John Filby kicked off the second day of the conference with the opening session. Like yesterday, he outlined the day’s sessions. Today was a little different. There were several speed briefings, which provided Deluxe the opportunity to showcase and discuss some of their products. After outlining the day John introduced Sheila Bair as the keynote speaker.
Sheila was the FDIC chair from 2006 – 2011. She’s accomplished some great things in her career. Being honored twice as the Forbes most powerful woman in the world and landing on the cover of Time magazine are just 2 of her accomplishments. She made comments that there should be tougher standards for banking, better rules to identify when financial institutions fail, and that regulation hasn’t kept up with market innovation.
She also touched on the Dodd-Frank Act and Volcker rule. Saying that the Dodd-Frank Act hasn’t given us the stable financial system that the economy needs. Our economy is not stable right now. When discussing the Volker rule, she said it has misplaced strategic focus and that it shouldn’t apply to all banks. The statute is too complex and compliance costs are high.
Public support for the regulatory process is waning. Most Americans believe that the government employees in Washington are in with the big companies and don’t have the average citizens best interests in mind.
One of her comments really resonated with the audience. We can’t grow the economy with cheap credit. Driving an economy on cheap credit is destined to fail.
The breakout sessions were packed with exciting topics. Breakout sessions were held in the morning and after lunch. Morning presentations covered: Cybercriminals Threats & Defenses, How to Turn Inertia into Profits, Emerging Payments, and the Branch of the Future. While the afternoon presentations covered:Transforming Your Rewards Program, How Data is Driving Marketing Channels, Emerging Payments, and the Branch of the Future.
I had the opportunity to sit in on a few of the sessions. Although I really wanted to attend all of them, there just wasn’t enough time. Julie Conroy with Aite spoke about cybercriminals threats and defenses. She noted that organized crime is behind the bulk of cyber attacks. Customers are feeling the impact. Several in the room have had credit/debit cards and their identity stolen. Most people who are affected by fraud are not satisfied with the bank’s response. Even if the bank didn’t have any control over the breach. Customers have a false expectation that banks should be able to protect their information. Half of customers surveyed during her research said they left their bank after a data breach. That’s not good news. How can your bank keep these customers?
Mark schwanhausser with Javelin spoke about how to turn inertia into profits. He said holistic segmentation yields the greatest results. Identify your customers into multiple segments. Each segment will have different characteristics. Some may be younger with less money now, but more potential in the future. While others may be in their prime working years with life events still to come. You can get very granular with your identification. Including such characteristics as, those who prefer online banking, those who only use mobile, and those who use the branch. Each segment will require a different level of care and attention. Once you’ve identified and understand your segments, you’ll be better prepared to service each. Thus, recruiting and maintaining the kinds of customers that you want.
The speed briefings were great. All of the attendees that I spoke with really enjoyed them. They said that it gave them a chance to learn about all of the products and services that Deluxe has. They’ve come a long way and are far from just a check company.
If you’re in the market for new services be sure to check them out. They’re a very innovative company with a lot to offer your bank. You can find their services by visiting them at http://fi.deluxe.com
This was a great conference. I was continuously amazed by how much they had to offer.