What Causes Profitability?

August 12, 2014
/   Spotlight

Digital Insight proves that digital bankers actually drive increase engagement and profitability with their financial institution.

Cause and Effect: If you build it, will they come?

July 23, 2014
/   Spotlight

Many financial institutions assume that digital banking is lucrative because the most valuable customers happen to bank online. While there is certainly a correlation between online bankers and higher profitability, quantitative evidence suggests that...

Cause and Effect: If you build it, will they come?

/   Spotlight

Many financial institutions assume that digital banking is lucrative because the most valuable customers happen to bank online. While there is certainly a correlation between online bankers and higher profitability, quantitative evidence suggests that...

Intuit 2020 Report: The Future of Financial Services

April 11, 2011
/   Insights

Today, Intuit released the latest edition of the Intuit 2020 report, Intuit 2020 Report: The Future of Financial Services, which identifies and examines four key trend areas that will  transform the financial services industry...

Platform Shift in the Making

February 13, 2013
/   Insights

What does the banking industry as a whole have to do with Amazon, Microsoft and Apple? Just about nothing—and down the road, it may turn into a major problem (if it isn’t already). Consider...

Infographic: How to Spot a Fake Check

March 8, 2013
/   Insights

The team over at TROY pulled together an infographic on how to spot a fraudulent check. With more consumers using remote deposit capture to upload and deposit checks through their smartphones, it’s important to...

Fast Facts: Student Loans

January 22, 2013
/   Insights

The Financial Services Roundtable recently released another iteration of its Fast Facts, reliable, bullet-point research about issues facing the financial services industry. Topics span TARP, Dodd-Frank, insurance, lending, retirement savings and more.  Below are some updated Fast...

Reserve Banking: The New Radical Idea

June 5, 2014
/   Insights

Banking is by nature a very conservative industry. That’s why the current buzz over ‘reserve banking’ is so interesting. Even the term seems innocuous, but the scenario it proposes is nothing short of revolutionary....

Financial Literacy Month: How are you celebrating?

March 22, 2013
/   Insights

With April approaching, it’s almost time to kick off Financial Literacy Month! Strongly supported by the United States Congress and the Financial Literacy and Education Commission, Financial Literacy Month aims to promote the importance...

Union Bank

Responses by Union Bank Senior Vice President Maha Madain, head of Consumer Deposits and chief designer of Banking By Design

Madain, Maha 2012 300 DPI.jpgQ: You recently unveiled Banking by Design. What was the inspiration behind the new service?
Union Bank’s Banking By Design is an innovative new way of banking that was created in direct response to consumer research and demand for more control and transparency in banking.  It addresses the way consumers live their lives — they want a true value exchange and don’t want to pay for items and services they don’t need or want as part of a bundled product.  Banking  By Design’s innovation builds on the idea that today’s consumer expects the ability to customize and personalize the products and services that are important to them. It’s a step in what will become a cultural shift by banks to adapt our business offerings to suit the customer’s highly individualized needs.

 

 

Q: What has the customer response been to Banking by Design?
Customer response has been positive – existing clients and new customers appreciate the opportunity to customize their checking accounts based on their financial needs.

Q: Is there a specific age group that is using it the most (i.e. Gen Y, Baby Boomers)?
While it’s still too soon to analyze the results, the research indicated that Banking By Design will be more appealing to younger customers (such as Gen Y), although not exclusively.

Q: Has Banking by Design increased account openings for Union Bank?
It’s too soon to determine as we’re still evaluating results.

Q: Are Banking by Design customers traditionally online bankers, in-branch users or mobile users?
We’ve seen a mix of online, in-branch and mobile users.  Consumers can design their account at bankingbydesign.com and then call or visit a Union Bank branch to open the account.  Banking By Design accounts can also be designed in a Union Bank branch with the support of a personal banker, and consumers will have the ability to open their account online in early 2013, giving them yet another convenient option.

Q: In an age when many checking accounts cost money, Banking by Design is low (to no cost) depending on how much a user deposits each month. Do you offer many free services to your customers? What was the decision behind offering this low cost tool?
Banking By Design is an affordable option for our customers and prospective customers. Everyone who wants greater control of their checking account and finances will be empowered with Banking By Design and the ability to design their checking account to meet their needs and their budget. We will continue to offer a range of banking products and services in order to give our customers options and a greater ability to design the services they need based on their individual circumstances.

Q: Where is Banking by Design available? Why did you choose to release the initial launch there? What area you are planning to launch these services next?
Banking By Design is available throughout California, which is where most of Union Bank’s branches are located. We are exploring additional locations, including the Pacific Northwest.

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Voices

Compelling voices and contributed content from around the web

Brad Strothkamp

http://www.forrester.com/rb/analyst/brad_strothkamp

James W. Gabberty

Gabberty is a professor of information systems at Pace University in New York City. An alumnus of the Massachusetts Institute of Technology and New York University Polytechnic Institute, he has served as an expert witness in telecommunication and information security at the federal and state levels and holds numerous certifications from SANS & ISACA.

Marisa Mann

Marisa Mann brings over 15 years of experience in consulting and financial services industries to the Solstice team, working on large scale enterprise initiatives across many technologies, including specializing in the digital space – Internet and mobile. Mann is passionate about mobile and the endless possibilities for the enterprise, delivering business value through strong brand recognition and driving to excellence in the consumer experience. Prior to Solstice, Mann worked at JP Morgan Chase, Diamond Management and Technology Consultants, Washington Mutual, Inc, and Accenture.

Zachary Ehrlich

25-year-old writer, and as a native San Franciscan, I am unreasonably loyal to Bank of America, if only for their superhero-like origin story, involving the 1906 earthquake and Italian fruit vendors.