Notably Quotable: Gen Y vs. ‘Cool’ | Account Closings | Social Media

Branding & Marketing

“One of life’s disappointments is discovering that the person who writes the advertising copy for a bank is not one who approves loans.”
— Gordin Edheh via Twitter

“We offer the ability to do everything on the phone or online. Everything except closing an account, they can do online. Obviously, we want to make that harder.”
— Paul Raffa, Southbridge Credit Union

“I know of no bank that has a brand that allows them to charge premium pricing or evoke loyalty.”
— Jeff Marsico

““How do you engage Gen Y? We don’t have an answer yet. We can’t deliver anything as cool as PNC.”
— Steve Goodenow, President/CEO at Bank Midwest ($613.7 million in assets)

“Gen Y doesn’t want their bank as a Facebook friend, or to try to be cool.”
— Graham Brown, Cofounder/Partner of Mobile Youth

“Marketing today is about customer analytics, customer insight and getting the right message to the right person at the right time through the right channel with the right experience wrapped around it.”
— Rilla Delorier, EVP/CMO SunTrust

“Membership in a credit union is no guarantee of better service or financial stability.”
— Andrew Martin and Ron Lieber in the New York Times

“The first big problem is the word ‘credit.’ And the other is ‘union.'”
— Bill Hampel, CUNA on why the ‘credit union’ name is a problem

“The one good thing about banks’ abysmal service is that it reminds you that they are the enemy. Their job isn’t to help you, it’s to make money for their shareholders, and you should never forget that.”
— Martin Lewis, the Money Saving Expert

“The bank branch is not dead. The branch is alive and well across the world. Banks just need to know why they are alive and well, and what they’re there for.”
— Chris Skinner, Chairman of the European Financial Services Club

“The truth is, apart from concerns about solvency, there’s nothing quite like shutting a local branch to make customers think about moving their deposit relationships.”
— The New York Times ‘Dealbook’

Social Media

“We’ve reached a million people through social media at minimal cost. And I have more measurements around social media than I’m able to get from television today.”
— Rilla Delorier, EVP/CMO SunTrust

“There is nothing revolutionary or exciting about social media.”
— Kimarie Matthews, Wells Fargo VP Social Web

“People want a new way to interact with their bank. They want to have this two-way, asynchronous, semi-public dialogue. I think there’s a desire for that.”
— Aden Davies, Innovation Tech at HSBC

“JPMorgan Chase does not allow its employees to access social-media sites via company-owned computers. We want to make sure employees are focused on serving customers.”
— Chase spokeswoman Mary Kay Bean

“We’re just on Twitter for now, and we plan to proceed very cautiously.”
— Matt Kennedy, VP/Alternative Banking Services, Seacoast National Bank

“When I get a tweet from a bank, I don’t want to hear from this faceless entity.”
— Paul Carr, Techcrunch

Technology

“Once mobile banking really hits the industry, brick and mortar will be like Blockbuster Video stores.”
— Don Musso, FinPro

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