Marketing + Technology = Engagement.
2 Years Is A Long Time To Wait
From the WSJ this morning; “The U.S. housing market may begin to stabilize after another year or two as the mortgage finance industry works through oversupply from past building and the current foreclosure crisis”.
2 years? Economic stability in the US is too closely tied to residential and commercial real estate. Are we going to take a passive approach?
Market Disruption Is All Around Us.
The question is not if market disruption is coming. It is. In fact, it is here today. The real question is who will lead the charge and end up on top? Will retail bankers be able to innovate and keep consumers on their terms? Will smaller non-bank players find a way to fill the customer experience gap and create new relationships and marketshare? Some financial marketers and technologists will embrace rather than fight the trends and control part of the retail banking value chain. They are the one’s that today realize that banking is a commodity and that a little engagement and relevant interaction can go a long way to break the commodity trap. These same people realize that they can capture data and use it to increase consumer relevance.
Hard to believe 10 years have gone by. Let’s honor and give thanks to those that defend our liberties.
“The attacks of September 11th were intended to break our spirit. Instead we have emerged stronger and more unified. We feel renewed devotion to the principles of political, economic and religious freedom, the rule of law and respect for human life. We are more determined than ever to live our lives in freedom.” — Rudolph W. Giuliani. December 31, 2001.
What Motivates Young People
According to research by McCann Worldgroup, given a list of things (including cosmetics, their car, their passport, their phone and their sense of smell) and told they could only save two, 53% of those aged 16-22 and 48% of those aged 23-30 would give up their own sense of smell if it meant they could keep an item of technology (most often their phone or laptop).
Wow.
Gap feels they’ve come up with a mobile shopping experience that will send their mCommerce sales skyrocketing.
Nice of Credit Union Times To Print My Opinion. 
The best customer or member engagement strategy is built from pure passion and a desire to exceed expectation. And working with suppliers that understand this, is critical.
And so they gathered…
Brett King and some of the folks at SapientNitro took the initiative to organize a meetup at Dewey’s Flatiron in Manhattan last night. Thought leaders that have embraced the concept of engagement banking gathered for drinks and lively discussion. I’d estimate 35 people braved the Arctic blast that punched the city right between the nose. I know there were several folks that wanted to be there, but simply could not.
Bankers, credit unioners, technologists, agency types, media and “vendors” were all present. There was no selling. There were no pitches. Instead, what I experienced was a group of people trying to redefine the retail banking experience, from the consumer’s point of view. You could hear it in the many conversations that filled the room. It was pure passion, and that is exactly what the retail banking industry needs.
Below are some examples of what I heard:
“We’re really talking about a shift here.”
“ATMs need to evolve and we’re going to see them push messaging like never before.”
“The key is to engage people in a way that matters to them”.
“Sure, I’ll take another vodka and grapefruit”.
“PFM might be a real catalyst in driving an engagement banking strategy”.
“I was really cheesed off.”
“Where’s Shevlin?”
“This is no fad. We’re talking about a shift here.”
“If Best Buy can do it, why can’t a bank?”
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Rest assured. This is just the beginning. It is a shift and one that is way overdue.
Funny, I have yet to see a TV spot for a credit union or bank offering FinanceWorks? Must be one somewhere? There is tremendous value in a white label PFM solution. Of course Total Finance is Powered by Unitus and Geezeo.
