Posted by Barry Silverstein on May 2, 2012 05:33 PM
The notion of "downsizing" has long been associated with the adverse affects of the economy on businesses. Many business experts, in particular investors, believe that larger businesses are better suited to survival in challenging economic times. But according to two new pieces of research, smaller organizations that focus their efforts on sustainability may win out in the long run.
In banking, the term "too big to fail" is bandied about, suggesting that the larger the bank, the more stable and profitable it must be.
A new study by the Global Alliance for Banking on Values, however, suggests that from 2007 to 2010, "sustainable banks" had significantly higher levels of growth in loans and deposits and better Returns on Assets with comparable Returns on Equity than the world's 29 "GSIFIs" (Global Systemically Important Financial Institutions as classified by the Financial Stability Board).Continue reading...
Posted by Matthew Moore on April 24, 2012 11:36 AM
Bank of America just can't get out of the limelight. We noted late last year BofA's questionable decision to introduce monthly debit card fees during the much-hyped Occupy Wall Street protests. Now, months after the OWS movement has died down, BofA is again facing populist scrutiny with this week's launch of a parody website: YourBofA.com.
The website has been attributed to The Yes Men, who have been credited for other satirical websites for the likes of George Bush and the WTO.
The mock BofA website opens with a fake letter from CEO Brian Moynihan acknowledging that the bank “isn't working anymore” and suggesting that the American taxpayer will ultimately own the company. Further, the website offers a forum to visitors to suggest ideas for how to improve the bank and its policies.
The site even hits below the belt by bringing grandmas into the mix, prominently displaying an elderly woman next to the quote “I want my bank to let grandmas stay in houses they've owned their whole lives.” And if all of that wasn't enough, another section of the spoofed site allows visitors to create fake BofA ads online or by downloading Photoshop templates. Customers, beware.
Posted by Sheila Shayon on April 19, 2012 01:27 PM
Barclays continues to innovate by taking a leading role in mobile payments in Europe. Having just launched the Pingit mobile payments app, it's now bringing contactless payments to Barclaycard, the UK's first credit card. Now, its 12 million Visa Barclaycard credit card customers can look forward to PayTag, a free sticker that enables mobile contactless transactions at more than 100,000 terminals.
The easy-to-use PayTag sticker aims to spur the usage use of smartphones for small purchases, increasing the reach of the Quick Tap NFC (Near Field Communication) service the bank operates in partnership with mobile network operator Orange.Continue reading...
Posted by Shirley Brady on April 2, 2012 07:14 PM
In the lead-up to its 200th anniversary on June 12th, Citi's bicentennial campaign celebrates such milestones as helping fund the Panama Canal in 1904.Continue reading...
social media watch
Posted by Sheila Shayon on March 27, 2012 03:03 PM
The vast majority of wealth managers and private banks are dealing quite “clumsily” with social media according to a recent study of 50 leading private banks and wealth management firms by Swiss consulting firm assetinum.com.
“Amateurish” social media strategies, “hibernation” on Facebook and “tokenism attitudes” towards Twitter and YouTube are abundant.
Of the institutions assessed on a 100-point scale, the average score was 43 points. Twenty-seven of the firms did not reach half the maximum points in the Facebook category; 25 fell short in the website and mobile category; 25 scored less than half in the Twitter assessment, and for YouTube and LinkedIn the scores were 29 and 21.
While 42 out of 50 banks have Twitter accounts, just 26 are active in response to posts and only 13 posted content about wealth management. Nineteen banks have blogs with only six of those interacting proactively with consumers.Continue reading...
brands under fire
Posted by Sheila Shayon on March 14, 2012 11:51 AM
Burning up Wall Street and the virtual Wall Street that is Twitter and Facebook, not to mention inspiring wags such as the UK's Daily Mash (above) and US humorist Andy Borowitz — you've no doubt already read Goldman Sachs' exec Greg Smith’s excoriating resignation letter published as a take-no-prisoners op-ed column in The New York Times today. Goldman, no surprising, rejected Smith's accusations in the 'other' paper of record, the Wall Street Journal.Continue reading...
Posted by Sheila Shayon on March 2, 2012 03:04 PM
In a bid to pull ahead of Groupon and other daily deals sites, LivingSocial is expanding its brand.
According to a report by Reuters, LivingSocial will launch its first credit card in the next few months, with no annual fee, offered with Chase and Visa to all U.S. subscribers in an effort to draw repeat customers for its merchant partners.
"Small and medium-sized local businesses will never be able to have their own credit card or loyalty program. We will be able to bring them the benefits of that," the company's CFO, John Bax, told Reuters.
Merchants will be offered short-term funding similar to other co-branded credit card and loyalty programs including deferred interest payments and rewards for spending. With ten purchases monthly, cardholders earn ten ‘Deal Bucks’ credits extensible to all LivingSocial daily deals and special offers such as discounted travel packages.
The move is designed to increase its utility to its subscribers — and counter critics who accuse the daily deal industry of advertising big ticket discounts and not cultivating loyalty or enough repeat business.Continue reading...
Posted by Sheila Shayon on March 1, 2012 12:05 PM
MasterCard is once again sponsoring the UN's Project Inspire 2012: 5 Minutes to Change the World, following the success of last year's campaign.
Joined by the Singapore National Committee for UN Women and academic partner INSEAD, Project Inspire offers 18-35 year-olds a 5-minute platform to pitch an idea and win a $25,000 grant supporting an existing women’s empowerment program in Asia/Pacific, the Middle East or Africa, helping women and girls sustain livelihood through entrepreneurship.Continue reading...