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Lazy Money

Announcing his firm’s new high-yield checking account, Charles Schwab said: The financial world lives off lazy money. There is inertia, and in some respects that’s exactly why we decided we had to make this a very powerful offering.” Chuck’s right on. (If the firm is going to run ads that say “Talk to Chuck”, then […]

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The Future Of The Chief Marketing Officer

What’s the biggest problem CMOs have? In my opinion, it’s that they’re held accountable for too many things for which they have no control, let alone influence, over. The CMO Council might agree. As reported in AdWeek: CMOs are failing at a high rate because they lack the skill sets, credibility, and authority to fulfill […]

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The Market Research Hall Of Shame

MSN Money recently published its Customer Service Hall of Shame, which found banks like Bank of America, Citibank, and Wells Fargo in the “Bottom 10”. As a way to generate publicity, this is an infallible approach. Survey some consumers, ask them to rate a bunch of big companies on customer service, and blare the results […]

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Update On comScore conFusion

Spoke to Serge Matta and Brian Jurutka from comScore today about my post regarding comScore’s online banking statistics. Although I linked to comScore’s press release, I didn’t cite another source upon which I drew some of the data — this Marketing Daily article. My apologies for that, and a lesson learned for me — because […]

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The Devolution Of Social Networking?

Hundreds of years ago, the key to economic success was land ownership. Today’s it’s idea ownership (sometimes called intellectual capital). That’s why thought leadership is so important (side note: I’ve only received one request for membership to ITCH so far — not a good sign). It’s in this context that I found this comment from […]

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When Should A Bank Outsource Outbound Sales?

The CMO of a financial institution told me about a meeting she had with a firm regarding outsourcing her firm’s outbound sales calls. Which got me thinking: When should a bank outsource its outbound sales efforts?” My answer: Never. Sure, I can envision arguments for outsourcing sales. And I know that many firms are highly […]

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Announcing The Institute Of Thought Leaders And Consultainment Hotshots

Did you know that (in the US at least) you have to be certified to practice professions like law and medicine? It’s true. And yet, apparently, anybody (and seemingly more and more bodies) can claim to be a management or marketing “thought leader.” A number of observers have astutely commented on the importance of thought […]

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Dear Credit Union: If You're Going To Blog…

At the risk of overstepping the boundaries of my expertise (whatever that might be), I’d like to offer a few recommendations to the growing list of credit unions jumping on the blogging bandwagon. If you’re going to blog: 1) Sign the entries. An entry on Comala CU’s site starts off by saying “you’re not going […]

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comMents On comScores' conFusing Scores

comScore released the results of its annual online banking study, which found a 10% increase in the online banking population in 2006 from the prior year. After reading the press release, I came away doubting some of the numbers. Specifically, I had trouble with: The sizing. According to the study, the US online banking population […]

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The Blogging Bell Curve

Technorati Tags: Blogging

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Ponemon Institute's 2007 Banking Privacy Trust Study

Ponemon Institute‘s 2007 Privacy Trust Study for Retail Banking has lots of interesting data points, but a few that stood out for me involved: Importance of personal information privacy. 88% of consumers said that the privacy of their personal information is important or very important (4% didn’t comment). Personal information safety perceptions. The percentage of […]

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Banks (And Credit Unions) Have To Earn The Right To Cross-Sell

If you’re a bank marketer, what can you do to improve your cross-selling success? The answer, although easier said than done, is still ignored by most firms: Engage your customers before cross-selling them. On the Verity Credit Union blog, Joe wrote (with some editing on my part): One of my job responsibilities is to make […]

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‘1st Trust Bank for Savings’ changing name to ‘Magna Bank’

1st Trust is spending more than $1 million on all aspects of the name change, including creative and legal costs as well as new signage, stationery and marketing to introduce the name to the public. This announcement comes almost a month in advance of a vote by the bank’s 800 shareholders, presuming a favorable outcome. […]

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A Credit Union That NEEDS A Name Change

Some credit unions have changed their names recently, prompting discussion about the merits of doing so. But when I saw the picture below, I couldn’t but help think: “Now here’s a credit union that should change it’s name.” If I need to tell you why….then you should brush up on your Internet slang. Technorati Tags: […]

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Marketing's Civil War

Jacques asks if we’re in the midst of a culture clash between branding and measurement. The answer is yes — and in financial services, it’s more than just a culture clash — it’s a civil war within marketing. And there’s no question in my mind that branding is winning. How else could you explain the […]

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Anti-Twitter

I’ve been pondering a profound question [for the past 30 seconds, anyway]: What do you call someone who Twitters?” I can think of one answer…but I’m not sure I want to tick off a whole lot of people by saying it publicly. I don’t really get why this has become so popular (but then again, […]

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Off-Topic: The Internet Reduced To A 2×2 Matrix

Not sure why anybody needs Google to find what they’re looking for on the Internet — I can point them to wherever they need to go. To understand why Craigslist.com is positioned where it is, check out this post from the folks at Compete! Cranky.com, as I wrote about a while back, is a search […]

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Notes From The DMA Financial Services Conference

At the DMA’s financial services conference in Florida last week, I got a chance to hear Martha Rogers, co-author of the One-to-One marketing books, kick off the second day of the conference. Some of my favorite quotes: “There is little pure acquisition out there.” According to Martha, what firms do under the banner of acquisition […]

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Banks Will Get To Relationship-Based Pricing Through Loyalty Programs

Forrester Research recently published a report asserting that banks must implement price optimization techniques — dynamically pricing new products and services based on a customer’s profitability — in order to remain competitive. The report claims that successful implementation will require banks to: 1) reorganize to break down internal LOB and channel silos; 2) appoint a […]

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