'Less Than 10% of Banks Have A Strategy': Comments of the Week
Published March 14, 2014 9:31 AM
1 Min Read
American Banker readers share their views on the most pressing banking topics of the week. As excerpted from the Comments sections of AmericanBanker.com articles.
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On Consumer Financial Protection Bureau staff evaluations showing sharp racial disparities:
"Just because you can create a statistical disparity does not mean there is a problem. This is the flaw with disparate impact."
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On the CFPB eliminating its employee evaluation program after racial disparities were uncovered:
"Hard to justify the management philosophy of an agency dedicated to fair treatment of consumers when it translates into unfair treatment of its employees."
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On the notion that strategy is killing bank innovation:
"Properly practiced strategic management is not an exercise, but a way of thinking that drives day-to-day decision-making towards the achievement of objectives."
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On Wells Fargo launching a web magazine for customers:
"This is simply brand storytelling
there is so much more that bank brands can be doing to truly demonstrate a commitment to their communities."
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On the notion that strategy is killing innovation in banking:
"Bankers obsessed with strategy? I estimate that far less than 10% of the 7,000 banks have any kind of strategy."
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On keeping branches open for customers who want to bank via multiple channels:
"Unlike retail stores that generate revenue each time a consumer engages in a transaction, banks generate operating losses
To branch or not to branch is not a decision that will be driven by 'what customers want.'"
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On the notion that consumers want to bank via multiple channels:
"Most bankers see and want each new channel to be a replacement for a previous channel: a way to reduce pesky customer contacts and save their way into prosperity. While the reality is that every delivery channel is incremental to what has gone before. Were this not so, we wouldn't still be using pennies."
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On the importance of design in digital banking:
"Leading banks are already working to make their sites mobile friendly. The ones who really 'get' mobile are following the 'mobile first' paradigm and building responsive web-designed sites for their customers."
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On Washington's role in the housing sector:
"Washington wanted to micromanage the mortgage market...and now they've broken it. And as the saying goes, 'you break it, you own it!'"
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On Washington's role in the housing sector:
"Bankers and servicers are now crying in their artisanal beer. After all, isn't it all a problem created by the regulators: robosigning, fraudulent assignments
yes, we in the financial services industry bear no blame, after all we're just after that elusive buck."
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