We interviewed Mark Thompson, VP of Growth and Brand at Mazuma Credit Union, about how credit union marketing can be positively impacted by community and member advocacy, and the importance of creating a strategy to reach the millennial audience.
The annual Financial Brand Forum was an enormous success — full of great speakers and networking opportunities.
Personal Capital Rejects Chase Proposal That Would Limit Aggregators
JPMorgan Chase CEO Jamie Dimon has expressed concern as customers have allowed outside parties, including aggregators, to access their accounts. While he sympathizes with Dimon's concerns over data security, Personal Capital chief marketing officer Mark Goines tells Samantha Sharf of Forbes that not using all available data "borders on malpractice because it means not analyzing a person's full financial picture." Dimon has proposed switching to a system where banks would "push select information to third parties with customer permission, rather than the current set up where third parties pull data from banks as they see fit." Goines rejects this proposal as well. Sharf notes that Chase and Wells Fargo shut off Mint and other aggregators' access to data feeds for a few days last fall. Both banks told the Wall Street Journal that the blackouts were a result of security and traffic management decisions "rather than attempts to be anti-competitive."
We talked to Brock Blake, founder and CEO of Lendio and a contributor at Forbes.com, about the state of small business lending and financial technology in general.
Kenneth Lin, CEO of Credit Karma, talked to us about how the rise of fintech has given consumers more access to their data than ever before. By walking through how Credit Karma increases transparency for end users, Lin shows that the financial industry is about to change in big ways. He also explains how banks and fintech companies can get on board.
If you were to ask professional designers for a list of industries that are setting trends in design, chances are that none of them would include the banking industry. That’s in part because bankers haven’t felt pressure to set design trends. They’ve been satisfied with building traditional bank branches and releasing functional (if not always user-friendly) apps and websites. In the past, this was okay since all of their competitors did the same thing.
As with all industries, modern-day marketers of financial institutions are tasked with fulfilling on a myriad of items unique to the digital age. Websites, marketing automation software, social media strategy, paid advertising options, and a staggeringly long list of potential content types make up the selection of new tasks these marketers need to wrestle with. Given the breadth of options, and the often limited resources of financial institution marketing teams, decisions have to be made where to invest time and money. Especially in the case of smaller financial institutions, there is one channel that is essential to drive growth, increase awareness, and establish a competitive edge: local marketing.
Given that 4 out of 5 consumers use search engines to research local businesses, you run the risk of not being found online if you don’t have a strong search engine optimization (SEO) and paid search strategy.
Between watching padded athletes slam into each other, viewers of this year's Super Bowl were barraged with ads for junk food: Skittles, Doritos, Taco Bell, Jack in the Box, Mountain Dew, Pepsi, Coca Cola, Butterfinger, Bud Light, and so on. Make a meal out of all that, and you'll be set to... fall into a sugar coma.
While there is continued growth in consumer loans thanks to auto finance and credit card lines, mortgages and HELOCs continue to languish and cap FI revenue growth. During a February 11 American Banker webinar, Aite analyst Christine Pratt said that U.S. economic conditions have slowed consumer demand for credit and lender growth, along with significant regulatory hurdles that could continue for two years. “For regulated FIs, demands for compliance and transparency result in less time for customers,” said Pratt, noting that these demands severely impact IT and operations’ available resources.