Yearly Archives: 2012

Are NFC-Enabled Mobile Wallets Really the Future?

Topics: Customer Experience, Technology, Trends
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“It’s not clear that NFC is the solution to any current problem.”

That’s a quote from Phil Schiller, the Senior Vice President of Worldwide Marketing at Apple. He said that in response to a question regarding the omission of near field communications (NFC) technology in the new iPhone 5.

NFC is a set of radio … Continue reading →

Delivering Consistently for Strong Customer Relationships

Topics: Customer Experience
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Michael Ruckman’s content in his recent column Experientially Engineering the Customer Relationship caught my attention (Ruckman is the president & CEO of a multi-national company focused on improving customer experiences and loyalty).

“The strength of customer relationships is much more dependent on the consistency of experiences and their correlation with the expectations of the customer…Engineering … Continue reading →

Stop Information Overload, Know Your Customer

Topics: Customer Acquisition and Retention
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I enjoy reading Andrew Kahr’s BankThink posts. Whether you agree with him or not, he is refreshingly honest not to mention entertaining. His latest post this week “Why Your Bank’s Customers Don’t Listen” is something that every company struggles to address. How do you reach your customers with the right message at the right time … Continue reading →

Expect Better: Customer Service with the Customer in Mind

Topics: Customer Acquisition and Retention
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A slew of bad customer service experiences have left me wondering if providing great customer service is a thing of the past. Then a positive experience shows me it isn’t a lost cause. Some industries are often at the top of the bad offender list—airlines, cable companies and banking. So why are some companies getting … Continue reading →

Branch Banking is Dead…Long Live Mailway Banking

Topics: Customer Experience, Technology, Trends
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Branch banking is dead.

I know that I have argued, on this very blog, that banks should still invest in branches, but that was before I heard about a new, disruptive innovation—Mailway Banking.

I can’t believe I hadn’t heard about this until now. I stumbled upon this innovative new channel in a magazine ad of … Continue reading →

Is Private Label Making a Comeback?

Topics: Customer Acquisition and Retention
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For a while, private label cards seemed to be the punch line for many jokes; Target wouldn’t be down 41% if they weren’t trying to be a bank. And yet, as seasons change so do the jokes. Today, they report higher-than-expected profitability in the credit card unit. Retailers who never left the private label card … Continue reading →

Making High-Definition Credit Data Actionable

Topics: Credit Risk Management, Customer Acquisition and Retention, Trends
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I was thrilled when I came across a recent article in BusinessWeek discussing banks’ search for new, “high-definition” credit scores. The idea of incorporating alternative data into lenders’ risk decisioning processes is one that has been picking up a lot momentum in the industry. Zoot has written extensively about the advantages alternative data brings to … Continue reading →

Are We Nearing the End of the Credit Card?

Topics: Uncategorized
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You’ve heard about the death of the checking account, the death of branch banking, and now, the death of credit cards? Well hear me out on this. The industry is heading towards a future where we make the ubiquitous credit card obsolete. Our current path is self destructive and without a change of course, we … Continue reading →

Invitation to Apply: Staying in the Credit Card Game

Topics: Customer Acquisition and Retention
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Lately I’ve noticed a change in the direct mail I receive from credit card companies. In the past they have arrived in my mailbox in a business size plain white envelope that included the credit card company’s logo and a short phrase touting the highlights of the offer (usually 0% interest for balance transfers or … Continue reading →

Would You Turn Down Free Money? Your Card Acquisition Strategy Might.

Topics: Customer Acquisition and Retention
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Going for gold in customer acqusition

There is heavy competition in the credit card market today for the highest credit-quality customers—so much so that one industry CEO likened acquiring new customers to a knife fight. Rewards programs are heating up and marketing dollars are being heavily allocated to promote the benefits designed to appeal to … Continue reading →