The problem here — pun intended — is that customer service isn’t just “problem resolution.” It includes responding to inquiries regarding transactions, and providing information regarding products when asked about it. Excluding these interactions may result in the underestimation of banks’first-call response rates.
The CFPB says that FIs spend US$17 billion on marketing and that just US$671 million, or about US$2 per person, is spent on financial education. Many of you don’t just believe this, but tweet it, implying that the spending is out-of-whack. My take: Comparisons of financial education spending to FI marketing spend are spurious, and belie the facts about financial literacy and what really needs to be done.
ACSI releases its 2013 customer satisfaction scores for the financial services industry today. A sneak peek at the numbers gave me a few days lead time to look into this year’s results. There may be a few surprises for industry insiders, but creditunionistas can rest easy: Credit unions continue to outscore banks on customer satisfaction.
Device shouldn’t be the only factor determining what constitutes a mobile payment. Location matters. As long as the numbers being reported include home-based, web-based purchases, I remain skeptical that mobile payment statistics really capture the shift in behavior.
Ed O’Leary penned an interesting piece, published on the ABA Banking Journal site, titled Banks Need Leaders Who “Get It”. My take: Banks don’t just need leaders who “get it.” They need leaders who can “get it done.”
Community bankers need to get off their duffs and take some action in response to misguided, idiotic populist attacks in the press and blogosphere. My suggestion: Close out Slate’s business bank account.
Citigroup is trying a new tactic: singing. On national TV. Citigroup’s London office opened its skyscraper to a BBC crew filming the popular TV series “The Choir.” I’ve got some ideas for what they should be singing.
The Harvard Business Review thinks that Walmart senior execs should be on Twitter. It’s wrong. The Twitter cards are stacked against firms like Walmart. Defending Walmart on Twitter is like rooting for the New York Yankees at Fenway Park. Walmart execs were wise to stay away.
Coin’s initial “success” has little to do with rational, logical reasons like solving a “problem,” referral fees, or appealing to early adopters with a blend of “old” and “new.” Coin’s initial “success” is due to the TechCrunch Effect. That’s it, folks. The one — and only — reason for Coin’s “success” was coverage on TechCrunch.
This is going to sound cold and heartless…but I’m tired of hearing about “financial inclusion.” As it pertains to the US, that is. Two reasons for my insouciance: 1) perspective, and 2) definition. Financial inclusion shouldn’t be defined in terms of products or accounts. Instead, it should be defined in terms of behaviors — i.e., behaviors that involve the management of one’s financial life.