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BarCampBankCharleston: Recap

March 1, 2010 1 comment

Well, we finally pulled BarCampBankCharleston off.  Although there were only six of us in attendance, I believe everyone felt that the event was very rewarding.

Jared Smith (@jaredwsmith) from ReadWriteWeb kicked off the first session with a talk about social media.  Because it was mostly First Federal employees at the event, he geared his talk towards how we used social media.

Since we already have a Facebook page and twitter account (@firstfederal), he gave us some ideas about how we could use these sites for lead generation.  One example was using geo-targeting in advanced search on Twitter to target prospective customers.  Another was using Collecta for real-time search about any posts about our bank.

He seemed impressed with what we’re currently doing.  One thing he mentioned was not sending private information through social media.  He said that personally, he would feel very uncomfortable contacting his bank with confidential information through such a channel.

Next, Adrienne Cobbs, from First Federal, gave a presentation on business continuity plans.  Some things she talked about were recovery and resumption tasks for critical business processes, alternative facilities and establishing reliable communications with employees and customers.

She mentioned that continually testing your plan was critical.  A disaster is a poor time to find out that your offsite changed the tape backups and yours’ are no longer compatible or the phone system only has one working line.

Using social media was also brought up as a way to keep employees and customers informed.  For instance, if our website was down, we could post information on our Facebook page and use Yammer to get information to employees.  Keeping the media informed was also a key point.

Finally, Quintin Sykes (@bank_daddy) from Cornerstone Advisors spoke about trends in the banking industry.  One thing that stood out to me was the payments space.  Phone manufacturers seem to be holding off on NFC until the merchants have their systems in place.  But the merchants are waiting until customers have devices that can use NFC.  Classic chicken and egg scenario.  Also, there are many vendors but universal standards haven’t been set yet.

Another thing was the jury is still out on the benefits of PFM.  Although I’ve heard that it helps drive up retention rates, hard numbers haven’t been issued.  So if banks can’t quantify a ROI, they will be reluctant to jump into offering the product.  I plan to discuss my thoughts about this in a later post.

Overall, I think BarCampBank was a success and I look forward to helping organize another one next year.  We’ll really have to get the word out and let people know that collaboration is a good thing.  Just knowing about new tools and what the future for the industry holds is valuable stuff that we can all use.  I’d also like to thank our sponsors: ECPI College of Technology, ClairMail and Cornerstone Advisors. See you next year.

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