Recent credit union industry data shared by Callahan and Associates suggests that small credit unions are under-performing. Callahan didn’t seem to see it that way, however.
Skeptics believe that NeoBanks’ recent stumbling blocks question the viability of this new type of financial services firm. I think the future of NeoBanking looks bright. The industry needs a new business model, and young consumers want something different. NeoBanks will be the bridge to the future of banking.
If all these surveys about the levels of trust consumers have in banks supports your financial institution, please don’t let my comments–or common sense–get in your way of using the data to your advantage. But don’t deceive yourself into thinking that the findings from these studies have any correlation to who consumers bank with, or how they make their decisions about who to do business with.
Right now, in some ad agency conference room, someone is saying: “Let’s survey Millennials to get to the heart and core of what they’re about.” Except it’s not just happening in “a” conference room–it’s happening in every freaking ad agency conference room across the US.
Dear Bankers: Quit whining about Apple Pay. Participating in Apple Pay is like advertising. You pay to generate awareness and hopefully influence decision. When you advertise, there’s no guarantee that your efforts will lead to a sale. It’s the same with Apple Pay participation.
Salesforce.com released an interesting study regarding industry differences in Twitter engagement based on its analysis of nearly one and a quarter million tweets sent in 2013 by firms across a number of industries, one of which was financial services. Read the post–you’ll only waste 5 minutes of your precious time.
A recent blog post titled What CEOs Want From Marketing captured the thoughts of a number of credit union CEOs regarding what they’re looking for from marketing. My take: Some (if not many) credit union CEOs don’t understand the strategic role that Marketing could and should play.