Customer Interaction

If You're Not Connecting With Customers on Facebook and Twitter, You're Missing Out

Thu, 11 Mar 2010 17:11:08 -0500

It may be true that teenagers and young adults are using Facebook and Twitter to keep in touch with their friends, but these aren't just your kids' social media any longer. Yet a new report, Social Media in Financial Services 2010, from UK-based Datamonitor reveals that financial services firms haven�t yet realized the opportunities that connecting with consumers via social media can provide.

Is Your Bank Satisfying Its Customers? Most Aren't, Apparently

Wed, 03 Mar 2010 14:03:53 -0500

Customer satisfaction with some of the biggest banks has declined to the lowest Q4 levels in many years, according to a recent study by the American Consumer Satisfaction Index. A disheartening showing, to be sure.

Banks Can Boost Revenues by 10 Percent by Focusing on One Key Group

Wed, 24 Feb 2010 10:01:48 -0500

A single demographic group has the potential to help banks spark revenue jumps of as much as 10 percent, and it�s not the one you might expect. It's the Generation Y customers, those who were born just before, during, or shortly after the Reagan years.

Do Customers Recommend Your Company?

Wed, 17 Feb 2010 20:32:39 -0500

Word-of-mouth recommendations are the best advertisements for any firm. Loyal and happy customers are not only the lifeblood of your organization � they are also your best salespeople. Are your customers satisfied with your institution to the point that they'll tell all their friends about it?

Banks Push Toward Going Paperless in 2010

Fri, 12 Feb 2010 12:12:21 -0500

Sunday marked the start of the Chinese Year of the Tiger. For banking, 2010 also seems to be the Year to go Paperless.

Credit Unions� Online Channel Budgets Growing By 15% -- Or More

Wed, 03 Feb 2010 17:46:42 -0500

With the financial crisis beginning to disappear in the rear-view mirror, financial services firms are slowly beginning to grow less nervous about their survival and are beginning to focus on strategic priorities. For credit unions, the online channel has become a priority as budgets for this channel are projected to increase, according to a recent report from Aite Group.

30-Somethings are Most Tech Savvy, Survey Finds

Wed, 27 Jan 2010 14:32:34 -0500

When it comes to the online channel, one tends to think that the younger an individual is, the more technologically proficient and comfortable with online tools he or she will be. But it turns out that the group most engaged with the online channel is actually made up of those in their 30s.

Financial Services Trends in 2010: It's The Year of the Customer

Thu, 21 Jan 2010 09:11:07 -0500

During the first several weeks of a new year, "What's Hot" lists of all kind bombard us with predictions of what�s going to be hot in all areas from music and fashion to residential neighborhoods. What's top-of-mind for 2010 in the world of financial services? The customer, according to three new reports.

2010: 2 Banking Trends to Watch

Thu, 14 Jan 2010 12:21:33 -0500

As part of its 2010 Industry Outlook, Bank Systems & Technology magazine editors predicted the major banking trends for the coming year (read 10 in 2010: Banking Trends for the New Year). Among them are trends that point to improving customer experience, use of personal financial management tools, and mobile app development.

2010 IT Spending Should Include Measures to Improve Customer Experience

Thu, 07 Jan 2010 10:26:52 -0500

After a relatively flat year in terms of IT budgets, banks are facing a new year of continued constraints and conservative, but flexible, spending. Budgets for the coming year may still be relatively flat, but thankfully, not flat-lined.

Bernanke Pulls in Time Magazine Award--Does He Deserve It?

Wed, 16 Dec 2009 15:43:48 -0500

As 2009 draws to a close we're beginning to see the ubiquitous year-end wrap-ups in various and electronic media. The predictable lists and honors (People's "Sexiest Man Alive," "The Year in Sports," and other lists are monopolized by the usual world figures � primarily politicians and celebrities from the sports and entertainment world � and I barely give them a second glance. This year I found it significant � and a little heart-warming � that Time Magazine named Ben Bernanke its Person of the Year 2009.

Is Your Institution at Risk for 'Business Killers"?

Thu, 10 Dec 2009 13:23:54 -0500

Today's volatile economic climate has made business success � and even viability � a challenge for financial services firms of all sizes and across all regions of the country. In the past year or so, banks have had to do a balancing act between holding down costs, keeping a handle on risk, meeting regulatory requirements, all the while developing a competitive edge that will prevent them from becoming the next bank-closure casualty or the next lead story on the news.

The economic crisis may be essentially over, according to experts. But this is no time for banks to let down their guard.

Making the Business Case to Increase Digital Services

Fri, 04 Dec 2009 11:18:57 -0500

On the face of it, it sounds like a no-brainer: Increase investment in digital services delivery, putting money into efforts to increase the use and enhance the usability of self-service channels. But it's not as easy as it sounds to get business buy-in for IT projects. So, how can savvy IT leaders make the case to increase their digital services in this tough economy?

Banks Might as Well Embrace Social Media

Wed, 25 Nov 2009 11:52:11 -0500

If you ask me, social media has revolutionized interpersonal communication and networking. Facebook has become a guilty pleasure, sort of like a virtual water cooler for those of us who telecommute or want to catch up with friends and colleagues from the comfort of our own office chairs. But its impact on business has been even more profound and far-reaching.

Bernanke: Looks Like Things are Looking Up

Wed, 18 Nov 2009 15:29:59 -0500

Earlier this week, in an address to the Economic Club of New York, Federal Reserve Chairman Ben Bernanke presented his outlook for the economy and policy for the coming year. Bernanke reflected back to the state of the economy at this time in 2008, and said that "Today, financial conditions are considerably better than they were then, but significant economic challenges remain." He cited continued constraint of the flow of credit, weak economic activity and soaring unemployment rates.

Customers Have More Trust in Banks than You'd Think

Thu, 12 Nov 2009 12:53:26 -0500

These are tough times for those who work in financial services, and with new issues cropping up periodically, it doesn't seem to be getting easier. Witness the discussions surrounding the Troubled Asset Relief Program (TARP), public outrage about sky-high executive compensation, and the 120 banks that have failed so far this year.

But the news isn't all bad.

Going Paperless for Financial Services

Wed, 04 Nov 2009 14:47:24 -0500

Every day, it seems that we�re moving closer to a paperless existence, but nowhere is this more apparent than in the communications between financial services firms and their customers. Checks are disappearing and becoming more a bother than a convenience � witness the grimaces and heavy sighs of supermarket patrons who stand behind a customer who must write a check to pay for his groceries. Today, we do more of our business digitally and electronically than ever before, leaving paper, well, in the trash.

And there�s good reason for that.

Consumer Preferences: Shifting to Online Banking

Thu, 29 Oct 2009 09:47:00 -0500

The branch was once king, the most popular consumer banking channel. But the branch has now been dethroned by the online channel. Long live the online channel!

The branch is far from dead, of course. It�s just that at this juncture, for the first time, it seems that more of us prefer to do our banking from our desktops and laptops.

Digital Services Investments Make Sense in Today�s Economy

Thu, 22 Oct 2009 14:10:48 -0500

No doubt about it: times are tough. Last week, we saw the 99th bank failure of 2009, when regulators shuttered San Joaquin Bank in Bakersfield, Calif. But times have been tougher in the past, and when they were, the industry rebounded to even greater heights. In the Savings & Loan crisis of 1989, for instance, a whopping 534 banks failed in just one year.

The Satisfaction Gap: Are Your Customers as Satisfied as You Think They Are?

Fri, 09 Oct 2009 17:57:20 -0500

Do you really know what your customers think of your organization and the services it offers?

Clearly, understanding your customers' opinions and satisfaction levels with your bank and the services it provides can help you tailor products and services to better meet their needs and expectations. But in this economy, the ability to effectively provide these services can make a big difference for customers, who are likely to take their business elsewhere if they're not satisfied with what you're offering them. And today, that's bound to happen if customers are dissatisfied with the digital services your bank provides.

Is Going "Green" Really That Important to Customers?

Thu, 08 Oct 2009 12:30:50 -0500

It seems everyone--and everything--is going "green" these days. Producers and providers of everything from building materials to bathroom cleaners, from mulch to machines are striving to make their products more sustainable and earth-friendly. And for many organizations, it turns out that going green is not only good for the planet, it�s also good business.