Financial Marketing and Cross Selling Blog
A bright side to today’s banking industry
Before I joined Truebridge over five years ago, my knowledge of the banking industry was quite limited. In other words, I was the average American. I was a long time First Union checking account holder and then, by default, a long time Wachovia customer.
During my first few months with the company, my job was to source potential leads. This is where I discovered the hidden world of small banks.
Today, this world is starting to shine. Here are some examples where the media covers the little guy. All segments except for one are ironically titled, “The Little Bank that Could”.
Here is a CBS Evening News segment where a small bank in Vermont is highlighted: Read the article
BISA Conference next week
It’s less then one week away till the annual BISA Conference in Hollywood, FL and we’re gearing up for our trip here at Truebridge.
Besides the warm weather, which we more then welcome being from Boston, we’re looking forward to hearing from other vendors what they plan to do to help advisors succeed in this tough economic climate.
I’m also hoping talk to some of the advisors who, despite the environment, continued to prosper in 2008. Joni Larson from ESSA Bank & Trust is one example of an advisor that could help share ideas with her peers. Joni was recently ranked 9th in the Bank Investment Consultants annual Top 50 bank representatives in the country.
In the past, the majority of vendors have been product providers and I’m sure this won’t change. But this year I’m betting that even the providers will be introducing new value adds to their relationship. Services that help the advisor grow their business by leveraging resources from within the bank. Services such as training and coach programs, referral systems and calendar tools.
If you’re an advisor or perhaps another vendor, what are you looking forward to at this years conference (besides the free dinners)?
Share your thoughts in the comments.
Truebridge joins the financial twitter world
There was hesitation in starting a Twitter account for Truebridge. Was our industry using this new social networking tool? Would anyone follow us?
It turns out a lot of banks, credit unions and financial professionals are on Twitter. The more I research and learn how to use this tool the more it makes sense.
Follow us on Twitter: http://twitter.com/truebridge
Those who know how to use the social media platform are using it to spread a message. They’re using it to create stronger bonds within their industries. Whether that be the music industry, tech industry or the banking industry.
For example, a credit union, TDECU, linked to an article on the concept of the “Bill Creep”. It states that more and more consumers are being blindsided by small fees for services they sign up for such as Netflix, Rhapsody and even major items like the cell phone when you factor in the text messages and media charges. It’s a great read for anyone concerned about their finances in these tough economic times. The fact that their credit union was the one who pointed out the article will increase the trust factor of their brand.
This is a great way for institutions to directly communicate with their audience in real time. Some of their followers may even receive text messages to their phones every time they post a message (a “tweet” in Twitter language). Of course, I don’t think TDECU is advocating this kind of Twitter following. Otherwise, they’d be supporting the “Bill Creep” movement.
If you’re just getting started, a quick tip is to download one of the many desktop applications. You can use these applications to both send and receive messages. A key to keeping your message within the 140 word maximum is the “shorten link” feature. Every time you post a link, use this feature to condense the link to avoid exceeding your word count.
The maximum word count of 140 is great training for those who have trouble keeping it short and sweet. I must admit, I fit into this category.
Download Applications Here: http://twitter.com/downloads
Here are some banks and credit unions on Twitter that I’m following:
- BofA
- Wells Fargo
- Wachovia
- First Arkansas Bank
- North Shore Bank
- Northeast Bank
- Citizens Bank (Michigan)
- 1st Mariner Bank
- Pioneer Credit Union
- TDECU
- Bellco Credit Union
Truebridge joins the financial twitter world
There was hesitation in starting a Twitter account for Truebridge. Was our industry using this new social networking tool? Would anyone follow us?
It turns out a lot of banks, credit unions and financial professionals are on Twitter. The more I research and learn how to use this tool the more it makes sense.
Follow us on Twitter: http://twitter.com/truebridge
Those who know how to use the social media platform are using it to spread a message. They’re using it to create stronger bonds within their industries. Whether that be the music industry, tech industry or the banking industry.
For example, a credit union, TDECU, linked to an article on the concept of the “Bill Creep”. It states that more and more consumers are being blindsided by small fees for services they sign up for such as Netflix, Rhapsody and even major items like the cell phone when you factor in the text messages and media charges. It’s a great read for anyone concerned about their finances in these tough economic times. The fact that their credit union was the one who pointed out the article will increase the trust factor of their brand.
This is a great way for institutions to directly communicate with their audience in real time. Some of their followers may even receive text messages to their phones every time they post a message (a “tweet” in Twitter language). Of course, I don’t think TDECU is advocating this kind of Twitter following. Otherwise, they’d be supporting the “Bill Creep” movement.
If you’re just getting started, a quick tip is to download one of the many desktop applications. You can use these applications to both send and receive messages. A key to keeping your message within the 140 word maximum is the “shorten link” feature. Every time you post a link, use this feature to condense the link to avoid exceeding your word count.
The maximum word count of 140 is great training for those who have trouble keeping it short and sweet. I must admit, I fit into this category.
Download Applications Here: http://twitter.com/downloads
Here are some banks and credit unions on Twitter that I’m following:
- BofA
- Wells Fargo
- Wachovia
- First Arkansas Bank
- North Shore Bank
- Northeast Bank
- Citizens Bank (Michigan)
- 1st Mariner Bank
- Pioneer Credit Union
- TDECU
- Bellco Credit Union
Banks Need an Image Fix – Now
Sparked by a recent article in the New York Times Business Section, our president, Stewart Rose, recently wrote a one page brief. A full white paper will be available to help banks take the next steps in fixing their image.
“Banks Need an Image Fix – Now”
It’s not just the largest banks that are being painted with an image of excess and greed. That picture of bankers is permeating into the world of community banks as well. A February 5th 2009 article on the front page of the business section of The New York Times cites, “It’s not just big banks like Citigroup. Small and midsize banks lavish perks on their executives, too, and often sweeten salaries and bonuses with fringe benefits.” The article goes on to mention what it considers excesses at several banks that took TARP funds, including, Bank of the Ozarks and Great Southern Bancorp. TARP funds or not, the media is bringing pay and perks to the attention of shareholders and, perhaps more importantly, customers. No matter what the justification, banks are on the defense. The CEO is in a glass house.
Banks need to move quickly to get their own message out there before the damage gets worse. The question is – what positive message should banks convey? What message will boost their image in today’s economic crisis? Take a close look at what the American consumer wants most today – answers. Their confidence level is at an all time low. They have been turned upside down by this economic calamity. Facing the dramatic erosion of their retirement assets, the plummeting value of their homes, and the increasing uncertainty of their jobs, they are scared and confused and looking for simple and easy to understand answers.
Banks have an opportunity to be there to provide those answers. They can be the source of information that helps their customers make better decisions and avoid mistakes as they go through life – buying a house, saving for retirement, managing their debt, sending kids to college, getting their estate in order. This education based marketing approach means going beyond what products “the bank” offers to include helpful information on what “the customer” needs.
This value added service can be provided quickly and at a low cost by leveraging the many points of customer contact that already exist. An education based marketing approach becomes the backbone for a positive “education first” message. It’s a powerful story banks can tell to the media, stockholders, and customers. By doing it right, not only will banks take the offense in shaping a positive image, but they will be further rewarded with more customer loyalty and increased sales.
Customer Education Delivers Image and Sales
It’s not just the largest banks that are being painted with an image of excess and irresponsibility. That picture of bankers is permeating into the world of community banks as well. Banks need to move quickly to get their own message out there before the damage gets worse. The question is – what positive message should banks convey? What message will boost their image in today’s economic crisis? The answer lies in looking at what the American consumer wants most today – answers. Their confidence level is at an all time low. They have been turned upside down by this economic calamity. Facing the dramatic erosion of their retirement assets, the plummeting value of their homes, and the increasing uncertainty of their jobs, they are scared and confused and looking for simple and easy to understand answers.
Banks have an opportunity to be there to provide those answers. They can be the source of information that helps their customers make better decisions and avoid mistakes as they go through life – buying a house, saving for retirement, managing their debt, sending kids to college, getting their estate in order. Customer education means going beyond what products “the bank” offers to include helpful information on what “the customer” needs.
This is a value-added service that banks can provide for little cost, and the rewards can be significant: more loyalty and more sales. Banks that become a resource for answers are in place to help their customers with more financial needs, including investments and insurance. It becomes much easier to create dialogues and make referrals. It helps ensure product suitability, a primary goal of regulators today.
A customer education approach becomes the backbone for a positive “education first” message. It promotes fiscal responsibility and financial literacy: a powerful story banks can tell to the media, stockholders, and customers. By doing it right, not only will banks take the offense in shaping a positive brand image but they will create more customer loyalty and generate more sales.
Request White Paper: Using Customer Education to Boost Bank Image and Sales
Download PDF Version of Brief: [Download]
Wells Fargo / Wachovia blog responds to “junket” press
Wells Fargo and Wachovia posted a press release today on their blog which responds to the accusation that they used tax payer money to plan a “junket” in Las Vegas.
What interests me is not the press release itself. It’s the customer and employee comments.
Read here: http://blog.wellsfargo.com/
I plan to keep an eye on the comments as they flow in. This is invaluable information that Wells / Wachovia are receiving from these comments. Both positive and the negative.
Some examples:
“Your company is afloat on taxpayers money. You need to cut out frills as many taxpayers have. Your culture needs to change from a rewards culture to a survival culture. Don’t you get it?”
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