'Training bankers, not sales people': Comments of the week
June 9, 2017 8:30 AM
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Readers chime in on banks being problem-solvers, Jamie Dimon's ties to Trump, a new mortgage app, CFPB catching heat over the Wells Fargo account scandal, and more.
Dusan Kostic - stock.adobe.com
Agreeing with the belief that community banks can succeed by solving problems rather than just selling products:
“Exactly! If we'd spent more of the last 20 years training bankers instead of training sales people our industry might be in better shape. Battling the regulatory monster has been a huge distraction for senior management, sucking away time for creative work in other areas. But we have ALLOWED this to distract us from growing that next tier of leadership who could be helping in the fight today!”
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Giulia Marchi/Bloomberg
On JPMorgan Chase avoiding any reputational blowback from CEO Jamie Dimon advising President Trump:
“More business will be lost than gained by attacking the president. He was elected by the people and has their backing. Dimon is right to help the people's choice for president make America successful. Uber lost more business after Kalanick resigned and lost relatively little prior to that time. Musk is being funded by policies of the opposing political party.”
Related article:JPM brand avoids damage from Dimon's ties to Trump ... for now
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Didi Lavchieva - stock.adobe.com
On former Treasury Secretary Larry Summers slamming Dimon for his ties to the Trump administration:
“Elite journalists/politicians live in their special insulated worlds, where ‘talking about others’, not ‘doing,’ is the norm. Summers is now added to that group. Dimon is doing what he believes is the right thing. What elites do not understand is that most self-made business owners, and many business executives (i.e. JP Morgan clients) admire Dimon's courage and patriotic aspiration vs. political positioning. Summers laments that Dimon is able to act with these virtues, while he cannot.”
Related article:JPM brand avoids damage from Dimon's ties to Trump ... for now
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Sergey Nivens - stock.adobe.com
A retort to an op-ed calling for banks to build emotional rapports with their customers:
"Context ... the author is apparently oblivious to the fact that these same financial institutions put more than three million people out of their homes less than ten years ago. The *emotions* associated with those brands are not, shall we say, positive. After torching a trillion dollars, the industry should probably focus more on rebuilding some sort of trust before they reach out for that first kiss. The scars are still pretty fresh for many of us, and they will not fade anytime soon."
Related article:To woo customers, banks must create emotional brands
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Responding to a Canadian Imperial Bank of Commerce executive earning praise for a mortgage app that lets applicants snap photos to complete forms:
“Though this guy's buzzwords sound amazing, their impact … [is] a whimper. A mortgage app sounds appealing, [but] for many this is a big life decision & that’s where you need the relationship aspect of banking. Also, it does not have an Android version (WHAT??) which considering the target demographic is a big gap. They term it … as revolutionary, but why?”
Related article:How bankers, techies and interns made mortgages mobile
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On a House Financial Services Committee report alleging that Consumer Financial Protection Bureau Director Richard Cordray lied about the bureau’s Wells Fargo investigation:
"DF created CFPB with massive punitive and investigatory power to prevent and punish consumer abuse by the 'big banks.' Wells is atoning, but CFPB should be pilloried for failing in its mission here."
Related article:CFPB's Cordray threatened with contempt charges by House panel
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More criticism of Cordray over the House committee report:
"Another case that shows most Govt agencies are not worth the bloated costs as they only produce mediocre results at best."
Related article:CFPB's Cordray threatened with contempt charges by House panel
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