financial services

Why Do Consumers Open Bank Accounts?

More goodies from the EY 2014 Global Consumer Banking Survey….

EY asked consumers who had opened and closed bank accounts in the prior 12 months what their reasons for doing so were. Here’s what EY found:

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Maybe The Experience Doesn’t Matter (That Much)

EY (is it not called Ernst & Young anymore?) released its 2014 Global Consumer Banking Survey recently. For a better review of it than I’ll provide here, see the summary on The Financial Brand, or download the report directly.

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Why Aeroplanes Don’t Fall Out Of The Sky; Why Business Screws Customers and Hospitals Kill Their Patients

I invite you to ponder the following

1.     Why is it that commercial aeroplanes don’t fall out of the sky?

2.     Why is it that terrorism did not take root, establish itself, and grow in the USA/UK?

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Marketing to Boomers - Financial Services Forum presentation

This is a podcast of a presentation that I gave last week to the Financial Services Forum during a conference about marketing to Baby Boomers.

It was an excellent event and I enjoyed meeting a couple of new people with interests in the ageing consumer - Martin Clarkson, Director, Elderberry Associates and Tom Hind, Director of Creative Content, Getty Images

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Affluent investors increasingly use social media to inform investment decisions

New research shows that 70% of affluent US investors have made an investment decision based on information they have learned from social media; 34% use social media specifically to help inform their personal finance and investment decisions. Even for High Net Worth individuals with more than $1m in investable assets, 25% seek investment advice from social media.

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Net Promoter Score Is a Window Into Jobs-to-be-done Fulfillment

I’m a big advocate for better understanding customer needs, particularly in the jobs-to-be-done form. Companies should spend more time on this, instead of the all-too-common approach of implementing someone’s vision in a near vacuum. Although I admit it isn’t easy to do. Focus groups are a start, but are both logistically and financially hard to scale, and fraught with their own issues. So the state of getting customer insights is still fairly immature.

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Financial Services Don’t Get Social Media

Morgan Stanley is going to let 17,000 of its financial advisers use Twitter and LinkedIn, and Chase is running a promotion (I found it on Facebook) that lets small businesses compete for grant money. Both efforts reveal that these financial services brands don’t have a clue about how to use social media.

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5 Social Media Misconceptions (and Opportunities) in Financial Services

Guest Post by: Ed Thompson

The financial services industry feels like it’s not ready for social media. You may think that this is due to regulatory restrictions, but there is more to it than that – and there are opportunities for the brands that overcome these misconceptions:

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Bright Lights Project - Standard & Poor's Rating Services

Standard & Poor’s is one of three major American rating agencies (Fitch Ratings and Moody’s Investor Services are the others). They’re in the business of assessing risk of various financial instruments and the reliability of the companies and governments that issue or trade them, and their ratings affect both investor interest and the prices paid for said financial paper.

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Bright Lights Project: Financial Services Brands

I've written before about the reckoning coming once institutions both public and private figure out that the Internet has blown up not just their credibility but their authority to act. It hasn't happened yet, at least not in ways for which we've connected the dots, but I qualify the paralysis in Washington as a serious taste of it, along with the unencumbered activism happening in many state legislatures (which is an example of what happens when institutions no longer represent The People as much as a wacky, imaginary versions of them).

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