Innovation2 Comments

10 years since mbanx started it all

Colin Henderson

Today is the 10th anniversary of mbanx starting direct banking.  mbanx (a division of Bank of Montreal) was the first direct banking operation in the world, and followed closely by many, such as Wingspan (BancOne), and ING.  There has been a host of learning about what to do, and how to get the right pace of execution since then. Some links: mbanx/clive (online chat) Harvard Business Review bmo City of Toronto Intuit joint marketing arrangment CBA Canadian Business empire club 7-24 Solutions     Technorati tags: direct+banking, mbanx Continue reading 10 years since mbanx started it all

Uncategorized

Book review: "The Blog Ahead" by R. Scott Hall

Colin Henderson

Generally books about blogs are something of an oxymoron in my mind.  However I have to admit this one, sent over from the nice people at AME is different. There is a summary that came with the book, but I took a bit of time to go through it, and it was worth it.  The book is not about how to blog, who should blog, or why anyone should blog. It addresses the impact of blogging, and how blogs are turning the world inside out. The approach is to cover different categories, and the impact of blogging. Politics and the … Continue reading Book review: "The Blog Ahead" by R. Scott Hall

Social networks7 Comments

Building the Bank of the future: you can’t get there from here

Colin Henderson

I have been thinking about the three posts.  The things discussed seem to follow two threads, a consistent multi channel experience, and a higher value consistent multi channel experience. Lets deal with the multi channel experience first.  I think its soon (maybe now) to be table stakes that Banks provide the ability to deal with the “old way” seamlessly.  The items there are not rocket science to understand, yet they are incredibly hard to accomplish for Banks. Customer need Organisational group Technology Stop payment on the lost cheque Branch or call centre DDA system Get a new ATM card Branch DDA system … Continue reading Building the Bank of the future: you can’t get there from here

AI

Finextra: US customers willing to switch banks for online services

Colin Henderson

CashEdge have surveyed online banking customers to find something we have always suspected, and now we know.  Its not a huge sample, nor do we know the parameters for choosing them.  The survey of over 400 Web banking customers found that 64% would switch to another institution if it meant gaining access to more robust Web banking capabilities. Source: Finextra: US customers willing to switch banks for online services In other findings: The survey also found that customers prefer Web banking to branch banking. Around 69% of respondents consider visiting their bank branch “a chore” and 88% try to minimise bank … Continue reading Finextra: US customers willing to switch banks for online services

Pinkomarketing, Social networks1 Comment

Building the Bank of the future

Colin Henderson

I wanted to highlight a couple of great posts that I really appreciated. They are all about building the bank of the future, and what a great title! James at EDM paints a nice picture of the customer experience within several channels, including ATM, online, branch etc. Phil at Improving New Account Opening does a nice summary of the concepts that drive a consistent multi channel experience. I took a different tack, with my small attempt to encapsulate Web 2.0 concepts as design principles for the future bank. This is brilliant … I appreciate how those three posts complement each other.  The … Continue reading Building the Bank of the future

Pinkomarketing, Social networks25 Comments

How to web 2.0 your bank

Colin Henderson

Thinking about the CMO problem at ANA, when about 5% knew about web 2.0.  This begs the question of what are the implications for Banks.  What specifically should a bank think about, if it wants to join the web 2.0 cool club? My belief is that there are simple staged elements that can be adopted that will engender internal confidence while producing satisfaction for customers. The definition of web 2.0 and why it matters There is only one definition, here, because O’Reilly invented it.  You can agree, disagree, debate, but that’s the definition. It matters, because, wordsmithing aside, it loosely defines … Continue reading How to web 2.0 your bank

Pinkomarketing1 Comment

Ceding Control to Consumers? the real question is "what should marketers and marketing departments do differently?"

Colin Henderson

 Max writes a review post ANA conference, that completes the view I was getting when it began last week.  Its worthy of note that this audience of over 1,000, was the largest gathering of CMO’s Max ever witnessed. When Cammie Dunaway, CMO of Yahoo, during her keynote, asked the audience if they knew what Web 2.0 was, I estimate that less than 50 hands went up (or five percent) Source: Online Spin » Blog Archive » Are Marketers Serious About Ceding Control to Consumers? 5%!  Its not that the question was wether they understood it … these are marketers and … Continue reading Ceding Control to Consumers? the real question is "what should marketers and marketing departments do differently?"

Innovation

::HorsePigCow:: marketing uncommon: Discussion: When community doesn’t happen

Colin Henderson

 Tara talks here about the discussion at BarCampBerlin on the topic of Community, and what makes it effective.  I found this simple statement highly revealing in its simplicity, and clarity. …  demonstrate with this example why community doesn’t happen separately from product or environment. Source: ::HorsePigCow:: marketing uncommon: Discussion: When community doesn’t happen (from BarCampBerlin) She goes on to compare processes followed by two separate developer groups, one of which was less effective, and apparently somewhat demoralising, whereas the better one, Microformats, has had rampant success in one year. I thought I was going to write here about social networks but … Continue reading ::HorsePigCow:: marketing uncommon: Discussion: When community doesn’t happen

Innovation

BankNet 360 – HSBC Launches Internet-Only Bank in Taiwan

Colin Henderson

HSBC has opened an Internet-only bank in Taiwan that offers higher interest rates on deposits, hoping to lure new customers to the no-branch model. Since the bank opened in late September, 80% of the customers opening accounts are new to HSBC. About half of all customers are between the ages of 25 and 35, but they only account for 30% of the deposits. Roughly 13% of the accounts belong to customers over the age of 45, and they account for more than half of the deposits. Source: BankNet 360 – HSBC Launches Internet-Only Bank in Taiwan   Technorati tags: hsbc, … Continue reading BankNet 360 – HSBC Launches Internet-Only Bank in Taiwan