ePayments surging worldwide (American Banker)
Good stats on international payments trends, courtesy of American Banker. Technorati Tags: payments Continue reading ePayments surging worldwide (American Banker)
Category: US
Is the security guarantee really table stakes for banks?
In North America, a security guarantee is table stakes for banks now. Its clear that consumers never lose their concern about online security. Customers become accustomed to the risk, and while those with greater online tenure can better live with the risk, the concern remains. So a point of negative differentiation potentially exists for those banks that do not provide the security guarantee. This would be caused by the move from all the larger institutions to provide, it, so for those that do not, we can expect them to be questioned by their customers. However, before we jump to conclusions, … Continue reading Is the security guarantee really table stakes for banks?
ING is changing US deposit account marketing
The garish European influence shows in this simple offer from hsbcdirect.com with a high interest rating savings account, that is opened online. Getting Started The online deposit application should take approximately 10-15 minutes to complete. You can use this application for an individual or joint account. Citi are doing the same through a “direct” offer. There are others, less well know such as Emigrant. These offers all share similar characteristics: high rate savings opened online advertising has strong use of colour, and as mentioned almost garish, hard on the eyes web design, clearly aimed to compete with the orange ING. … Continue reading ING is changing US deposit account marketing
Wachovia Ranked No. 1 in interbank Satisfaction Score amongst global banks
Wachovia continues to achieve success, in this case a survey amongst Bank executives.
Wachovia Ranked No. 1 in Overall Satisfaction Score | Nachrichten |
CHARLOTTE, N.C., May 15 /PRNewswire-FirstCall/ — Wachovia Corp., the fourth largest banking institution in the U.S. based on assets, received the “highest institutional satisfaction score” among banks that offer correspondent banking services. Wachovia’s first place ranking is based on a survey of 500 banking executives in 78 countries by the market research firm FImetrix for its annual “FImetrix Global Report on Bank-to-Bank Services” report.
Wachovia placed second in the 2004 report.
“Being named the bank that provides the best overall satisfaction to clients is a significant achievement and we’re proud. We work hard to support our customers with both innovative product solutions and attentive client care,” said Michael Heavener, the head of Wachovia’s Global Financial Institutions and Trade (GFIT) business.
Wachovia’s Number One ranking is a consolidated score based on the answers to a series of survey questions that looked at product quality, customer service, pricing, commitment to a long-term relationship, extension of credit, the ability to customize products, internet capability, continuity of operations, in-market customer service and risk management assistance.
Continue reading “Wachovia Ranked No. 1 in interbank Satisfaction Score amongst global banks”
Canada: Trends in Retail Payments
Courtesy of Payments News a sobering view of payments in Canada. Its sobering because Canada is one of the most advanced for debit and electronic banking in the world. Yet the door is open for serious cash replacement technology, such as micropayments. Which bank(s) will be first to adopt the likes of Cardis, or Dexit to solve this, and change customer bahaviour. Trends in retail payments Cash remains a significant means of payment and a store of value in the Canadian economy, and thus the Bank of Canada continues to face increasing demand for bank notes. In recent years, however, … Continue reading Canada: Trends in Retail Payments
How customers will shop Banks in the (near) future
This blog post, is indicative of how banking reputation will be defined going forward. Its an honest simple comparison between two services; in this case Paypal, and CIBC (Canadian Bank). Beef with CIBC | Sami Khan I love PayPal. I like how PayPal keeps complete track of your activity and will provide you with complete statements with tons of information. I like how transactions go through instantanously. With CIBC I have to wait a day before my credit card account is cleared, which doesn’t make any sense. Further, they only retain your online information for 13 months. Its immaterial that … Continue reading How customers will shop Banks in the (near) future
Washington Mutual’s Web Site Ranked No. 1; Based on Customer Experience
Nice summary of WAMU and their online offering, which is highly differentiated. Washington Mutual’s Web Site Ranked No. 1; Change Sciences Ranking Based on Customer Experience Earlier this month, Washington Mutual enhanced its online channel with a paperless account opening process in support of the new WaMu Free Checking(TM) account. Accounts can be opened in minutes at “www.wamu.com” with online approval and authentication technology that eliminates the need to mail a traditional signature card. Instead, the customer uses a special check that is included with the first order of checks and then when the bank processes that check, it uses … Continue reading Washington Mutual’s Web Site Ranked No. 1; Based on Customer Experience
Some household-name banks and full-service brokerages struggle with customer advocacy, while credit unions and insurance firms connect with consumers
Big banks rank low in customer advocacy. But on looking deeper, there are clues to systemic change occurring in financial services.
destinationCRM.com: Consumers Size Up Financial Services
Forrester defines customer advocacy as consumer perception that their financial services firm does what’s best for its customers, not just the firm’s own bottom line.
Like last year JP Morgan Chase and Citibank received the lowest ratings, earning scores of 18 percent and 19 percent. In fact, six of the seven lowest-scoring firms are large banks like Bank of America (30 percent), Wells Fargo (32 percent), and Washington Mutual (33 percent), according to the report. Click here to learn more!
There are two major culprits responsible for poor customer advocacy rankings among large banks, according to Bruce Temkin, vice president and practice director of financial services at Forrester and report coauthor. “It’s hard to be everything to everybody, and a lot of the big banks have spent most of their time over the last view years focusing on their M&A strategy,”
The changes we are seeing offer four clear clues to future success for large banks.
- the full service brokerage model is under attack, and some argue is dead
- big organisations have lost customer focus, yet some such as A.G. Edwards do it masterfully
- Credit Unions are perennially successful, because customers feel they “belong”
- property & casualty do well – because of simple, easy to price products, with consumate focus on delivery (claim payouts, fast service)
Online account opening – an idea whose time has come
Loans and mortgages online have become fairly standard, even though not that well done yet. Yet deposits are the core of banking, and accounts are a cheap form of funding. GonzoBanker – Article Now, many banks are starting to eye the opportunity to sell and open more deposit accounts on the Web. For some, the thought is that niche products (money market, high-rate CDs) can be sold nationally without the need for brick and mortar. ING, NetBank and E*TRADE FINANCIAL have all been very successful with this strategy – ING has raised over $40 billion (uh huh, with a “B”) … Continue reading Online account opening – an idea whose time has come
Citi takes on Bank of America in Boston
Interesting disparity in size between these banks. Citigroup will open 4 offices in Hub as part of push to grow – The Boston Globe The four branches — located in Downtown Crossing, Back Bay, Fenway, and Government Center — will be Citi’s first in Massachusetts when they open later this year, and they are part of a nationwide expansion of its consumer business in the United States and abroad. Though Citi has more assets than any other US bank, it has less than a fifth of the branches as its next-largest competitor, Bank of America Corp. Citibank executives, aware of … Continue reading Citi takes on Bank of America in Boston
Bankwatch 