Nice interactive map showing the worldwide impacts. FT.com / In depth – Mapping the credit crunch The FT’s exclusive interactive map charts how and when many of the financial groups affected by the crisis in the US subprime mortgage markets and the consequent turmoil in credit markets worldwide either made a killing or lost their shirts. Continue reading Mapping the credit crunch |Financial Times
This ‘unusual’ (Fortune Magazines characterisation) move to help out BofA comes one week after BofA bailed out Countrywide Mortgage. Its most odd, and at best a serious omission for either the Fed, or BofA not to at least comment on the overall approach to managing the crisis. Is it a strategy to help the big banks, in return for them to pass on help to the ones in trouble? This set of events certainly makes me suspect that. How is it determined which Banks get the advantage? Clearly there is an architected set of events going on to mitigate the … Continue reading Is Bank of America getting an unfair advantage from the Fed in the current crisis?
Ed at Wells noted that Wells has entered MySpace with a new avatar, Cassie Hill. This is brilliant stuff, and pushing the bounds of any traditional banker. This requires that traditional views be suspended, and let the new experience work its own destiny. Customers, prospects, and users will take this somewhere, and that experiment is worth its weight in gold, when we think in terms of 2010 – 2015. In Eds words: The profile is for Cassie Hill, our Stagecoach Island ambassador avatar. If you’re not familiar with Stagecoach Island, it’s a virtual world (originally started in Second Life, since … Continue reading Wells Fargo enters MySpace
Thanks to a tip in my comments from Bankit (no link) I did a search for Cashedge OAO and the result blew me away. It listed all the recent entrants in this space (Flushing, Huntington, Compass etc). Take look for yourself! Turns out on viewing their source code, that Cashedge OAO shows in the URL and/ or the source code. This is unbelievable …. how can these Banks let that happen! Have they never heard of differentiation! Here are two examples, from HSBC, and IGO Flushing respectively. https://quickaccount.us.hsbc.com/jsp/oao/relc/cashedge/oao_index.jsp?homeid=99992052 src=”/jsp/oao/relc/cashedge/oao_session_timer.jsp?homeid=99992070″ On a deeper level … the commoditisation, and lack of creativity amongst … Continue reading Cashedge OAO is the tool of choice for high internet savings Banks
Bank of America has successfully become national, and is now changing its marketing tag line. This is in keeping with their controversial recent new offerring targeted at new immigrants in the US. I expect this will drive some more innovation from BofA. Having established itself as the only truly nationwide bank through a string of acquisitions in recent years, Bank of America is now taking steps to become more of a national advertiser. It plans a sharp increase in ad spending this year, with its first new ad campaign since 2003. Source: WSJ.com – Login Technorati tags: bank+of+america, US Continue reading Bank of America is saying goodbye to "Higher Standards" and hello to "Bank of Opportunity," its new marketing theme
This new service is a natural extension for BofA and their approach is good. They are levering Sitekey (PassMark) to validate their customers, and let customers validate BofA. Subscribers to the free service will be able to use their cell phones and smartphones when they’re on-the-go to check account balances, pay bills and transfer money. The bank is launching the service in Tennessee beginning in March and will roll mobile banking out to markets across the country through mid-year. Source: Finextra: Bank of America to introduce m-banking This service is in addition to other cross channel services already in place. … Continue reading Bank of America – mobile banking for 21 million customers
Bank of America continues the rapid trend into budgeting/ money management tools within online banking. The new money management features give customers the ability to: Use expense categorization and budgeting tools to get more control over spending and help for future savings. Sort transactions by account, category or date. Search for specific transactions across multiple accounts. Source: Finextra: Bank of America adds online money management tools Technorati tags: bank+of+america, money+management Continue reading Finextra: Bank of America adds online money management tools
Thanks to PaymentsNews for these invaluable links for presentations to Investors. Bank of America – Ken Lewis, CEO US Bank – Richard Davies, President and CEO Designate Wachovia – Ken Thompson, CEO Washington Mutual – Kerry Killinger Wells Fargo – Dick Kovacevich, CEO Source: Payments News: Bank CEO Investor Presentations – December 13, 2006 Technorati tags: banking+strategy, US Continue reading Payments News: Bank CEO Investor Presentations – December 13, 2006
This is a fascinating article, that leads to all kinds of thoughts about the future. At first glance though it makes sense. I look at Bank sites in the UK, and they look like Las Vegas, or Times Square with flashing lights, and huge billboards. ( Take a look … Barclays, Lloyds, HBOS ). Then look at the American equivalents, and you see a much more conservative view ( Bank of America, Wells Fargo, Citibank ) The article points out that online ad spending as a percentage of budget in the UK, is double that of the US. In the following year, … Continue reading NYT | The Future of Web Ads Is in Britain
Its quite normal for auto manufacturers to have a financial arm, but what is interesting here, is the apparent moves in Poland to operate as internet Banks. Toyota, the world’s second-largest car-maker, has received approval to set up a US banking operation as part of plans to triple the company’s earnings from financial services in two years. Toyota, the world’s second-largest car-maker, has received approval to set up a US banking operation as part of plans to triple the company’s earnings from financial services in two years. An application from Toyota’s US finance company, submitted in November 2002, was approved … Continue reading Toyota to set up bank – Drive.com.au (2004)
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