AI

Wanted: Customer Advocates

Colin Henderson

First thing from BAI.  Bank advocacy is generally very low amongst our customers. Speaking Thursday at BAI’s Retail Delivery Conference & Expo, IBM Banking Solutions Executive Scott Lieberman said IBM research found that just 24% of U.S. consumers are advocates for their banks, notwithstanding the industry’s widely touted improved customer satisfaction scores. Lieberman defined advocates as customers who recommend their bank to others, are receptive to additional products and services and stay with their bank even when offered competitive products by other institutions. Source:  Wanted Customer Advocates   Technorati tags: customer+advocacy Continue reading Wanted: Customer Advocates

AI

BankNet 360 – Wells Fargo Creates New Savings Tool

Colin Henderson

Wells are leading the customer advocacy charge online, with this enhancement just in time for Xmas.  My Savings Plan is integrated with Wells Fargo’s online personal finance tools, including My Spending Report, which helps clients manage their spending. Source: BankNet 360 – Wells Fargo Creates New Savings Tool My Spending Report, is a tool that aggregates all your bank account, and credit card spending and provides an automated analysis.  This is accomplished using merchant information associated with debit card, and credit card spending, and categorising your spending.  It allows for the customer to add their own categories or categorise other … Continue reading BankNet 360 – Wells Fargo Creates New Savings Tool

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Customer relationship management | Wikipedia

Colin Henderson

 I have been writing about CRM.  Turns out Wikipedia has a good discussion on this topic. There are three fundamental components in CRM: Operational – automation of basic business processes (marketing, sales, service) Analytical – analysis of customer data and behavior using business intelligence Collaborative – communicating with clients Source: Customer relationship management – Wikipedia, the free encyclopedia These three components are defined here as follows: Operational CRM Sales force automation (SFA)  SFA automates some of a company’s critical sales and sales force management tasks, such as forecasting, sales administration, tracking customer preferences and demographics, performance management, lead management, account management, … Continue reading Customer relationship management | Wikipedia

Security

Card Technology, The Smart Card News Source

Colin Henderson

European Banks continue with their “belt and braces” approach to security with smart cards, and software based customer recognition.  This is in contrast with the North American market where the latter is the only security enhancement in place.  Time will tell if Europe is the lead on this, and North America will simply fall in lockstep.  VDK Spaarbank, a Belgian savings bank, will distribute smart card readers made by Vasco Data Security International, Inc. to all its Internet-banking users. Vasco, which has dual headquarters in Belgium and the U.S., says the bank will use Vasco’s Digipass 810 reader both to allow … Continue reading Card Technology, The Smart Card News Source

Web/Tech

Enterprise I.T. – SOA Evolves with Information Services

Colin Henderson

A very clear and simple explanation of SOA, and how it puts Banks on the precipice of some real advances in their channel development.  Customer-centric information about partners, products, assets, locations and accounts feeds the MDM information base, along with such corporate-centric information as customer account activity, customer correspondence, historical product performance/maintenance, product sales/manufacturing/inventory and support services corporate workflow. This information confluence creates an MDM that for the first time enables accurate real-time and marketing analytics. Source: Enterprise I.T. – SOA Evolves with Information Services The article speaks of the data that firms have gathered, that support this approach.  This … Continue reading Enterprise I.T. – SOA Evolves with Information Services

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Digital Money Blog: Mobile banking in Africa

Colin Henderson

Dave points to an article about Wizzit in Africa.  Wizzit, which is a mobile banking provider that offers a transaction banking account accessible via mobile phone and debit card. It has about 50K customers for its virtual bank (there are no branches). Customers can use their mobile phone to make person to person payments, transfer money, purchase prepaid electricity, and buy airtime for a prepaid mobile phone subscription. Source: Digital Money Blog: Mobile banking in Africa Its interesting how 3rd world countries can go straight to wireless technologies – we can learn about consumer adoption from these lessons.   Technorati tags: … Continue reading Digital Money Blog: Mobile banking in Africa

Uncategorized

1997 – Help customers buy (Alertbox)

Colin Henderson

 I came across this in Jakob Nielsen’s Alertbox for September 1997, more than two years before the dot com crash.  I particularly liked the “help customers buy” comment, and the prescient comment about online classifieds, which have done very well. Even though it does little good to run ads on other sites, there are many ways in which the Web can be used fruitfully in marketing. Most important are corporate websites where an entire site can be devoted to promote a company’s products. Such sites should not be sales-driven but should focus on customer support and service, including detailed product … Continue reading 1997 – Help customers buy (Alertbox)