is worldwide and extends to institutions in the U.S., Canada, Japan, and Europe. Products include diversified hedge fund strategies, currencies, and managed futures.
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Sara A. Kelsey was appointed General Counsel for the FDIC in January 2007; and is in-charge of the Legal Division associated with regulatory issues, FDIC transactions, litigation, as well as corporate and commercial claims. Before joining the FDIC, Ms. Kelsey was general counsel for New York State Banking Department - in 1998. Prior to that position, she was counsel at Skadden, Arps, Slate, Meagher & Flom LLP (NY), where she concentrated on bank, thrift and other financial institution mergers and acquisitions. She also spent 10 years with the Chase Manhattan Bank, as Senior Vice President and Associate General Counsel, structuring and implementing mergers and acquisitions. Ginny Phillips delivers an informative Q&A to shed light on the day in the life of the General Counsel of the FDIC.
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A common characteristic of top performing financial institutions is that management regards their employees’ performance as an essential element that contributed to the company’s success. But if you’re attempting to increase deposits, fees, etc. by having your CSRs cross-sell more effectively, you must give them an incentive to perform the cross-selling behaviors required to drive the results you want. Whether it’s sales, referrals, officer calls, attendance, professionalism, etc., an incentive program that’s designed to reward desired behaviors can mean the difference between success and failure.
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Sun was established in 1985 in Medford, New Jersey by Bernard A. Brown and a group of local investors when they took over Citizens Investments, Inc. Today, with nearly 80 branches throughout New Jersey, New Castle County, DE and Philadelphia, PA, the bank’s headquarters is at its Vineland, NJ location. Brown continues to hold his position as Chairman of the Board. As of the end of 2006, the bank boasted assets of $3.3 billion dollars and a net income of $17.3 million. Sun has grown into a multi-billion dollar bank over the past twenty years, and attributes it to its ability to fulfill its customers’ needs at a local level.
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Some institutions will do almost anything to get ahead, and lots of bank managers are realizing that “loyalty” is the key to conditioning customers to entrust them with greater responsibility for their financial security. This means, getting customers to take advantage of more of the services and products available to them. So how does a financial services company go about obtaining customer loyalty? Many have adopted marketing initiatives from a variety of industries, hoping to experience the same success Starbucks, Southwest Airlines, and Harrah’s Casino have as a result of brand loyalty. But are banks really doing enough, and are these loyalty models a good fit for their business?
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If the statistics provided by numerous sources are correct, and the real estate market is continuing to slow, financial institutions really have to vie for position more than ever. And perhaps reassessing the needs and mindset of the first-time home-buyer is the first step. Dybis offers some fundamental measures to overcome the challenge of building loyalty over the long term; which also explains how financial services companies should approach new home buyers.
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There is no indication that the real estate industry will experience any ease when it comes to foreclosures. Realty Trac reports an increase in notice of defaults, auctions, and bank repossessions in first quarter of 2007; having determined that a grand total of 149,150 foreclosure filings were reported in March alone. But what is of greater concern to some experts is the fact that foreclosure figures of only five states account for 50 percent of the nation's total number of foreclosure filings. Surprising to some, California takes the lead.
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Successful and socially conscious, Wainwright Bank and Trust continues to thrive financially, while also leading others by example. In 1994 the bank introduced domestic partner benefits, setting it significantly ahead of the national curve. But that’s not the only area this bank set records, take note of this tid bit: approximately 60 percent of Wainwright’s total workforce is women; with roughly 50 percent of the bank’s officers are women. If that isn’t enough to impress, 22 languages are currently spoken at Wainwright. From raising money for breast cancer research, and feeding the hungry, to raising awareness about HIV/AIDS, Wainwright maintains an interesting and effective formula for success other institutions should consider mixing into their own business initiatives. As Wainwright has proven, Big Business can have a Big Heart to match.
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Ever wonder why cell phones aren’t used more widely for marketing and customer relationship management? Aside from the fact that users rarely shut-off their mobile phones, many are now using their cells to send and retrieve email, browse the Internet and some even use it to run word processing programs. So why is everyone so hesitant to market in a channel that can easily deliver highly targeted messages to promote a bank’s brand or offerings through this piece of fine technology? It’s a question David Raab has pondered, and he shares his thoughts on why financial services marketers need to participate in the extraordinary opportunities mobile phones are creating.
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As financial services professionals we’ve all become so accustomed to using the same words to refer to “banking matters”. And as a result, these words, this “language of the banks”, have managed to have the opposite effect on customers’ trying to distinguish the differences between competing institutions. So the question becomes, is it possible to stand out from the crowd while using “cookie cutter” terms to define your offers?
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Almost everyone in the universe has an opinion about how things “should” run, what steps “should” be taken, what process “should” be implemented, and so on. But are there any financial institutions out there willing to bank on their members’ or customers’ opinion? Yeah, there’s at least one, and it is TruStar Federal Credit Union. At Trustar, members over the age of 16 may vote on crucial matters that affect the credit union’s ability to perform and provide high-quality service to its members. While credit unions are nonprofit, and more equipped to implement a system such as this, there are a few lessons bank executives may want to take note of to ensure their customers’ voices are heard.
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Unnoticed, under-marketed, and misunderstood – some companies are missing the mark when it comes to targeting consumers categorized in Generation X and Y. Jamie Hardin provides great insight of how you can begin to target this group as she highlights some of the main points Lisa Johnson illustrated in her recently released book, Mind Your X’s and Y’s: Satisfying the 10 Cravings of a New Generation.
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Every manager wants their employees to maintain consistent performance levels. But to achieve this feat, managers have to realize that performance issues occur for a number of reasons some of which may be linked to an employee’s inability to fully understand the products and services being offered; managers lack of interest and appraisal of the work being done; and failure to implement effective incentive and reward programs. Sam Johnson of the GrayTrout Group (Dahlonega, GA) offers great insight into how bank executives can get their employees to perform at levels that will improve the bottom-line.
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Cambridge Bank is a locally owned community bank competing in the Chicago, Illinois market. The bank’s current assets total $408 million, which is up from $306,942,000 in March 2006; President and CEO of Cambridge Bank offers insights of how the bank’s success can be attributed to peer group networking. Carlino contends that his profits and level efficiency greatly increased as a result of the expert advice from his network of non-competitive colleagues.
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What can you do to sustain and grow your institution’s business as customers increasingly turn to remote channels, as opposed to branch offices? Well, there’s one opportunity that many of you have failed to consider; one that you really can’t afford to miss. Ever consider using call centers as an engine for growth? NO? Then ponder this, five inbound-call service agents can generate as much “new” retail business as one mature branch. The technology is out there to help us offer the right products to the right customers. But before you start, you’ll need to (1) understand where the value is; (2) learn how to prepare your call center reps.; and…
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The belief fostered at Vantage surprisingly is that educating young people about smart savings and spending habits is very beneficial to business growth. And they obviously know what they are talking about considering that this progressive, full service financial institution has approximately 90,000 members and over $485 million in assets. While some may argue that it’s the CU reach of 15 branches and friendly, well educated staff that delivers the institution’s success; it’s certain that Vantage CU’s financial educational programs deserves some of the accolades as well.
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The financial services industry is always looking for the next big segment to capture. But what appears to have them all drawing blanks may be tied to a hard attempt to "think outside the box". And no matter what marketing methods they employ to reveal this "new big deal", there just doesn't seem to be an easier way to identify and market to a new segment. Or is there? Jack Foley offers insight into the latest old customer that is often not pursued by financial institutions, and yet may be one of the most lucrative. Read more and discover how the big money prospects right in front of you.
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Making full use of MCIF capabilities goes beyond the old customer account activity reports; and requires new skills that include predictive modeling, customer profitability calculations, and optimization across products, channels and promotions. Managers and marketers are encouraged to illustrate how an MCIF's many functions can produce better results than a pure product focus. Read the full article for more information of how you can get more from your MCIF.
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Bridge Bank opened its doors with a vision of creating a financial institution that reflects the special needs of the business community. To ensure it continues to succeed in its chosen niche, Bridge promotes an atmosphere for its clients that is highly relational, fast-paced, flexible, and technologically advanced. Headquartered in the Silicon Valley, Bridge Bank's reach extends to ten offices throughout California and the United States; and its success is evident by a steady increase in assets, which most recently was reported at $731 million.
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Risk has expanded exponentially for financial institutions in recent years, as an array of regulations like the Sarbanes-Oxley and the Patriot Act requires additional effort and oversight. That's why financial insitutions rely so much on their Chief Risk Officer (CRO). The CRO connects the dots and shows how IT overlaps with strategic concerns, or how investments and operational questions might interlock. But even in a complex job with ever-shifting responsibilities, a few basics hold true for CROs. Interested in what they are, read the full article.
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According to CUNA, it would take 313 years for the annual credit union tax exemption amount (estimated at $1.4 billion by the Treasury) to equal the total amount taxpayers forked over to deal with the savings and loan crisis. Get more details about this theory and an overview of the April 2007 GAO Report on Banking Activities.
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Dan Weinfurter is the CEO for the Capital H Group, a human capital consulting firm whose client roster includes big players such as Bank of America, Merrill Lynch Global Commodities, and LaSalle Bank Corporation. Weinfurter's company helps clients “improve their performance, and Ginny Phillips gets him talking about how you can attract the right people to the right positions.
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In the ever-changing financial industry, one key to success is having a plan to ensure the proper application of people, processes and technology. Whether you want a long-term strategic plan to establish a corporate vision and mission, or a short-term approach to identify impact factors and few quick fixes to address them, the approach Sam Johnson suggests, just may work for you.
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Frontier Bank is known for offering premier products and high quality service to the customers it serves in Western Washington. Having won the award as the nation's top mid-sized bank, many have wondered how the "blue ribbon" bank balances the needs of its customers, employees and shareowners. Davis provides some insight of how Frontier pulls it all together.
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Each August for the past decade, as faculty prepare for the academic year, Beloit College in Wisconsin has released the Beloit College Mindset List. This list lends a look at the cultural touchstones that have shaped the lives of today’s first-year students, most of them born in 1989. Perhaps you can use this insight to market better to the younger Generation
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These days it seems that every industry has been affected by fraud, especially financial institutions. But there's light at the end of the tunnel thanks to Fair Isaac Corporation. Recently, Fair Isaac announced that it has developed a new device-profiling technology to detect fraudulent activity for debit card issuers. This groundbreaking innovation uses the predictive power of ATM/POS terminal data for more powerful fraud detection and prevention for NYCE Networks.
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By the time customers and prospects reach their thirties, companies can predict their net worth or at least what they’re likely to earn over the next decade, with pretty good accuracy. Interestingly, few financial institutions develop their relationship building efforts, marketing, and service based on an understanding of potential value. Yet they should, and they can. Financial institutions have access to an abundant amount of information about their customers, and it's about time they learn how to correctly use it.
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Multi-billion dollar, California based institution, County Bank has developed a surefire plan to acquire more customers and market share. No matter the age or professional standing, they've got something that appeals to everyone. Aside from providing a multitude of financial products and services, County Bank has a successful financial literacy TV show, and Internet cafes within 30 of its branches; interesting that's not all they offer. Yes, there's more.
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Face it, every financial institution in your community is represented by its officers in the ROTARY, Optimist, Kiwanis clubs, Chamber of Commerce functions, and of course – all those golf outings. But think about it: if everyone else is doing it too, then what are your officers doing to go beyond the obvious to gain new business? These organizations and events are important for sure, but they are only the tip of the iceberg of what your offers should be doing to generate new business. In other words, what’s the plan for going beyond their normal circle of contacts, outside their comfort zone, and reaching out for new business in a non-aggressive or pushy manner? If your institution has no formal plan then perhaps someone else in your market, who does, is getting part of your share of the available assets and fees.
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Success can be defined by so many things, and LaSalle Bank has certainly proven that it there’s more to business than profits, like charity and community involvement. The LaSalle Bank Chicago Marathon will celebrate its 30th anniversary on October 7, 2007; and it’s estimated that 45,000 runners will participate in the 26.2-mile course. Since the inception of its charity program in 2002, the LaSalle Bank Chicago Marathon has generated more than $27.5 million for a variety of charitable causes including $9.3million in accordance with the 2006 event alone.
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The intentions that a consumer declares and what they actually do are vastly different. Gerald Zaltman explains how the finding out what really drives the consumers’ purchase decision may be triggered deep within the inner psyche of the individual. How Customer's Think is a must have for any manager who is interested in breaking through the status quo to truly find out what consumers really want and what they can’t tell you.
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Building relationships are key in every aspect of business, which is why Community Financial Credit Union is successful. It’s a lesson the nearly 50 year old institution learned a few decades ago. As a result, this locally-owned credit union has 14,433 members between its branches offices in Broomfield and Thornton (CO), and assets of $108 million—which continues to grow.
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With the emergence of de novo banks, a slowing market, and the sub prime mortgage and payday loan fiascos, where does the financial industry stand? In spite of all the negative tongues wagging about the industry, some progress is identifiable, and point to success overall. Here’s a look at some of the solutions and trends that shaped 2007.
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Business gifts really help strengthen a relationship between your company and its customers. Customers appreciate promotional giveaways that are useful, unique, and fun. With the holidays approaching, now’s really the time to get your gift list started if you haven’t done so already. If you need help choosing a gift that’s suitable for your customers and your message, take a look at our top ten list.
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The financial industry is finally getting the concept of how to improve performance using the principles of Six Sigma, Lean, and Process Management. In recent years, international companies implemented Six Sigma strategies and experienced remarkable results. So if you want to learn more about of these proven, performance-enhancing methods, tools, and techniques, Six-Sigma for Financial Services may be the solution.
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Sub-prime lending has resulted in foreclosure for some qualified homeowners, as the ARMs reset to higher rates. ShoreBank's prescribes a remedy for at-risk homeowners through its “Rescue Loan” program.
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You don’t need a crystal ball to see what will drive next year’s market, when today’s newspaper will do just as well. From the sub-prime lending fiasco to the price of oil, current events inevitably affect financial trends.
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As the New Year approaches, financial institutions will reflect on the marketing campaigns of 2007. While there are some large and even a few smaller institutions who can celebrate their smart and sometimes entertaining marketing, there are others who really should take notes. To help, Jamie Hardin has provided several marketing trends that your institution may want to consider before you finalize your initiatives for 2008.
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There were plenty of shiny technical gizmos for bank marketers in 2007; and 2008 will bring even more. But like that hot video game which is always out of stock at your local store, much of the latest technology will remain out of reach for many bank marketers. Whether it’s too costly, incompatible with existing systems, or out of synch with current priorities, there are plenty of reasons to miss the next BIG thing.
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Bank of America Private Wealth Management (U.S. Trust) recently launched its ad, which spotlights the changing profile of today's wealthy individuals and families. It also supports the company's overall "Bank of Opportunity" brand positioning. Find out why BofA's campaign is on target and why it works.
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Going green is the hot topic for 2008, and everyone in the financial services sector seems to be hopping on the bandwagon in an effort to not get left behind. While many bank and credit union CEOs and presidents will cite the company’s reason for “going green” as an effort to save the trees, saving the "green” tallied in the bottom line may be the primary reason
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The financial industry is finally getting the concept of how to improve performance using the principles of Six Sigma, Lean, and Process Management. In recent years, international companies implemented Six Sigma strategies and experienced remarkable results.
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Customer relationship programs are designed to encourage growth by increasing customer base. In theory, these kinds of programs enable sales teams to sell more, reduce costs, and keep customers longer. However, many banks and credit unions have discovered how difficult this feat can be, especially without the right tools and know-how.
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Charlotte Metro Credit Union (CMCU) runs 30-second interactive ads on local Time Warner Cable channels. Viewers cam use the remote to view an extended 7-minute documentary “like” commercial about the benefits of credit unions.
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Companies are always looking for new ways to crack open the psyche of consumers. The key to success isn’t always easy to find. For some, advertising seems to be the surefire way to get a brand name in the minds, and on the lips of every customer you want to service.
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When it comes to community reinvestment, there are many models financial institutions may follow to increase both their community involvement and customer base. One of the more innovative approaches can be found at Alternatives Federal Credit Union, which has integrated a strong social mission into its traditional member-driven economic mission.
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LOC FCU’s aim has always been to promote financial literacy and the Michigan institution puts its mission into overdrive with a full-service student-operated branch. Select students get hands-on experience in accounting, marketing, operations, etc. while earning credits toward graduation.
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Not so long ago, talk of oversight and compliance focused on customer behavior and risk, from Bank Secrecy Act/anti-money laundering issues to identity theft to Gramm-Leach-Bliley and Sarbanes-Oxley requirements. Now consumer protection has a much broader definition.
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Still unsure of how to turn regulatory matters into a win-win situation, scores of lenders continue to clamor for ways to balance compliance and profitability. In response to their call, Community Capital Management (Weston, FL) devised a way for institutions to meet the requirements of the Community Reinvestment Act (CRA) of 1977 while also achieving increased financial success on a continuous basis.
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What is a household name? When we think about the products and services we use, and companies we trust we tend to first consider the well known brands we see and hear about in the news and on the television. But can community workscan also secure a spot on the “household name” list?
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For generations, the working world has been separated into two camps: managers and employees. Managers ruled, having the larger repository of knowledge and experience. Don Tapscott and Anthony D. Williams, authors of Wikinomics: How Mass Collaboration Changes Everything, believe the World Wide Web has forever altered the way we do business.
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Latino communities have grown in size and prosperity over the last few years; BankCherokee’s Director of Marketing, Paul Solyntjes and Joe Tennessen, senior vice president of culture enhancement for New Frontier Bank, explain how they reach the Latino market.
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With a pronounced downturn in the national economy, budget-strained families who tune out telemarketers and a business culture that increasingly emphasizes financial transparency. Everyone has become more interested in using their resources wisely.
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A paradigm shift is taking place in the banking world, and it centers around who makes that first, frontline contact with the client. Andrew Trainor, Legacy Bank regional president and Goldwater Bank
Chairman of the Board Larry Sheffield discuss the changes their
institutions have made to enhance the customer experience.
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The votes are in, and 53 percent of its members voted to convert Beehive Credit Union into a member-owned mutual savings bank. The pros are significant because as a credit union, its members had to live in Salt Lake County or Utah County. Converting to Beehive Bank enables the institution to build branches and target customers who reside in other cities and counties within Utah.
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Recently Egg Banking, a British-based lending company, decided to cancel 161,000+ credit cards of consumers deemed "too risky" despite timely payments and spotless credit records. This decision has been made shortly after their takeover by the financial conglomerate Citi® Group in February of 2008.
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Bank marketers are increasingly recognizing the opportunities of customer-initiated contacts such as telephone calls and Website visits. Where outbound messages risk being ignored, ill-targeted or intrusive, inbound messages take place when you already have the customer’s attention. New technologies can teach banks to understand what customers want and how to offer it to them.
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For nearly 90 Years, Wyoming Bank and Trust has lived up to its mission of providing one-on-one personalized service. Now the seasoned financial
institution is banking on a new identity theft solution to deliver security and
protection to its customers.
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CRM systems are becoming more like “treatment delivery systems” as opposed to data storage. This means that the system may provide support for channels like mobile Web, the Internet, video and text messages with traditional call center, branch automation and direct mail. It also must report back to the various recommendation systems, telling them what treatments the customer was actual given and how the customer responded.
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Waves of baby boomers are reaching retirement age, a not-so-new question echoes throughout the financial industry: What do seniors want and need? From housing issues and marketing ideas to lending practices, financial institutions are taking a hard look at current product offerings and deciding how those products appeal to the fast-growing senior market. Are you ready to serve them?
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