Banks still don't get mobile, but neither do researchers…

I read with interest a post pointed out to me by @JenRBoyd posted on Mobile Commerce Daily highlighting a recent Celent report comparing US and EU investment in multi-channel. The problem here is that the conclusions of the report are correct, but even the report itself suffers from an old-school view of the banking arena, [...]

BANK 2.0: Too big to change?

Reformists and regulators in the US, in the EU and in other jurisdictions are grappling with the problem of massive banks and how their financial health is tied up with the very vitality of the economy. This happens because as the banks are so large and represent a major indicator of the health of the stock market, and thus the macro-economy, it is possible that one of them went under it would have deleterious effects on the economy at large.

But banks are struggling with a new challenge. Are they too big to innovate, to change, to improve life for the customers that are their lifeblood? It appears so…

Lessons from the failed Facebook exodus (HuffPost)

The 1st of June was supposed to be “Quit Facebook Day” as a protest over Facebook’s privacy policies. But the 1st of June passed by and as far as I am aware, none of my friends quit facebook on Monday. It turned to be much ado about nothing…

What the loss of confidence in banks really means…

This week we have some of the world’s biggest banks recording staggering, record profits – despite this there are serious challenges heading the banks way in the short-term and consumer trust is just the start of it. As early as July 2008 we started to hear serious grumblings from consumers groups, customer advocates and politicians on how banks had “lost their way”. This loss of confidence and consumer backlash forced politicians in the US, EU and elsewhere to look at so-called “Robin Hood Tax” where bankers who took huge bonuses would be taxed at a higher rate. Undoubtedly, the proprietary trading post-GFC off the back of cheap government money (TARP, etc) as the markets reverted “to the mean” created the opportunity for arbitrage profits and subsequently huge bonuses. The theory that the bank bailouts would free up credit for the average man on the street was quickly lost as banks chose risk-adverse customer lending strategies. But now the banks face a quandary…

Bank CEOs, It's Time for Social Media (InternetEvolution)

What is unique about the social media movement at the moment is that everything you might expect it would be about — it’s not about. But the banks I meet are almost all remaining in a holding pattern, waiting for something to happen before they commit to this new medium. In this blog I explore one of the key reasons banks should sign up for the social media explosion, and what they need to do about it today!

Social media’s impact on banking

Chris Skinner, Chairman – Financial Services Club UK, and myself have been working on this survey over the past few weeks. The results, while predictable, show a requirement for RAPID adoption of social networking into the bank DNA. Bank’s are largely unsure of how to respond to Twitter, Facebook, LinkedIn and the like, due to the lack of ‘control’ the bank has over the medium. But customers aren’t confused or unsure – they are flocking to it.

According to data released today by Pingdom, aggregation of traffic and demographic data shows that social networks are dominated by the 35-44 age bracket. That flies in the face of conventional wisdom which asserts that Web 2.0 is a Y-Gen dominated arena. The fact is, if you want to acquire or retain your most profitable customers as a bank, either Retail or Corporate, you need to have a social media strategy…