Regulators Gone Wild!

Maybe it's because it's Friday, but I had to post a comment on a recent memo I received. It really hit home just how out of touch with reality the current banking regulatory environment has become. As a result of a recent Compliance exam finding, we just issued a Corporate-wide Policy on.......drum roll please...... Policies and Procedures. So what's next? A Policy on the Policy about Policies and Procedures? Will the madness never end?

Banking Executives- listen up

I recently came across an article on the Huffington Post by Brett King, consultant and author of the book, Bank 2.0: How Customer Behavior and Technology Will Change the Future of Financial Services. Entitled "The 5 stages of social media grief", he describes the process that many executives go through as they deal (or don't, in many cases) with social media in financial services. I recommend you read it, whether you see the value in social media or not. It's as much about dealing with innovation as it is about social media.

Social media, and the impact on relationships with your customers, is not a fad. It is (as I've said before) just another extension of the Internet channel. As he concludes, start with the customer in mind and the rest will fall into place. It's pretty sound advice.

Some random thoughts and comments

Some random thoughts and comments on a hot and muggy day in Baltimore.............

• Recently had a conversation with an industry analyst about social media. She commented that many banks have avoided social media activity until they have an exit strategy. Huh? Did you have an exit strategy when you started your corporate website or built online banking? Social media is an extension of, not separate from, your activities through the web. No more, no less.



• I've been really impressed with the way Jesse Torres, CEO of Pan American Bank uses social media. Their Facebook page provides lots of information about their activities in and around their community. He isn't afraid of getting involved in controversy either, as you can see from this post on the blog LA Eastside.



• I came across a blog post focusing on a Twitter marketing strategy to bankers. I've found Twitter to be a great way to connect with others in the industry, stay up to date on trends, and generally stay informed. The people/brands I follow offer relevant information from both themselves and others. If all I see is a constant stream of self serving tweets, I' m not following you.



• Speaking of people in the industry, Ron Shevlin of the Aite Group is one worth following. He has some terrific insights and perspectives (and the occasional rant) on his blog Marketing Tea Party. Plus, he's attended over 75 Dead concerts over the years, which makes him a rock star in my book.