account information on Facebook

Netbanker reported today that Keypoint Credit Union in California is the first financial institution to launch full-fledged account access through Facebook. Netbanker

Keypoint is offering members the ability to access their balances through their Facebook accounts. This only makes sense for companies with a lot of young customers or a lot of techies (this CU is in Silicon Valley) but it does make one think about where people "live" on the web and how to reach them.

It also shows (once again) that credit unions are ahead of other fs companies in

Jottings from the Financial Services Marketing conference

Our workshop on Web 2.0 in marketing financial services took place last Sunday and from what I heard, people found it useful. If you were there, feel free to add your opinion. I'm going to keep this blog going for a while since there seems to be some interest in the topic.

One interesting (and inexpensive) use of Web 2.0 that was discussed was QuickenLoan's becoming an expert on mortgage topics at Yahoo Answers. How'd they do it? Simple, they monitored the site and answered the questions honestly and educationally. Their answers were voted the best and Yahoo asked them to assume an official capacity. Bottom line for QuickenLoan--virtually no cost and lots of new prospects.

Further up the cost scale (way further up) are two new social networks designed to appeal to small business banking customers. Umpqua Bank in Oregon has just finished a test market of its Local Space site, which connects Umpqua small business customers and both B2C and B2B prospects. It's a direct outgrowth of Umpqua's community philosophy. (Check out their "Discover Local Music" site for another example). Umpqua is looking to continue the sort of community-based activities that happen in their stores (called branches by most bankers as branches). The goal is to build awareness of Umpqua's small business banking in its Oregon, Washington, California footprint. So far, it is succeeding.

Another recent unveiling is Bank of America's new site for small business. According to NetBanker, the site is a new version of an old-fashioned small business portal, but with some good features, such as expert-written articles. Check it out and let us know what you think.

We got lots of new links and ideas at the conference which I'll talk to in future posts.

How financial advisors are using web 2.0

Gwen Moran has written an excellent new article on financial advisors' use of blogs, podcasts, Youtube, Facebook, even Second Life, in the October issue of Financial Planning. Of course, she quotes Evelyn Ehrlich, which may make me prejudiced, but it really is a good wrap up article that covers who is doing what and offers practical how-to advice, like how much you will have to spend. Hint: from $0 to tens of thousands.

Getting Ready for FSM Conference

Below is the outline for our forthcoming pre-conference workshop on Social Networks, Blogging, Podcasting and More: How Financial Marketers Are Using Web 2.0 Techniques. We welcome your comments and questions prior to our event on October 14. If you would like more information about the conference, please see the link alongside.

The moderator and speakers will offer a brief presentation. The rest of the session will be devoted to floor discussion with Q&A. Please let us know through this blog if there are any topics you would particularly like us to cover.

Moderator: Evelyn Ehrlich, President, EC Communications, Author, The Financial Services Marketing Handbook
Web 2.0
- What is it? Definitions
- What are some of the elements of Web 2.0?:
- User-generated content: Blogs, wikis, RSS feeds, social networking sites
- Why is Web 2.0 important? What are the benefits?
- What are the risks?
- Who¹s doing web 2.0? Who¹s doing it well?
- How can you get started?
- What¹s coming in Web 3.0?

Gary Jackson, Head of Financial Services Media Southeast, Google

Evolution in Financial Services to Web 2.0 and beyond

Who is doing what --- some examples: financial and non-financial:
• Blogs
• Social networking sites
• You Tube video contest
• RSS feeds
• Gadgets/Widgets
Why should advertisers care about Web 2.0 tools
Key "lessons learned" for Web 2.0 participation (key takeways)

Eric Lucero, Vice President, Creative Strategies, Umpqua Bank
Social networking on and off the net
Attracting new business customers - Umpqua Bank MainStreet Overview
Social Networking for small business customers
Umpqua's Local Space Umpqua LocalSpace
Umpqua's promotion of MainStreet

Welcome again to FS Marketer

This blog is designed for those who market for or market to the financial services industry. Please feel free to post articles, thoughts, or questions related to this topic. In preparation for the Financial Services Marketing conference in Phoenix on October 14, 2007, the topic for the next few months will be how financial marketers are using or can use interactive online media to meet their marketing goals.

If you have signed up for the FSM conference (or are planning to), please leave a comment so that we can all "meet" in advance.

McKinsey Web 2.0 study

McKinsey recently released a new study on how companies across industries are adapting web 2.0 technologies. Most companies that are adopting interactive services are using them to support communications internally, rather than with customers and prospects. Among the five industries surveyed, the financial industry ranks next to last in plans for investing in web 2.0 technologies in the next 3 years. Retail leads with 77% having such plans; high tech with 74%, telecomm with 70%, financial services with 63% and pharma with 53%.

Companies that are using customer-centered social media are doing so because it "provides a means for customers to have a dialog with us." It serves as an early-warning if things are not working as they should be, and lets customers provide insights that can help improve product and service offerings.

For the full report, see McKinsey

Chase uses Facebook to win college students

To market its credit card to college students, JP Morgan Chase is using Facebook as a core tactic. As the exclusive credit card sponsor, Chase has access to Facebook users, who will spend an average of 19 minutes a day on the site updating their profile, or browsing through their friends.

Facebook members see banner ads inviting them to join a special Chase network or can go directly to the Chase+1 card search. Cardholders earn "karma" points for their actions, like paying their bills on time, which they can use to get gift cerficates, make a charity donation, or earn “fraternity prizes” such as TVs.

Online video stories for small businesses

Engagement is the goal of most marketing applications of Web 2.0. Visa USA, working with Microsoft, has developed its Business Breakthrough site for small business clients that engages them through case studies--on video. These short videos demonstrate how a Visa-provided business advisor has helped a small business improve one of several aspects of their business, including marketing, fionancial management and team building. To make the site even more interactive, there is a contest where any small business can win a customized consultation with a small business expert and $10,000 to implement the suggestions.

Increasing site visits through social media

“Web sites that have added social media tools have seen traffic jumps of 30 to 100 percent,” says Media magazine. Media
Advertising on these sites is way up too. Could banks or other FS companies benefit? Media companies are using their creativity to come up with sites that users want to come back to. For example, HGTV (a home decorating site) developed a social networking site called “Rate my Space” where visitors show off their flair for decorating by sharing photos and videos of their favorite spaces. HGTV It’s gotten more than 10 million page views in just 6 weeks.

Also, don’t miss the article titled “Industry Watch: Checks and Balances,” by Gwen Moran on how the financial services industry is doing online in the May issue of OMMA Financial Industry online

Wikis for Financial Companies?

A recent article in BtoB offers some thoughts on how Wikis can be used in marketing. While the examples were not from the financial services industry, the article cited how IBM is planning to use a wiki to enable corporate customers to comment on new product introductions and ad campaigns. Xerox is considering using Wikis as part of its new ad campaign where it will ask users to post humorous comments about office life. One commentator points out that setting up social media is much cheaper than blast marketing. More critically, marketers have an opportunity to build a "wikipedia" about their own industry--such as inviting contributors to help build a resource covering everything anyone wanted to know about taking out a mortgage or investing in ETFs, say.

txt msging for $

Banks and other financial companies trying to reach young adults can pick up some ideas from rock promoters. That's what a Broadway show called "Spring Awakening" did when it provided an insert in the program instructing audience members to text message their phone numbers and e-mail addresses during intermission. Respondents received a ring tone and video wallpaper from the show, and a chance to go backstage after the show to meet the cast. Promoters got contact info and the chance to generate buzz. Why couldn't a savvy local bank do something similar with a local band?

Media magazine provokes thoughts

I just received the June issue of Media which had a few interesting articles that touch on the topic of financial marketing and web 2.0. Media

“Seeing Web 2.0 clearly” notes that Clear Channel is creating social networking sites for many of its local markets, which may present a good advertising opportunity to locally based FS companies, such as banks and RIAs. The article “Who’s in Charge Here?” points up a key issue that many FS companies have not yet taken account of—the growing importance of online user reviews. If consumers are checking Tripadvisor.com before they book a hotel, how long will it be before they check references on a financial advisor or mortgage lender? FS companies need to start thinking about what this is going to mean to their ability to control their brand image.

Credit card issuers are, not surprisingly, already jumping onboard the Web 2.0 bandwagon. According to “Will this card WOW them?” First National Bank of Omaha has created a Visa card that earns free play time on an online fantasy game. It’s a clever way to generate buzz, but as with most of Web 2.0, the buzz cuts both ways. Many players are outraged about the commercialization of the site.

Welcome to FS Marketer

This blog is designed for those who market for or market to the financial services industry. Please feel free to post articles, thoughts, or questions related to this topic. In preparation for the Financial Services Marketing conference in Phoenix in October 2007, the topic for the next few months will be how financial marketers are using or can use interactive online media to meet their marketing goals.

If you have signed up for the FSM conference (or are planning to), please leave a comment so that we can all "meet" in advance.