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Social Marketing 101: Meet the Future Now
Friday, April 04, 2008 (4328 reads)


Today's preteens and teens are tomorrow's customers. How do you reach the kids who grew up with the Internet – the iPhone, YouTube and Facebook generation? Youth culture has been ratcheted up to light speed, but the banking industry is slow to adopt new marketing strategies.
One reason is risk. While early adopters gain a head start against competitors in customer retention and acquisition, the return on investment must be evaluated versus waiting for the technology to mature and become commonplace.
“The financial service industry is up against a ‘commodification’ of products and services,” said Michael Seaton, vice president of Digital Marketing at Thornley Fallis Communications, an agency integrating social media with public relations. “New media – meaning social media tools and platforms – provides a range of choices to directly reach out and humanize the banking experience. Transparency and authenticity are front and center and brands must differentiate themselves around their actions, not slogans.”
“The demographics and psychographics of our customers are dynamic,” said Steve Coen, a consultant in the financial industry and retired CIO of Buffalo-w based M&T Bank. “Product and delivery demands are changing, and we must serve our customers on their terms; how, when and where they demand services.”



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New Approaches To Land Top Talent
Tuesday, September 25, 2007 (1854 reads)


Finding the right executive for an important position in banking, and particularly in the specialized field of wealth management, can make or break an organization’s performance. Unfilled positions and failed new-hires can cost an organization money and momentum and undermine their status in the marketplace.

Meanwhile, the task of identifying top talent gets harder all the time. A declining number of mid-career workers, fewer younger workers entering the workforce and a rapid growth in workers above the age of 55 are all contributing to a talent gap. Furthermore, with the walls separating the various financial services firms tumbling down, banks, brokerage firms, insurance companies, money managers and others are all searching for the same talent.



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Increase Your Customers and Deposits
Tuesday, September 25, 2007 (5758 reads)


Online banking is widely considered to be one of the all-time greatest applications of the Internet, yet many banks are squandering the opportunity to add droves of new online customers because they do not offer customers an alternative to signing paper documents to open an account online.



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Turning the Fair Labor Standards Act On Its Head
Tuesday, September 25, 2007 (2592 reads)


The Fair Labor Standards Act (FLSA), in its original form, was designed to protect workers by imposing overtime premiums, establishing minimum wages and abolishing the use of oppressive child labor. But today, nearly 70 years after the act’s inception, some believe it is the employees, counseled by plaintiffs’ lawyers, who are taking advantage of their employers.



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The Subprime Mortgage Crisis: Banks to the Rescue?
Tuesday, September 25, 2007 (2934 reads)


The rumors of the death of the subprime mortgage market are not exaggerated or even untimely. In fact, it seems as if a plague of sorts has infected the industry, and it started with the dubious and sometimes downright predatory habits of many mortgage bankers and brokers. Cries of irresponsible business practices in the industry and marketing schemes that drove lending guidelines are cropping up all over the media nowadays, but it seems like a little of the hindsight is 20/20 type rhetoric.

 



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New Accounting Standards May Be Opportunity or Trap
Tuesday, September 25, 2007 (2191 reads)


 In February of this year, the Financial Accounting Standards Board released Statement 159, which allows fair-value accounting for most financial assets and liabilities. This is no surprise, as this ...



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Richard H. Neiman
Tuesday, September 04, 2007 (2646 reads)


Since his appointment as the New York State Banking Department’s 43rd Superintendent in March, Richard H. Neiman has had plenty of weighty issues vying for his attention...

 

 



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Patriot Federal Bank is Loyal to Local Roots
Tuesday, September 04, 2007 (2227 reads)


For every bank there is always the risk of acquisition.

Community banks can thrive and grow, but the risk of a larger bank acquiring it is always there, said Gordon Coleman, president and CEO of Patriot Federal Bank in Canajoharie in Montgomery County.



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Protecting Against the Hidden Costs of Identity Theft
Tuesday, September 04, 2007 (1900 reads)


Identity theft is widely and correctly viewed as an insidious crime, wherein a person’s good name and financial standing are tarnished, often through the criminal misuse of credit and debit cards. But many of the programs and insurance policies designed to protect a person against the ravages of identity theft are extremely limited in scope...



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Strategic Flexible Working Programs Produce Results
Tuesday, September 04, 2007 (2460 reads)


Strategic flexible working is based on the core concept of traditional flexible working and telecommuting programs. But when elevated to a major corporate initiative driven by producing measurable results...



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