Acquire or Hire? Taking UX to the Next Level in Financial Services

History has taught us that organizations are better equipped in the marketplace when they focus on their core competency. Banks have historically focused on providing checking and savings account products, credit and lending services, and everything else in between. Today, core banking products are getting more and more difficult to differentiate from bank to bank.  …

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Financial Services for Start-Ups and Entrepreneurs — A Missed Opportunity for Credit Unions

Earlier this month, the National Credit Union Administration (NCUA) and the US Small Business Administration (SBA) announced an agreement to facilitate connecting small business owners with their local credit unions to obtain better access to capital.  The three year partnership includes a series of educational and training initiatives to better inform credit unions about SBA’s lending...

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Being More “Customer-Focused” Doesn’t Always Mean “More Expensive”

Despite an organization’s best intentions, there are thousands, if not millions, of cases where a company’s overall operation, specific line of business, or even a particular product is ineffective because it has lost touch with the expectations and needs of the customer.  In my experience working in the financial services industry, banks are often especially guilty of missing the boat on...

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Chipping Away at Credit Card Fraud

During the holiday season, the high-profile security breaches at Target and Neiman Marcus were covered extensively in the news.  The Target breach alone affected up to 70 million Americans.  There have been dozens of reported cyber-attacks in the last several years, but the sheer number of people affected in these events and the timing around Christmas put information security in the spotlight...

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Top Banks Developing Centers of Social Media

Around 2010, many big banks went all-in in terms of their social media presence.  Social media strategy wasn’t something banks’ current marketing staff had the capacity to manage, and many opted to create and hire for positions like “Social Media Strategist” or “Online Community Manager.”  Banks needed people who understood Facebook, Twitter, and the other social media tools as well as...

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Avoiding IT Overload: The Top Ten Things Banks Can Do

In the last two to three years, technological advances coupled with customer demand for new ways to bank have empowered financial institutions to take on many new technology projects.  The lack of investment during the recession coupled with the beginnings of an economic recovery have permitted banks’ technology budgets to grow and have even allowed many banks to take on major transformational...

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E-receipts are fashionable at the mall but will banks follow the trend?

Wells Fargo was the first bank to offer emailed receipts at its ATMs back in June 2010.  In fact, yesterday, Wells Fargo announced that in addition to its email receipt option, it would now also offer a text message receipt choice for customers using its 12,000+ ATMs across the country. Wells Fargo is the first financial services company to offer this feature, continuing the e-receipt...

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Photo Bill Pay: A Glossy New Mobile Banking Feature

In late January, First Financial Bank of Abilene, Texas, was the first bank in the United States to launch a new form of mobile banking: Picture Pay.  About a month ago, US Bank was the first major US financial institution to offer a similar solution called Photo Bill Pay. Like snapping a photo of a check you’d like to deposit, Picture Pay and Photo Bill Pay users can simply take a...

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Phone: 312-602-4000
Email: marketing@westmonroepartners.com
222 W. Adams
Chicago, IL 60606
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