Slate’s article on America’s Microbank Problem was a hack piece of journalism, written simply to call attention to the author and publication. There is one argument I can see making to justify the claim that there are too many banks in the US: Supply outstrips demand.
There’s a new type of marketing that’s beginning to gain traction: Activity-Based Marketing, or marketing within the context of an activity being performed by a customer or prospect. It’s key to creating and capitalizing on the new mobile moments of opportunity.
Strategic planning is a joke at many FIs because “planning” is the last thing they need. Lots of the verbs used to describe strategy fall short, as well. I’ve yet to find a firm that has successfully “formulated” strategy.
If I had a nickel for every time the word “disruption” was mentioned in a blog post, article, or conference in the past 12 months, I’d be richer than Warren Buffett. If I had a nickel for every time the word “disruption” was appropriately used, I wouldn’t even be able to afford the ukulele that Buffett’s playing.
The reality for financial start-ups is that while blazing a new trail through an uncharted forest, sometimes you run into a brick wall. You can cut down a tree, but you can’t cut down a brick wall. PerkStreet hit a brick wall. And the sign on the wall read “Caution: Consumer Apathy About Financial Services Ahead.”
The next wave of banking competition is competing on performance. That is, who best helps the customer manage and improve their financial lives — and not who has the best rates or fees, or who claims to have the best service. To compete, the industry needs to develop a standardized FinScore.
There is no clear definition about what PFM is (and isn’t). There is no common understanding — among bankers or consumers — about what PFM is. Bankers need to redefine their concept of PFM, and expand the definition to include a wider range of “PFM” capabilities.
One of those other analyst firms blogged recently about banks’ branch transformation journeys. The post contained a graphic depicting a 2×2 matrix showing how many banks move from the lower left quadrant to the upper left quadrant on their way to the desired state, the upper right quadrant. Source: Celent [There is an unwritten rule…
Mobile Payments Today reported on a Finextra study of banks’ mobile wallet plans. Regarding mobile payments, the study found that: “81% of banks are looking to add value beyond the transaction, including providing relevant offers to consumers at the point of sale.” My take: Add value to whom? To consumers? Really? You’ve got research that…
There’s plenty of good advice out there on how to run a strategic planning session or offsite. As it pertains to credit unions, check out Mark Arnold’s blog or CU Insight. Mark encourages CUs to address questions about the organization’s value proposition and how it engages members. The CU Insight article, penned by CUES’ Charles…