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- Customer Experience (41)
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Tag Archives: Lifestyle Banking
Will Fees Drive Big Bank Customers Into the Arms of Community Banks and Credit Unions?
Topics: Customer Acquisition and Retention, Regulations
Tagged: Customer Service, Durbin Amendment, Lifestyle Banking
Bank of America is the latest in a series of big banks to respond to the capping of debit interchange revenue by introducing a new fee for debit card use. Despite the simplicity and complete transparency of these new fees, consumers are irate. Threats of bank switching and customer defections are echoing loudly on Wall… Continue reading →
Do your customers trust you? It may be more important than you think.
Topics: Customer Acquisition and Retention, Trends
Tagged: Customer Service, Generation Y, Lifestyle Banking, Transparency, Trust
There are two ways consumers buy financial services; as a commodity and as a relationship. As a commodity, we are forced to offer the lowest price, or at least the lowest effective price when considering the utility of convenience. As a relationship, consumers are willing to pay a premium, or at least a higher margin… Continue reading →
Is mobile a channel, a fad, or a disruptive force in banking?
Topics: Customer Acquisition and Retention, Customer Experience, Trends
Tagged: Branch Banking, Customer Service, Lifestyle Banking, Mobile Banking, Online Banking
I was asked an interesting question during an analyst call two weeks ago, “is mobile just media hype or will it actually take off?” I realized that the answer is far stranger than the analyst imagined. It seems lately like there is little new in banking, sure we blame that on new regulations, but we… Continue reading →
What Can Bankers Learn from Hamlet?
Topics: Account Opening, Technology
Tagged: Demand Deposit Account, Financial Crisis, Lifestyle Banking
The time is out of joint: O cursed spite,
That ever I was born to set it right!
Hamlet Act 1, Scene 5
Shakespeare’s Hamlet is one of the most famous plays in the English language. It is read, performed and discussed, seemingly without limit. At the center of the discussion is an unresolved… Continue reading →
Maintaining Product Relevance is Key To Success, Especially with Gen Y Consumers
Topics: Account Opening, Customer Acquisition and Retention, Trends
Tagged: Customer Service, Lifestyle Banking, Transparency, Underbanked
I’ve written before about the idea that our banking products need to be relevant before underbanked consumers will adopt them. As new regulations pressure our industry as never before, the risk of further losing relevance is great. In fact, we face a perfect storm today. Fee income is decreasing, compliance costs are increasing, and Gen… Continue reading →
Will the Girl Scouts Save the Card industry?
Topics: Customer Experience, Technology, Trends
Tagged: Credit Card, Generation Y, Lifestyle Banking, Mobile Banking
For years, the card space has been stagnant. Alternative payment networks continue to innovate and make P2P and micro-business payments more affordable, but the best innovation from the card networks was richer rewards. These were good for the issuers in the short term, but they tipped the scales for merchants who no longer believed the… Continue reading →
DDA Overdraft Reform Offers Opportunity to Create a Customer Experience
Topics: Account Opening, Customer Acquisition and Retention, Customer Experience
Tagged: Branch Banking, Customer Service, Demand Deposit Account, Lifestyle Banking, Trust
I just read an American Banker story on Huntington Bank’s new DDA overdraft policy. In short, the bank gives you a day to bring your account current before charging any fees. At first it seemed less than my local bank does for its clients (good customers’ fees are waived automatically), but then I realized that… Continue reading →
Death of the Check?
Topics: Customer Experience, Trends
Tagged: Customer Service, Demand Deposit Account, Generation Y, Lifestyle Banking, Online Banking
We’ve been told for years that the check is nearly dead. As check clearing volume continues to plummet, this seems like a reasonable claim, yet we never seem to get there. For the mathematicians, it’s like an asymptote—no matter how long you wait, it will never actually reach zero.
A good friend of mine (in her… Continue reading →
The Mobile Way or the Highway?
Topics: Customer Experience, Technology, Trends
Tagged: Branch Banking, Lifestyle Banking, Mobile Banking, Online Banking, Remote Deposit Capture
Mobile banking has arrived. This seems to be the consensus reached by financial industry analysts looking into 2011. This year, more consumers will have access to mobile banking than ever before. As competition in the smartphone and tablet markets continue to increase, consumers who don’t own such devices will soon find themselves in the minority… Continue reading →
Underbanked IS the Market: Gen Y Changes the Rules
Topics: Customer Acquisition and Retention, Customer Experience, Trends
Tagged: Generation Y, Lifestyle Banking, Trust, Underbanked
It just occurred to me that a curious shift has happened in the under-banked market. My employer, Zoot Enterprises, has supported lenders in the under-banked market for some time. Part of our value to our clients is that we provide streamlined connectivity to alternative data sources, often to help lenders approve credit for unbanked and… Continue reading →