Headlines, snapshots and misc. stories of interest

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Here are recent stories of interest from around the web.
Click on the hotlinked headlines to read more.

Barclays boss: Banks must apologize

John Varley, the head of Barclays, says banks should apologize to customers to win back their trust. He said the banking industry was facing a “public relations crisis” and would not regain the trust of the public until it had said sorry for what went wrong. “We should share our portion of responsibility.”

How should financial institutions respond to bloggers?

William Azaroff, Vancity Credit Union’s Director of Online Banking & Engagement, explains in this 46-slide presentation. He answers questions like when, how and why you engage with bloggers who write about your financial institution. He offers good advice based on real experience that can benefit any financial institution, but especially the ones mentioned here and here.

Troubled economy shaping Gen-Y’s views of marketing

The deepening recession is making it harder for members of Gen-Y to find jobs and keep jobs, and they have a bigger debt burden than previous generations due to college loans and credit card debt. The impact? Gen-Y will spend more time looking at their finances to make judicious decisions.

Financial institutions targeting Gen-Y will want to put together messages based on honesty and singularity. “It’s all about sharing information and being a true guide and not a marketer,” one expert says. “When it comes to considered purchases, they want the face-to-face interaction.”

The Credit Union Brand: What Is It Good For?

This Filene report is yet another reminder that the credit union industry needs a national awareness campaign. People just don’t see any difference between banks and credit unions. And it’s not just the credit union industry that has a branding problem. Filene’s report shows that most individual credit unions lack any kind of real, differentiated brand either.

Economic crisis killing cool bank brands

Many of the financial industry’s most admired brand names have fallen victim to the meltdown. WaMu, a longtime comedic marketer, is gone to Citi. Wells Fargo swallowed Wachovia’s unique and professional image. National City’s “Simple” brand is going to PNC. And now, say goodbye to “Happy Banking,” thanks to Commonwealth Bank’s acquisition of BankWest.

4 banks + tough economy = 1 ad

Four community banks, each with less than $200 million in assets, have joined together to send the message that despite Wall Street’s failure and bank bailouts, all is well in Alabama’s Calhoun County, Alabama. The four banks teamed to create an ad campaign emphasizing the banks’ security, strength and ability to lend.