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December 15th, 2008

The Mattress Impulse

I was recently made aware of some interesting guerrilla artwork that has been showing up in London. Apparently an artist by the name of K-Guy has been going around placing mattresses in front of financial institutions like Barclays. The mattresses bear messages like “Bank of Jimmy and Trish” and “Sleep Easy Family Banking.”

The joke, of course, centers on the huge shift that has recently occurred in the way people think about large banks. The common wisdom, until about six months ago, was that your money was safe with a large institution like Lehman Brothers or Bear Stearns. They were seen as “too big to fail.” But all that has changed now. The big banks have lost a lot of credibility–and it’s really not unreasonable to wonder whether your money is safer under the mattress.

This poses an interesting question for smaller and regional banks. Given the downfall of big banks, will people now view their local bank as a safer bet? Will small banks be seen as less cavalier with their clients’ money, and therefore more insulated from failure? Or are they suseptible to the same troubles afflicting the big-league players–and possibly less likely to get a bailout should the need arise?

All I know is, for now anyway, my money’s staying under my Bob-O-Pedic.

Posted by Simon on December 15th, 2008
Filed under Banking, Fun | No Comments »

December 8th, 2008

The NEW Bank of America ATMs

From a technological standpoint, it’s pretty cool…

No more stuffing envelopes, filling out slips and entering totals via a keypad. The technology is called “check imaging” or “envelope-free deposits.”

For printed checks, the system automatically determines how much the check is for, and then presents you with an on-screen image and asks for confirmation of the amount. For hand written checks, it asks you to enter the amount and then shows a picture of the scanned check and asks for confirmation that the amount you entered is correct. The ATMs should cut reliance on tellers and deter fraud from “empty envelope” deposit scams.

Scan of Bank of America Deposit Receipt

The best part?

The ATM will print a receipt with small images of the scanned checks. And before you start worrying about security, the images have the routing and account numbers blacked out across the bottom.

However, there is a downside … it’s S-L-O-W. Each check has to be inserted individually and the deposit amount verified. Also, longer lines have started to form as ATM users struggle with the new process.

According to an Article by Dan Beighley for the San Diego Business Journal:

The new ATMs could save Bank of America and other banks about $1 per transaction by cutting manual processing of deposited checks and the need for envelopes, according to consultant Tower-Group Inc. of Needham, Mass.
Deposits are up by 50 percent at machines with the scanners, according to Bank of America.
“When customers see an image of their checks on their receipts, they’re more confident that the deposit has been accepted and they have assurance in hand,” said Kirk Lindsey, Bank of America’s ATM executive.

Rivals Wachovia Corp. and Wells Fargo & Co. also have introduced check scanning at some of their ATMs.

Posted by Marissa on December 8th, 2008
Filed under Banking, Miscellaneous | No Comments »

December 1st, 2008

Facecard

Facecard Logo

It’s a new world out there for kids these days. No more asking for a couple bucks from their parents, no more chores for 10 cents. Instead, Mastercard is providing them with a prepaid debit card. Essentially it is a reusable gift card but so much cooler! Facecard is the new thing, it is a debit card that you can sign up for online and allows you, or anyone else, to transfer money onto the card from a bank or your paycheck. Kids must be going around giving out their Facecard number to friends and families for their birthdays, graduations, etc.

Though this is a very simple idea, I think the marketing behind it is very interesting. Facecard is being promoted on Facebook, MySpace, concerts, and colleges. Banks and Credit Card companies have been looking for new, innovative ways to target this age group with an age appropriate item, and I think this simplicity is making the way. Facecard will email or text specific people about special promotions that their demographics, which they received from signing up, would be interested in, like sales, clothes, music, etc.

Even though this is a not a novel idea, it opens the doors to marketing financial products to this age group. The age group in which print, tv, nor direct mail are effective.

The website itself is very cool, check out Facecard!

Facecard

Posted by Nirali on December 1st, 2008
Filed under Banking, Marketing | No Comments »

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