Comments for Kurt Heinrich's FinTech Blog http://kurtheinrich.wordpress.com Web 2.0 in the Banking World Sun, 03 Aug 2008 14:53:06 +0000 http://wordpress.com/ hourly 1 Comment on Positive Employee Experience… More Customers and Growth by nilbobia http://kurtheinrich.wordpress.com/2008/06/19/positive-employee-experience-more-customers-and-growth/#comment-59 nilbobia Sun, 03 Aug 2008 14:53:06 +0000 http://kurtheinrich.wordpress.com/?p=12#comment-59 Thanks for the post Thanks for the post

]]> Comment on Positive Employee Experience… More Customers and Growth by Susan Follick http://kurtheinrich.wordpress.com/2008/06/19/positive-employee-experience-more-customers-and-growth/#comment-57 Susan Follick Sun, 22 Jun 2008 22:10:11 +0000 http://kurtheinrich.wordpress.com/?p=12#comment-57 Kurt, we applaud your attendance at the Enterprise 2.0 conference and whole-heartedly agree all credit unions must embrace Web 2.0 from an enterprise-wide standpoint (in fact, we hope to see more blog posts regarding your experience and key take-aways from the event!). Through our ProjectNewAge initiative, we’re strongly encouraging CUs to integrate social media tools (blogs, streaming video, podcasts, etc) into their overall business model, which will require shifting their strategic focus from “message out” (Web 1.0) communication to more of collaborative, social-minded, open-dialogue (Web 2.0) way of doing business. While this new strategy will touch every aspect of the organization, members might feel it most through a CU’s web presence that promotes and facilitates brand engagement and 2-way communication. And, of course, as you so accurately state, this approach is imperative for connecting to Gen Y. Kurt, we applaud your attendance at the Enterprise 2.0 conference and whole-heartedly agree all credit unions must embrace Web 2.0 from an enterprise-wide standpoint (in fact, we hope to see more blog posts regarding your experience and key take-aways from the event!). Through our ProjectNewAge initiative, we’re strongly encouraging CUs to integrate social media tools (blogs, streaming video, podcasts, etc) into their overall business model, which will require shifting their strategic focus from “message out” (Web 1.0) communication to more of collaborative, social-minded, open-dialogue (Web 2.0) way of doing business. While this new strategy will touch every aspect of the organization, members might feel it most through a CU’s web presence that promotes and facilitates brand engagement and 2-way communication. And, of course, as you so accurately state, this approach is imperative for connecting to Gen Y.

]]> Comment on How soon before there is a Web 2.0 retail bank? by Peter Robinson http://kurtheinrich.wordpress.com/2007/12/30/how-soon-before-there-is-a-web-20-retail-bank/#comment-10 Peter Robinson Thu, 24 Jan 2008 15:13:51 +0000 http://kurtheinrich.wordpress.com/2007/12/30/how-soon-before-there-is-a-web-20-retail-bank/#comment-10 Per Rob's point, I see the ability for financial product delivery firms in all sorts of markets - niche and wider scale - coming more available. Anyone can offer new products, and connect to various service providers for certain processing. The firms which succeed in delivering new products will need agile frameworks and clear points of integration. Likewise, service providers will need to offer multiple methods of integration and additional services catering to both the product delivery firms and intended to reach their customers, to make use of their platfroms as painless and attractive as possible to new product generators. Nice blog. Per Rob’s point, I see the ability for financial product delivery firms in all sorts of markets – niche and wider scale – coming more available. Anyone can offer new products, and connect to various service providers for certain processing. The firms which succeed in delivering new products will need agile frameworks and clear points of integration. Likewise, service providers will need to offer multiple methods of integration and additional services catering to both the product delivery firms and intended to reach their customers, to make use of their platfroms as painless and attractive as possible to new product generators.

Nice blog.

]]> Comment on How soon before there is a Web 2.0 retail bank? by Rob Stafford http://kurtheinrich.wordpress.com/2007/12/30/how-soon-before-there-is-a-web-20-retail-bank/#comment-7 Rob Stafford Thu, 17 Jan 2008 04:26:37 +0000 http://kurtheinrich.wordpress.com/2007/12/30/how-soon-before-there-is-a-web-20-retail-bank/#comment-7 This was a great post. A key part of what you discussed above was the issue of how, in the virtual environment, face to face contact is missing. In fact, the entire notion of "know thy customer," and the 5 C's of credit tends to go out the window in this type of business model. Credit scores help, but I don't think they totally identify or provide a complete picture of a loan applicant. As data mining and predictive modeling become more sophisticated, some of these problems could be overcome. I also wonder if splitting the operations process of banking into component pieces run by independent companies may help with some of the "brick and mortar" issues. For example, if entreprenueurs developed companies which specialized in the clearing of checks, the servicing of ATM's, or the handling of deposits, net based banks could utilize these services, which would also provide a "real" face to the client base. Then, the financial institution could focus on innovating financial products. Interesting Stuff. This was a great post. A key part of what you discussed above was the issue of how, in the virtual environment, face to face contact is missing. In fact, the entire notion of “know thy customer,” and the 5 C’s of credit tends to go out the window in this type of business model. Credit scores help, but I don’t think they totally identify or provide a complete picture of a loan applicant. As data mining and predictive modeling become more sophisticated, some of these problems could be overcome.

I also wonder if splitting the operations process of banking into component pieces run by independent companies may help with some of the “brick and mortar” issues. For example, if entreprenueurs developed companies which specialized in the clearing of checks, the servicing of ATM’s, or the handling of deposits, net based banks could utilize these services, which would also provide a “real” face to the client base. Then, the financial institution could focus on innovating financial products.

Interesting Stuff.

]]> Comment on How soon before there is a Web 2.0 retail bank? by Jessie http://kurtheinrich.wordpress.com/2007/12/30/how-soon-before-there-is-a-web-20-retail-bank/#comment-5 Jessie Tue, 15 Jan 2008 01:07:31 +0000 http://kurtheinrich.wordpress.com/2007/12/30/how-soon-before-there-is-a-web-20-retail-bank/#comment-5 <strong>Jessie</strong> Great post, very informative. Have learned a lot from your site. Jessie

Great post, very informative. Have learned a lot from your site.

]]> Comment on Maybe my name should be “Carnak” by kurtheinrich http://kurtheinrich.wordpress.com/2008/01/10/maybe-my-name-should-be-carnak/#comment-4 kurtheinrich Fri, 11 Jan 2008 01:15:27 +0000 http://kurtheinrich.wordpress.com/2008/01/10/maybe-my-name-should-be-carnak/#comment-4 Doug, I am very interested in hearing about the future of these offerings. You have helped reinforce what I suspected. That there is more benefit and very little downside to at least trying these new delivery channels in the retail market. My guess is that the younger market is trying it and through word of mouth this product working its way up the age later. Please keep me posted. Doug, I am very interested in hearing about the future of these offerings. You have helped reinforce what I suspected. That there is more benefit and very little downside to at least trying these new delivery channels in the retail market. My guess is that the younger market is trying it and through word of mouth this product working its way up the age later. Please keep me posted.

]]> Comment on Maybe my name should be “Carnak” by Doug True http://kurtheinrich.wordpress.com/2008/01/10/maybe-my-name-should-be-carnak/#comment-3 Doug True Thu, 10 Jan 2008 21:19:18 +0000 http://kurtheinrich.wordpress.com/2008/01/10/maybe-my-name-should-be-carnak/#comment-3 Kurt... Appreciate your insight in to the Zopa launch. While still very early in the launch, as one of the six pilot credit unions we remain excited about the offering to both our existing members and to potential new members. We have already seen both existing and new members use the Zopa network to borrow and invest money and with really very little promotion of the service (just a small section on our web site). While Zopa seems to appeal to the younger generation we feel as though it will be attractive to all age groups. It really turns two highly commoditized products (a CD and an unsecured loan) in to something highly personal and with a viral twist if the member so chooses. We have some compelling promotion planned so stay tuned. Kurt… Appreciate your insight in to the Zopa launch. While still very early in the launch, as one of the six pilot credit unions we remain excited about the offering to both our existing members and to potential new members. We have already seen both existing and new members use the Zopa network to borrow and invest money and with really very little promotion of the service (just a small section on our web site). While Zopa seems to appeal to the younger generation we feel as though it will be attractive to all age groups. It really turns two highly commoditized products (a CD and an unsecured loan) in to something highly personal and with a viral twist if the member so chooses. We have some compelling promotion planned so stay tuned.

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