Financial Marketing and Cross Selling Blog
How to Make a Bank Reputation Drive Cross Selling
A good reputation is undoubtedly important to any financial institution. It translates into more new and more loyal customers. A recent article in American Banker, discussed the results of the American Banker second annual survey of bank reputation. This 30 bank survey was conducted by the Reputation Institute an evaluated reputation across several dimensions including corporate citizenship, financial performance, governance, innovation, leadership, perceived workplace environment and products and services.
The article noted that BBVA Compass enjoyed the most improved image, moving up 11 slots into the No. 5 position. When asked about this, the bank responded by saying that they used social media such as Twitter to monitor and respond to complaints. In other words they listened to their customers and fixed their problems, building stronger relationships than existed before the problem. Problems can actually help build your brand. Their experience defined for them what good service is in banking.
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REWORK: Recommended Book For Bank Marketing and Management
How can a business book written by the founders of a small software development company be applicable to bank executive and marketing professionals? I asked myself the same question. REWORK was written by Jason Fried and David Heinemenier Hansson, the founders of 37Signals, a company that has created several products that help teams work together more effectively. For bankers, conventional ideas and methodologies aren’t what separate you from your competitors. Most often it’s your ability to be open-minded to new ways of thinking and putting them to work…or sometimes reworking them entirely.
Prior to reading REWORK, I was somewhat familiar with the company 37signals and the products they developed but never really knew their background. For most that have never heard of 37signals, they are a small software company that have developed a number of web-based apps for collaboration, information sharing and project management which are now used by millions around the world.
REWORK provides the reader with the insight into the attitudes of the founders and a basis for the reasons for their success. As a designer & developer myself, I wasn’t sure how their philosophies and ideas could really be applied to the large scale audience but they certainly managed to do so from my perspective. If you subscribe to conventional wisdom, this book may not be for you because the authors tend go against your experience and what has been instilled into you during your college and post-collegiate years. Nonetheless, this is a worthwhile book, for everyone from the single self-employed individual, the small business owner, all the way up to the larger institution management and marketing professionals.
Online Social Networking by the BAI
I recently joined the BAI Online Community and so far I’m very impressed with the overall design and functionality of the site.
When you join, you’re asked what’s your goal, who you’re looking to network with and what professional challenge you hope to overcome by joining the community. You create a short bio of who you are, upload a photo, and away you go.
They have several groups you can join such as the BAI Mavericks in Banking, Financial Services Marketers, Banking Strategies Corner and Employment Opportunities. From what I can tell, anyone can join.
There are various ways to connect with
other members in the community. One of my favorite tools is the BAI People Map where you select certain criterias and based on your choices, a circular map appears with little human icons representing all the members that fit your criteria. You are the gray icon in the middle of the map. The more relevant a member is based on the search criteria, the closer they are to you in the map. When you scroll your mouse over each icon, a window pops up with details of the member. Very useful tool for finding contacts.
But like any other online network, it all starts with the blogs. A few select members run the community blogs. You can read each one individually or follow the “community blog” which shows all posts. I’m not sure how you can become a blogger but I’m assuming it has to do with being an actual member of the BAI.
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