“Madness!” “Outrageous!” “How’s this help the rich?” (New Washington Mutual campaign)


So even though their web explanation isn’t clear, this advertising campaign to support WAMU’s new account is brilliant, and should resonate with consumers.

This is what I would have expected from WAMU.

Relevance to Bankwatch:

Banks have a long way to go to truely think and act in the best interests of consumers. Thinking like a bank is not how you get inside the minds of consumers. Time to clean out some of the traditional banker types in HQ.
Washington Mutual Launches National Advertising Campaign in Support of Its New WaMu Free Checking(TM) Account, Stirs Up the Industry

SEATTLE–(BUSINESS WIRE)–March 13, 2006–Washington Mutual, Inc. (NYSE:WM) Humorous Approach Takes on ‘Stodgy’ Banking Industry to Cries of ‘Madness,’ ‘This is Outrageous'”Madness!” “Outrageous!” “How’s this help the rich?”

There hasn’t been this much commotion in the marbled halls of banking since the bars were removed from teller cages. What’s got old-fashioned bankers from NYC to LA chomping their cigars to a nub?

Washington Mutual’s at it again.

The bank today launches a national advertising campaign supporting a new free checking account that’s got bankers (at least the ones in the ads) fuming over the unprecedented bundle of free features.

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JD Power survey


More on the JD Power survey on banking customer loyalty.

Banking Strategies Blog : Why Can’t Some People Commit?

BY JEFF TAYLOR AND GINA PINGITORE, PH.D. J.D. POWER AND ASSOCIATESFace it. Runaway customers are just not that into your bank. What more can be done to nurture customers who will stay in good times and in bad? This exclusive report on the just-released J.D. Power and Associates Retail Banking Satisfaction StudySM ranks 33 of the largest banks’ success in maximizing customer commitment.

| SYNOPSIS | The inaugural J.D. Power and Associates Retail Banking Satisfaction StudySM ranks 33 of the country’s largest banks on the basis of customer satisfaction and customer commitment. Banks vary within a narrow band on customer satisfaction; the survey found more bank-to-bank variance in customer commitment although banking enjoys a much higher level of committed customers than JDPA finds in other industries. Satisfaction and commitment insights are offered as a means of driving bottom-line results, by employing customer service, product development and operations strategies aimed at retaining and attracting highly committed customers.

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Customer loyalty – online banking customers


This new survey comes out with the strongest indication yet (from a research perspective) that online banking influences customer loyalty and bank revenue. J.D. Power and Associates Reports: Banking Customers Prefer to Bank Online More Than Interacting With Branch Tellers The second dimension of the study, which analyzes customer commitment, gives the industry a more complete picture of a customer's revenue potential to the bank. Customer satisfaction is a major aspect influencing customer commitment to the bank, in addition to brand image and a customer's propensity toward loyalty. Of particular note is the willingness to recommend to others. This is … Continue reading Customer loyalty – online banking customers

Banks that “get it” – Wells Fargo


Clearly one of the world leaders, they become the second bank to introduce RSS feeds. Wells RSS http://www.wellsfargo.com/rss/this_date or if you dont know RSS, try this: Wells about RSS https://www.wellsfargo.com/about/this_date Its quite a smart move to introduce this experiment by talking about Wells in history. Its low impact, yet rich and interesting. PS the other bank is below, but not much happening on their feed yet. Go to bmo.com and select “news feeds” in the right margin. Continue reading Banks that “get it” – Wells Fargo

US Banks ranked by web influence – (1999/2001 approx)


Company Stock Symbol Rank Assets in billions of $ Sales in millions of $ Market Capitalization in millions of $ NetValley Benchmark N V B * *Web influence Assets Bank of America BAC 1 5 260.1 50,777 108, 815 10.35 Wells Fargo WFC 2 10 97.5 20,482 55,185 7.69 JP Morgan JPM 3 4 262.1 17,701 18,946 6.29 Key Corp KEY 4 15 73.6 6,568 13,883 4.52 First Union FTU 5 6 157.3 21,543 50,281 4.24 Nation’s Bank N/A 6 3 264.6 N/A N/A 3.92 Chase CMB 7 1 365.5 32,379 62,641 3.46 Citicorp C 8 2 310.9 37,609 117,858 … Continue reading US Banks ranked by web influence – (1999/2001 approx)

US Banks ranked by “web influence” (1999)


Company Stock Symbol Rank Assets in billions of $ Sales in millions of $ Market Capitalization in millions of $ Internet Valley Benchmark I V B * *Web influence Assets Bank of America BAC 1 5 260.1 50,777 108, 815 10.35 Wells Fargo WFC 2 10 97.5 20,482 55,185 7.69 JP Morgan JPM 3 4 262.1 17,701 18,946 6.29 Key Corp KEY 4 15 73.6 6,568 13,883 4.52 First Union FTU 5 6 157.3 21,543 50,281 4.24 Nation’s Bank N/A 6 3 264.6 N/A N/A 3.92 Chase Manhattan CMB 7 1 365.5 32,379 62,641 3.46 Citicorp C 8 2 310.9 … Continue reading US Banks ranked by “web influence” (1999)

US Banks – Keynote ranking July 2005


Keynote (previously Watchfire, previously Gomez) ranking of online offerings – US.  Note categories below the rankings.

Rank Firm Score
2 Citibank 79
4 E*TRADE Bank 74
6 First National Bank of Omaha 68
6 U.S. Bank 68
9 Wachovia 67
11 National City Bank 65
14 Citizens Bank 63
15 NetBank 62
17 Key Bank 60
19 Webster Bank 59
21 Hibernia National Bank 58
24 Union Bank of California 55
25 Sovereign 54
28 PNC Bank 51

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US retail service trends (Forrester)


Bruce Tempkin at Forrester has a new report out detailing the trends to watch in US retail banking. Points 5 & 6 are key here – this validates the branch channel is no longer sufficient by itself to address customer needs. However what worries me is that 46% still believe it is sufficient!  This is a staggeringly high percentage of bankers who choose to ignore the blindingly obvious! top line growth is critical retaining existing, and acquiring new customers regulations, technology, and competition drive strategy the respondents also indicated M&A activity will be dominant baby boomers need retirement help wave … Continue reading US retail service trends (Forrester)