We’ve Moved

November 2, 2011 Leave a comment

Banking Kismet has moved to iMazuma.

The link to the new blog is http://www.imazuma.com/blog/

The RSS feed link is http://feeds.feedburner.com/imazuma

Advertisements
Categories: Uncategorized

Mint Launches Bill Reminders

August 22, 2011 Leave a comment

Mint has released a new feature, “bill reminders”, for their online PFM software. One awesome feature is that the reminders can be sent to you by SMS. You can read more here.

Does Age Really Matter?

There was a discussion on Twitter yesterday that revolved around an article that discussed the new marketing campaign at Bank Of The West. The article stated that the bank was targeting adults in the 18-54 age range.

As I stated on Twitter, “everyone” is considered a customer segment also. This “targeted segment” just smacks of laziness. It also makes Bank Of The West sound like almost every other bank and credit union in the market.

They claim they want a specific type of customer, but they really want everyone. Most people don’t want to be a part of something that accepts everyone. Customers are more attracted to something that’s exclusive.

What an 18 year old wants in a bank is different from what a 30 year old wants. What those two want would be different from what a 50 year old wants. From what I’ve seen, if you target a market that has more than a 10 year difference in age, you’re just praying you’ll get lucky.

Now, I don’t think using age as a key criteria is bad, as long as it’s used in conjunction with other demographic segments. But if you’re one of those people that still thinks age is the only indicator that matters, you might want to switch careers from marketing to telemarketing.

Categories: Marketing Tags: ,

Making Mobile More Secure

Security concerns about mobile banking has apparently been part of the reason for the slowing of growth in the channel.  Fortunately, some very smart people are working on solutions that will help ease those fears.

Apple will be releasing facial recognition technology in their iOS 5 update.  This means that mobile banking apps for Apple products will be able to implement a new layer of security.  I can imagine that developers will jump all over this feature.  One can only hope that vendors will be aggressive with implementing this also.

You can read more about the update over on ReadWriteWeb.

It’s A Mobile World

Apple recently released their third quarter earnings and the iPhone and iPad combined for 68% of all of Apple’s revenue.  The iPhone actually makes up 46.6% of the total revenue, which breaks down to over 20 million units and $13 billion.

In case you’ve been sitting on the fence about implementing that mobile strategy, it’s time to go all in.  Android device sales have been keeping pace with Apple devices.  In the near future, more people will access the web from their mobile device than their computer.  You can bet they’ll be looking for that cool mobile banking app also.

So You’re on Social Media? Prove It.

July 14, 2011 2 comments

Dilbert.com

Well congratulations.  You’ve been successful with setting up the Twitter, Facebook, Flickr and YouTube accounts for your financial institution.  You’ve also set up a blog that has more than 100 daily readers.  You’ve even run a few Foursquare and Facebook contests.  Your Twitter account is actually used to communicate with customers, not just blast marketing messages.  I’ll bet you’re even looking into get your own special badge on Gowalla.

Looking at your website, you have all your social media icons listed on your home and contact us pages.  They can even be found on the footer of all your pages. And the best part?  Upper management bought in after you proved the business case for why social media is important.

But are you really all in yet?  The next time you’re watching those shows on DVR, watch some commercials instead of skipping them.  Did you notice that some companies mention their Twitter and Facebook pages in their commercials?  Open a few non-industry magazines and look at the ads.  Notice Twitter and Facebook icons there also?

Now look at the marketing material you send out.  I’m willing to bet that you don’t promote your social media sites on anything other than your website.  If you go into your branches, you won’t see any icons listed on your displays either.  But you know what you will find?  The link for your website.

The adoption of social media reminds me of when online banking came onto the scene.  It seems like it took forever for banks and credit unions to promote their website in their marketing materials.  Online banking was the driving force for getting websites promoted by marketing.

I’ve seen some discussion about low numbers of Facebook fans and Twitter followers.  Because these numbers are so low, people question the validity of social media in financial services.  This same argument was used when online banking first became available.  If you build it, people won’t necessarily come.

Yes, most of your online banking customers probably know you’re on Facebook and Twitter.  But that’s just because they noticed it on the homepage when they were logging into online banking.  Besides, that’s only about 25-35% of your customers.  We all know the online banking login screen is the #1 hit page on your website.

You have other marketing channels that you need to use to promote your social media presence.  There is absolutely no excuse for you to not list your links on direct mail, email messages, commercials, and branch displays.  I’m sure they will fit right beside or below your website link.  And if you’re really social media savvy, you’ll create and display a special #hashtag for your customers to use.

Comic from Dilbert

USA…A, USA…A

Well that’s so fitting.  The US Women’s Team pulls off a victory in one of the most exciting World Cup games ever and USAA is the #1 Place to Work in IT.  It’s nice to see a financial institution is on top just when you thought the financial services environment was lagging.  What’s even more surprising is they’re #1 for the second year running.

USAA has long been considered an innovator in financial services.  The fact that they are also an awesome place to work is no surprise.  If you give techies an environment where they can continually learn and try out new ideas, great things can happen.  USAA seems to have it figured out.  If you take care of your employees, they will in turn take care of your customers.

In an environment where we hear of banks and credits closing every week, USAA is giving 18% performance bonuses to all 22,500 of their full-time employees.  Notice, it’s not just the executives and top salespeople that are being rewarded.  USAA recognizes that every one plays a part in making the company successful.

They must be doing something right, because every USAA customer that I know is very satisfied with the company.  They also have had accounts there for a number of years.

Typically, you hear executives talk about being like Bank of America, Wells Fargo, or Citi.  USAA, on the other hand, has been laser focused with taking care of the financial needs of our armed forces personnel.  They go to great lengths to make the experience as easy and painless as possible.

USAA understands that this is a service business.  It’s also reflected in how they treat their employees. Hopefully other bank and credit union executives will begin to look at USAA as a model to emulate.

Photo from Denver Post