Social networks

MySpace is maturing, evolving, losing some customers, as spam takes off

Colin Henderson

I felt for a while that with maturity MySpace would evolve.  The spam problem is getting out of control, providing further evidence that old style marketing doesn’t work online. Unique visitors to MySpace and Facebook dropped from August to September. WSJ technology reporter Vauhini Vara offers a look at what’s causing some users to bail out in a desk-side chat with Stacey Delo of Dow Jones Online. Source: WSJ It seems that MySpace user base is dropping, and while attributed to seasonality, there is acknowledgement that there is something going on, that Fox characterise as “maturity”.   Technorati tags: myspace, … Continue reading MySpace is maturing, evolving, losing some customers, as spam takes off

Web/Tech

Bookmarking, tags and social sharing trends

Colin Henderson

 This is a well researched post describing the evolution of bookmarking into the different types of tagging that exist now.  As I have said before I remain convinced we can use tags in a useful and meaningful way for banks and our customers. Summary:  There are many different approaches to bookmarking and recent changes in web browsers, add-ons, and a web of participation will continue to fuel growth in the sector. There’s still a lot of work to be done in terms of search and service integration and creating compelling reasons to generate useful content, connecting users with the information … Continue reading Bookmarking, tags and social sharing trends

Innovation1 Comment

Customer Service > About Us: New Resource Bank ( www.newresourcebank.com )

Colin Henderson

 I got kind of intrigued by this note on new kind of Bank from SanFrancisco, specializing in environmental type customer assistance. But when I went to their site, its not as clear about the environmental part, although I like the simplicity and transparency. We know there are many choices in banking today. We are committed to setting a new standard in convenient, attentive and customized banking. PEOPLE We are experienced bankers who love relationship banking and who want to know you. Easy access to decision makers helps give you greater speed of execution. ACCESS You have the convenience of branch, … Continue reading Customer Service > About Us: New Resource Bank ( www.newresourcebank.com )

Pinkomarketing

Forrester’s: Your Company Can Differentiate Its Customer Experience Without Being Starbucks

Colin Henderson

What are some strategies for Experience Based Differentiation? This from the Forrester Consumer Forum Blog at the Chicago conference Oct 24/25, 2006.  We are always exploring the specific measurements, and tactics to implement customer centric environment. Ultra-simplification Radically reduce offerings and deliver critically important subset of features Examples: JetBlue, ING Direct Online infusion Redefine offering by incorporating interactive features into the core product Examples: Netflix, Disney Mobile Value repositioning Getting your customers to think about you differently Examples: UMPQUA Bank (treats banking like a retail environment, kid-friendly), Post cereal (postopia.com–can’t compete with Kellogg’s for marketing budget, but innovative integration between … Continue reading Forrester’s: Your Company Can Differentiate Its Customer Experience Without Being Starbucks

AI1 Comment

Banks role as middleman is under attack

Colin Henderson

David from INGBlogs builds on an essential point here in a comment that I thought worth amplifying into a post. The bank is becoming less important in its role of middleman between demand and supply of money – at least, in the medieval bank model as set up by some rich Italian families hundreds of years ago. A newer middleman function for a bank could be modelled after the eBay model. Let the expertise and decision making of demand and supply reside with these parties themselves. This would apply to retail banking but also to corporate banking. Toyota could lend money … Continue reading Banks role as middleman is under attack

Social networks

TheStar.com – One in three read blogs: Environics

Colin Henderson

 Summary of some interesting research confirming blogs are pretty mainstream now.  Despite the survey I would estimate there is another 10 – 20 % reading blogs but don’t realise it. Half of those between age 18 and 24 had read a blog in the past three months and one-quarter had also authored their own blog, the study found. Older adults were also active in the online social networking sphere. Among baby boomers over age 55, one-quarter had recently read a blog, the study found. Geographically, blogging was most popular in British Columbia, where 42 per cent of those surveyed had … Continue reading TheStar.com – One in three read blogs: Environics

Profitability, Ranking1 Comment

Personnel costs comparison across industries

Colin Henderson

 I found this table quite interesting, in that Banking while on the higher end of staff costs, is not the highest, with manufacturing and insurance beating us out. Human Resources Function Operating Expense per Employee, by Industry Industry Median Nondurable goods manufacturing $1,523 Durable goods manufacturing 1,500 Insurance 1,413 Banking and finance 1,341 Utilities and energy 1,251 Services 1,105 Retail and wholesale trade 948 Health care 754 Source: Watson Wyatt Data Services (The Controller’s Report [IOMA], February 2006, pp. 8-9) Source:  CMC Training   Technorati tags: costs, personnel, ranking Continue reading Personnel costs comparison across industries

Canada2 Comments

eMarketer.com – Canada Online growth rates

Colin Henderson

 Some interesting stats from eMarketer on North American Internet and broadband penetration.  These numbers seem lower than I had thought, but they follow usual eMarketer approach of summarising and aggregating other research, and it seems credible. Executive Summary: Some 58% of Canada’s population is online, which is only slightly behind the US penetration rate of 63%. Broadband growth has exceeded that of the US, with 59% of households connected via a high-speed Internet connection at the end of this year compared with 44% of US households. Source: eMarketer.com – Canada Online The penetration is predicted to level off at close … Continue reading eMarketer.com – Canada Online growth rates

Pinkomarketing2 Comments

Enterprise Decision Management: Automating and improving pricing in banking

Colin Henderson

 James lays out a methodology for automated pricing for Banks based on a set of characteristics that are individually specific to each customer.  The premise is that banks lack of price competition is an outcome of the lack of appropriate customer information. Banks’ disinclination to compete on price is generally tied directly to the paucity of analytics and rigor in their pricing computations Source: Enterprise Decision Management – a Weblog: Automating and improving pricing in banking I agree with the statement, but would argue the the connection is not direct.  There is another element at play and that is commoditisation.  … Continue reading Enterprise Decision Management: Automating and improving pricing in banking

Security

Hackers Zero In on Online Stock Accounts – washingtonpost.com

Colin Henderson

 Its official … online brokerage is the new target for the Eastern European crime gangs.  Hackers have been breaking into customer accounts at large online brokerages in the United States and making unauthorized trades worth millions of dollars as part of a fast-growing new form of online fraud under investigation by federal authorities. E-Trade Financial Corp., the nation’s fourth-largest online broker, said last week that “concerted rings” in Eastern Europe and Thailand caused their customers $18 million in losses in the third quarter alone Source: Hackers Zero In on Online Stock Accounts – washingtonpost.com The broker industry had been asleep … Continue reading Hackers Zero In on Online Stock Accounts – washingtonpost.com