The Merchants Payment Coalition claim that debit card reform (i.e., the Durbin Amendment) has helped consumers save almost $18 billion and supported 100,000 new jobs in three years. If you believe that, I have oceanfront property in Kansas you might be interested in buying.
Successful deployment of analytics means business process change. Some bankers–and a lot of vendors–need to stop thinking of analytics as some kind of panacea that’s going to magically improve marketing performance.
Even in FIs with a strong analytics presence, and years of experience in data-driven marketing techniques, the analytics group itself is viewed as a bunch of statistical nerds, relegated to some remote section of a floor in headquarters that none of the executive team has ever been on–or would want to be seen on.
Marquis Software’s Member Value Statements calculate dollar amounts for each members showing the relative value of their credit union’s products compared to similar products offered by nearby FIs. This is a great example of Competing On Performance.
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.
Management ideas come and go. Unless we’re talking about the net promoter score, which has come, but hasn’t left. It’s the cockroach of management metrics. The utility of NPS just isn’t there anymore. There are better metrics out there. This post is about one of them: Referral Performance Score.
Asking consumers about the degree to which they trust advertising on a particular marketing channel is the stupidest marketing research question ever asked. To avoid the pain of a stupid survey, consumers will pretty much say anything.