BankSITE® Services

The most powerful women in banking

morand — Fri, 14 Oct 2011 18:37:52 +0000

American Banker announced the 25 Most Powerful Women in Banking™. The annual list honors the “professional achievements, personal tenacity and influence” of the nation’s top female financial executives. The list is comprised by a ranking system developed at the discretion of the editors of American Banker. This year BNY Mellon’s Vice Chairman Karen Peetz took the top honors and was ranked #1 on the list.

If you know a powerful woman in banking, American Banker welcomes colleague nominations and personal applications. BankSITE would love to hear about the banking professionals in your neighborhood that are making headway in the industry. Share your comments below or visit our Facebook page.

The truth behind Bank Transfer Day

morand — Thu, 13 Oct 2011 16:57:09 +0000

The media, Occupy Wall Street Protesters and the general public are all fixated on one big event occurring on November 5, 2011, “Bank Transfer Day.” After hearing the rumor mill started turning, we hit the web in search of the truth behind the event and what it means for community banks and credit unions.

The event launched by 27-year-old Kristen Christen is not an Occupy Wall Street-organized event, but the group supports it. Kristen started the movement not as a form of anarchy, but a boycott against big banks. In a recent article in The Village Voice, Kristen was quoted as saying, “It’s not people taking their money and burying it under their mattress. It’s shifting the money to a company people respect the practices of. It’s like, if you don’t like Wal-Mart’s practices, shop at a local grocery store instead.”

What could this mean for community banks and credit unions? A movement like this could help build and strengthen local and mid-sized bank’s footprint in their community. It’s an opportunity for smaller banks and credit unions to underscore their commitment to excellent customer service and to their local neighborhood. And for many financial institutions across the country, it could mean an influx of customers.

What do you think about this movement? Do you think it will hurt or harm local banks and credit unions? Share your thoughts below or visit our Facebook community for a more in-depth conversation.

Is the banking industry still suffering an image crisis?

morand — Mon, 10 Oct 2011 18:51:56 +0000

Following the subprime and economic crisis of 2008 the banking industry was suffering from an image crisis. As the financial industry has begun to make strides to a full recovery, we were surprised to find an article in this month’s ABA Banking Journal that announced the bad banking image has not disappeared. The article cited a community bank that experienced 21 percent of its own customers, who believed they were part of the subprime crisis.

As the banking industry begins to repair its reputation, what are you doing in your neighborhood to improve your image? Have you reached out to your customers to get an accurate snap shot of their thoughts about your bank and the industry as a whole?

Share with BankSITE your thoughts about what you think the banking industry needs to do to repair its image. Post a comment below or visit us on Facebook.

Are higher banking fees the wave of the future?

morand — Fri, 07 Oct 2011 19:28:42 +0000

Regulations placed on banks have made it difficult for both large and small financial institutions to drive revenue. These burdens have nixed popular free checking accounts, low fees and more for consumers, as banks search for ways to generate revenue.

Most recently, Bank of America announced that it will implement a $5 a month fee for the use of debit cards starting in early 2012. The bank immediately received backlash from consumer groups and customers—but have yet to feel the pinch, as customers are not fleeing in droves. With a future that seems flooded with fees for consumers, many are concerned their bank will be implementing the same or similar charges.

How do you think consumers would react if all banks, large and small, implemented debit card fees?

We want to hear from you.

Share your thoughts and concerns below or visit our Facebook page to have a more in-depth conversation.

Are community banks failing to connect to small businesses?

morand — Wed, 05 Oct 2011 18:16:08 +0000

A recent article from banktech.com reveled that community banks are not cutting it when it comes to meeting the needs of small businesses. The article sited a report conducted by Boston-based analyst firm Aite Group that stated, “Community banks struggle to maximize opportunities to connect with businesses.” The article continued to single out banks with assets of $5 billion or less.

The biggest hurdle is making the shift to more convenient ways of banking for small businesses that include mobile banking, online business banking functions and more. The advent of technologies has become more important for small banks to invest in because as the Aite Group stated, “the benefits outweigh the costs.”

As a small bank, what are you doing to attract, retain and make banking more convenient for small businesses in your area?

Share your stories with the BankSITE Services community.