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Article Image: Updated Bank Ad Slogans For 2008

Updated Bank Ad Slogans For 2008

As we approach 2008, I thought it was high time that some financial firms updated their ad slogans. Here are my suggestions: Other suggestions welcome. (Click here for the source of the original slogans) Read More

Article Image: Affinity-Based Banking

Affinity-Based Banking

Tim McAlpine recently blogged about affinity positioning for credit unions, advocating for CUs to define their field of membership around affinities like, among others, women, golfers, blogger, and Emos (my favorite — I can’t help but imagine how pitiful waiting in line at a branch at that CU would be.) This concept shouldn’t be limited […] Read More

Article Image: Looks Like Word Of Mouth Could Use A Shot Of Collagen

Looks Like Word Of Mouth Could Use A Shot Of Collagen

I promised myself that I would lay low on anti-Net Promoter Score posts. But promises are made to be broken, right? A recent Forrester report titled Demystifying The WOM Consumer (pw req’d) is to blame for my broken promise. According to a survey it did of 5,000 US households, Forrester found that nearly half of […] Read More

Article Image: Trust Is A Two-Way Street

Trust Is A Two-Way Street

If he wasn’t the first to coin the term trust-based marketing, then Glen Urban of MIT was certainly one of the first to write about it and help marketers understand the importance of trust in a customer relationship. Today, financial firms are embracing this concept — it seems like just about every FI exhorts consumers […] Read More

Article Image: Bank Branches: Big, Expensive Security Blankets

Bank Branches: Big, Expensive Security Blankets

In response to my NetBank post (and to John Dawson’s comment), Chris Whalen commented: “The issue with Netbank is the cost of customer acquisition. Branches acquire customers. Neither of you addresses the high cost of advertising, marketing etc needed to replace the customer acquisition function of branches in an Internet model.” Mr. Whalen and I […] Read More

Article Image: GE FCU evolves name to ‘General Electric Evendale Employees FCU’

GE FCU evolves name to ‘General Electric Evendale Employees FCU’

No explanation was offered for this slight evolution from GE Federal Credit Union. But in CEO Patrick L. Taylor said in the credit union’s newsletter, “We feel it is necessary to ‘refresh’ and enhance our image as a leader among credit unions. It appears the name change was only a small part of an overall […] Read More

Article Image: How Do YOU Measure Customer Lifetime Value?

How Do YOU Measure Customer Lifetime Value?

In the October 2007 issue of Harvard Business Review, an article titled How Valuable Is Word Of Mouth discusses the distinction between customers’ lifetime value and referral value. The article say this about CLV: Estimating a CLV is relatively straightforward. The value to FirmCo of all that Mary will ever buy equals the amount that […] Read More

Article Image: Minnesota bank becomes ‘Prosperan’

Minnesota bank becomes ‘Prosperan’

From the bank’s website: “Prosperan is a form of the word ‘prosper.’ It means to be successful or fortunate, especially in financial respects, to thrive and flourish. In Spanish it means, ‘all of us prosper.’ It communicates prosperity, growth and security and has an open meaning that allows it to be equally effective, engaging and […] Read More

Article Image: Is The Internet-Only Bank A Viable Model?

Is The Internet-Only Bank A Viable Model?

In an editorial in American Banker titled NetBank Failure Kills One Web Bank Model (pw req’d), Christopher Whalen wrote: [NetBank] was dying — but it wasn’t dying from bad loans. An irrational growth strategy, supported by $1.2 billion in FHLB advances at the end of 2005, as actually killing it. Assets grew [from 2001 to […] Read More

Article Image: The Harsh Truth About Word-of-Mouth Referrals

The Harsh Truth About Word-of-Mouth Referrals

Three business professors did a formal experiment after reading an article about Net Promoter Scores (NPS). They did two separate studies: one involving 9,900 customers of a telecom company, and another involving 6,700 customers of a financial institution. Their conclusions were published in the Harvard Business Review (“How Valuable Is Word of Mouth?” October 2007). […] Read More

Article Image: Two banks merge, change names to ‘Avidia’

Two banks merge, change names to ‘Avidia’

Two New Jersey banks merge assets over $1 billion and become ‘Avidia.’ The bank says the name is a combination of the words “avid” and “idea.” It may not look like it means anything, but at least it doesn’t look like it will get them in trademark trouble. Read More

Article Image: A St8ment On Patelco's Gr8 R8s

A St8ment On Patelco's Gr8 R8s

Patelco CU announced a new savings rate promotion: 8% APY on balances up to $1000 for their members up to the age of 21. The CU blogosphere was all atwitter with talk of how this will teach today’s youth about thrift and build loyal, long-term members. I’m skeptical, however. I can’t help but wonder: How […] Read More

Article Image: Canadian Credit Union Will Be ‘First’

Canadian Credit Union Will Be ‘First’

Powell River Credit Union in Canada announces it is becoming First Credit Union in this press release. The release says that a new name was needed to overcome consumer confusion. Dave Craigen, CEO of the newly minted First Credit Union, says: “The name ‘First Credit Union’ was an easy and logical choice…It honours the dedicated […] Read More

Article Image: The Killer Tweak

The Killer Tweak

I’ve been trying to work an idea I’ve had for a while now into a blog post, and James Gardner’s post When Small Innovations Are Good finally gave me the launching pad. According to James, not all innovations must be game-changing and industry-disruptive: Do lots of incremental innovation, and you have a large portfolio of […] Read More

Article Image: Credit Unions: Don’t Refer To Members As Owners

Credit Unions: Don’t Refer To Members As Owners

The CU Realist, oops, I mean CU Skeptic, recently wrote: One idea mentioned (in this and other posts) is the thought that if credit unions refer to the people that consume their services as “members” or “owners” this will cause people choose credit unions over banks. While I understand both terms are correct references to […] Read More

Article Image: Brunswick Employees to become ‘Port City Credit Union’

Brunswick Employees to become ‘Port City Credit Union’

Brunswick Employees Federal Credit Union says it will become Port City Federal Credit Union in its monthly newsletter. The name ‘Port City’ is a common reference to the city of Muskegon on the eastern banks of Lake Michigan where the credit union is based. The $20 million credit union says it is changing its name […] Read More

Article Image: Not Another Chief Something Officer

Not Another Chief Something Officer

I’ve read the Harvard Business Review for 25 years now, and at no point during that time, has it been as good as it is now under Thomas Stewart’s editorship. The period before his reign produced a spate of annoying “no, no, no — let ME tell you what strategy is” type articles. Seemed like […] Read More

Article Image: Tell A Better Story

Tell A Better Story

Think about your favorite movie or book for a moment. Chances are you were deeply engrossed in it, and could have watched it, or read it, for twice as long as you did. And chances are it didn’t follow some pre-canned set of rules for what a movie or book should be. But, now, along […] Read More

Article Image: This Is Not A Regular Post — It’s A Welcome Post

This Is Not A Regular Post — It’s A Welcome Post

My daily email from the Center For Media Research informed me that: The Email Experience Council and the Direct Marketing Association announced the release of its second annual Retail Welcome Email Subscription Benchmark Study, examining the welcome emails of 118 top online retailers. The report says that in 2006, only 66% of major online retailers […] Read More

Article Image: I'm A Twit

I'm A Twit

In an earlier post, I posed the following profound, philosophical question: What do you call someone who Twitters? Although I didn’t actually come out and say “I will never, ever use Twitter in a million years,” I’m sure that, to some, I implied it. Well, a million years is up. I’m on Twitter @ rshevlin. […] Read More

Article Image: More Thoughts On Customer Engagement

More Thoughts On Customer Engagement

Theo Papadakis of cScape emailed me with some of his thoughts on customer engagement, which was discussed here and on Avinash’s site. Theo wrote: I would like to address two related issues: 1) The metaphysics of engagement: Does customer engagement exist? and 2) The possibility of a uniform definition of customer engagement. First off, metrics […] Read More

Article Image: Behaviors Versus Intentions

Behaviors Versus Intentions

A colleague forwarded me two emails he recently received — one from Marriott, the other from Capital One. The common thread: Both firms asked (and incented) him to refer his friends and family to those firms. Seems common and simple enough, no? Yet, when you think about it, both firms are bucking the trend. While […] Read More

Article Image: Why PFM Use Will Grow… And Who Will Win The Battle For Users

Why PFM Use Will Grow… And Who Will Win The Battle For Users

In a blog post from a research firm specializing in the financial industry, personal financial management (PFM) tools “…have the reputation of being for consumers willing to put in the time to manage the minute details in order to receive activity reports to keep them abreast of their financial lives. But with the release of […] Read More

Article Image: Off-Topic: Blogging Is A Public — Not Private Conversation

Off-Topic: Blogging Is A Public — Not Private Conversation

Last week, at the Forum/Trabian conference, I picked up a copy of the Credit Union Times, which was distributed to attendees. While flipping through the issue, I saw a picture on page 6 that caught my eye. It was a picture of Chuck Bruen, whose blog I regularly read. I was so caught up in […] Read More

Article Image: Without Any Marketing My Foot

Without Any Marketing My Foot

In the past 24 hours, I’ve heard two people say, when talking about their firms, that they’ve gotten to where they’re out “without doing any marketing.” My take: Without marketing, my foot (not my first choice of body parts). Maybe they’ve done it without doing any advertising, but not without marketing. Both sources have their […] Read More

Article Image: Global Analytics

Global Analytics

Anunay Gupta, COO of startup analytics firm Marketelligent, contributed a great article to American Banker (pw reqd) recently, in which he predicts: As the globalization of software-related services grows and matures, companies will look for the next area where they can improve their productivity. I predict that will mean adopting the globalization model in analytics […] Read More

Article Image: Customer Engagement Is Measurable

Customer Engagement Is Measurable

In a recent post, Avinash claims that engagement is not a metric, and writes: Engagement is not a metric that anyone understands and even when used it rarely drives the action/improvement on the website….It is nearly impossible to define engagement in a standard way that can be applied across the board.” My take: I think […] Read More

Article Image: Stupid Headline Of The Day

Stupid Headline Of The Day

And I thought April Fool’s Day was April 1, not October 1. What an innovation, eh? What used to take about 7 seconds — “I’d like the Meat Lovers pizza, delivered to 123 Elm Street” — can now be done in, what, 1 to 2 minutes? On the other hand, this is a real boon […] Read More