FI Highlight: FCCU Increases Social Engagement

August 27, 2014
/   Spotlight

For our latest FI Highlight we spoke with Danielle Frawley, Vice President of Marketing and Communications at Fort Community Credit Union (FCCU). Danielle explained how FCCU is using social media to engage and reward...

The Price of Ethics

August 14, 2014
/   Insights

There’s no question that the vast majority of banking professionals are able to do their jobs, and their part to boost the economy, without breaking the law or going to the government for a...

5 Positive Aspects of Mobile Banking

August 13, 2014
/   Voices

As more and more consumers turn to mobile banking for their primary services, banks and credit unions will be in a unique position to offer their customers improved products and services, all while...

What Causes Profitability?

August 12, 2014
/   Spotlight

In our first article, we examined research from Digital Insight during a two-year period that proves that digital bankers increase engagement and profitability with their financial institution. Looking at the specific banking applications, we...

Stat of the Week: More Mobile Banking Spending in 2014

August 11, 2014
/   Insights

According to American Banker's Mobile Banking Intensity Index released this July, the majority of bankers report an increased spending on mobile banking in comparison to 2013. Additionally one fifth report this spending has increased...

Tablets and Banking: A Potent Mix

August 7, 2014
/   Insights

Now, according to “Tablet Banking Forecast 2014 – 2018: Design and Deployment Strategies for Mass Adoption,” a new report from Javelin Research, tablets are well on their way to replacing laptops in the standard...

Fintech Investment: Where Is It Going?

July 30, 2014
/   Insights

There’s always been intense competition to become the next Silicon Valley. After all, the original is not much more than a collection of towns in northern California that just happen to be dedicated almost...

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...

Game On: The Chase for NFC-Enabled Mobile Payments

July 21, 2014
/   Insights

Banking is serious business for serious individuals and institutions. Financial services are for stable entities in thoughtful, analytical environments. This is real life for the real world. It’s not a video game. But then again....

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...

FI Highlight: FCCU Increases Social Engagement

August 27, 2014
/   Spotlight

For our latest FI Highlight we spoke with Danielle Frawley, Vice President of Marketing and Communications at Fort Community Credit Union (FCCU). Danielle explained how FCCU is using social media to engage and reward...

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...

What Causes Profitability?

August 12, 2014
/   Spotlight

In our first article, we examined research from Digital Insight during a two-year period that proves that digital bankers increase engagement and profitability with their financial institution. Looking at the specific banking applications, we...

The Next Generation of Banking Security

August 12, 2013
/   Industry News

Contributed Post by Bob Olson, VP, Global Financial Services at Unisys: Phrases like “unreliable” and “unsecure” often go hand in hand when it comes to the financial services industry. According to a 2013 survey...

Infographic: How to Spot a Fake Check

March 8, 2013
/   Industry News

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...

The Price of Ethics

August 14, 2014
/   Insights

There’s no question that the vast majority of banking professionals are able to do their jobs, and their part to boost the economy, without breaking the law or going to the government for a...

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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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.