Best of the Web: 2020, WaMu, Mobile, Digital
STUDY
What makes for an ideal banking relationship
A survey of nearly 4,000 U.S. banking customers found that fewer than 50% of customers were highly satisfied or likely to recommend their primary bank. Trust and Respect are declining in importance as contributors to a satisfactory relationship. The survey also found that problem resolution is not being adequately addressed by most financial institutions. Read more at Bank Marketing News.
DIGITAL FUTURE
BofA to spend less on traditional media, doubling digital
America’s second-largest bank will be reducing its spending on traditional television and print advertising and, instead, doubling its digital spending. Read more at Reve News.
2020 SCENARIO
What mobile banking may look like in 10 years
A fictional scenario to get you thinking about where mobile banking is headed. Read more at TheFutureOfBanking.org.
BANK TECH
A new analytics tool from SAS to monitor social media
An analysis of positive and negative Twitter, Facebook sentiment about a bank can be integrated with CRM and other internal software. Read more at Banking Systems & Technology.
FLIP FLOP DOWN UNDER
ANZ backs down on ATM fees after glitch
ANZ refuses to refund customers who had to pay ATM fees at other banks after their own system shut down. But wait… Read more at Business Day.
GOING MOBILE
BofA rolls out text banking (but does so imperfectly)
Your best excuse to delay your text-banking project just ended. If you don’t support text banking yet, it’s time to move it up the priority list. Read more at Netbanker.
THE BANK CHANNEL
“From Online To Digital”
Here is the presentation Rob Findlay, NAB’s banking customer experience expert, gave at the FINSIA Innovation in Retail Banking Conference.
WAMU EXECS PROMISE BIG TALK
“We could have survived”
The top two executives of WaMu — the largest bank failure in U.S. history– planned to tell a Congressional subcommittee their thrift could have survived if regulators hadn’t seized it. Former CEO Kerry Killinger had planned on telling them the bank that was close to stabilizing its finances in 2008. Read more at Portfolio.
WHAT WAMU EXECS REALLY SAID
A blow-by-blow recap of Congressional testimony
Some former WaMu executives actually “formed something akin to a circular firing squad.” The Chief Credit Officer tell Senators that WaMu’s “Power of Yes” ad campaign” symbolized their philosophy towards lending and sent the wrong message to loan originators.” CEO Killinger stuck to his guns, accusing Congress of giving preferential treatment to banks who had them in their back pockets. Read more at KIRO’s blog.
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