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Monthly Archives: February 2012
Learning from Apple: Don’t give up on Branch Banking
Topics: Customer Experience, Trends
Tagged: Apple, Branch Banking, Customer Service
There were many insights I took away from reading Walter Isaacson’s biography of Steve Jobs. One of the most relevant to the financial industry was Steve Jobs’ belief in the value of a physical retail channel. It’s common knowledge that Apple’s retail stores are an important component of the company’s overall success. The question I… Continue reading →
Have it Your Way: The Why behind Zoot
Topics: Technology
Tagged: Banking Systems, Flexibility, Innovation
The CEO of the company I work for, Chris Nelson, could sell me anything. That’s not an easy task. I have driven the same car (that I don’t remotely like) for more than a decade and I’m a late adopter of just about everything new and shiny. Chris is a storyteller with a great sense… Continue reading →
The Two Pillars of Modern Customer Acquisition: Part Two
Topics: Account Opening, Customer Acquisition and Retention
Tagged: Cost Reduction, Cross-sell, Customer Intimacy
In my last blog post on this topic, I argued that banks need to think differently about customer acquisition if they want to compete effectively without incurring prohibitively high operating costs. I think there are a couple of core pillars that should comprise a modern customer acquisition strategy. The first pillar—increasing the profitability of your… Continue reading →
The Power of Simplicity
Topics: Technology
Tagged: Mobile Banking, Origination System, Reliability, Security
Every once in awhile it is a good thing to remember where you came from, where you are going and what it takes to get there. Recently I spoke to a group of new employees during their orientation to Zoot. During this time I had the opportunity to reflect back on the humble beginnings of… Continue reading →
A Personal Appeal for Product Testing
Topics: Customer Experience
Tagged: debit card, Transparency
Have you ever accidentally gotten soap in your eye? Not just any soap—all natural, liquid, peppermint oil infused soap? It really is a fantastic product but I never thought something could cause such intense pain. This incident was an absurd moment of klutziness on my part, a lack of attention during an otherwise routine task… Continue reading →
The Two Pillars of Modern Customer Acquisition: Part One
Topics: Account Opening, Customer Acquisition and Retention
Tagged: Cost Reduction, Cross-sell, Customer Intimacy
The era of rampant customer acquisition in the financial industry is over. One of the things that our industry has learned over the last five years is that the statement “more customers equal more profit” is not axiomatic. When you consider all of the expenses and risks that financial institutions (FIs) take to acquire new… Continue reading →
Bank Branches: Alive and Thriving
Topics: Customer Experience, Trends
Tagged: Branch Banking, Customer Intimacy, Customer Service
Countless banking publications have recently published studies and reports on the status of branch banking. Some claim it is alive and thriving, while others say it is only a few short years until it is obsolete. I prefer to subscribe to the first school of thought.
Just as other industries have been changed by the… Continue reading →