Blogs Archives - Page 3 of 3

Wells Fargo Adds "Comment Box" to Student LoanDown Blog

By Jim Bruene Posted on January 19, 2007
Categories: Blogs, Wells Fargo

Wells Fargo has tweaked the design of its Student LoanDown blog by adding a comment input box for the most-recent blog post (see inset). The bank uses this a similar technique at its first blog, Guided by History.

This should spur more comments, especially with the call to action at the bottom, "send a comment to Barbara." Users preview their comment, and read an onerous Wells Fargo disclaimer (see second screenshot below), on a separate page before submitting.

The comment input box is only used on the first blog entry on the main page. Late entries revert to typical blog format, with the comment function at the bottom of the post.

The main downside to this layout is that it's a bit distracting (see screenshot below), but that's probably a good trade-off if it helps drive more comment activity.

Comment Preview

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Online Banking Report Awards Five "Best of the Web" Winners in 2006

By Jim Bruene Posted on January 4, 2007
Categories: billQ, Blogs, Verity CU, Wells Fargo

Our sister publication, Online Banking Report, is constantly on the prowl for innovations in online finance. When it finds a new one, it awards the new development an "OBR Best of the Web." During its 12-year history, the newsletter has handed out about 80 such awards (click here for the pre-2006 list). The main criteria for winning is "raising the bar" in online consumer banking, credit/debit cards, payments or lending (see note).

The 2006 winners in chronological order were:

Prosper (March) for its eBay-like take on
person-to-person lending (coverage here)
billQ (August) for its Web 2.0 bill payment
reminder service (coverage here)
USAA (November) for the first in-home, remote deposit-capture service (coverage here)
Wells Fargo (December) for fully embracing
blogging with the launch of four blogs in 2006
(coverage here); also, a belated award to Verity Credit Union for being the first to blog in
December 2004 (coverage here)
Bank of America (December) for its Yodlee-powered, full-featured online personal
finance service, MyPortfolio (coverage here)

It was a good year innovation-wise, and we look forward to continued growth in 2007. One prediction: multiple winners in the mobile finance arena. For more information on the top developments of 2006 along with the latest 10-year forecast, see Online Banking Report #137.

Note: Usually, the first company to implement a significant new feature wins the award. And generally there is only one award for each new feature. For instance, Signet Bank was named best of the Web in 1997 when it launched the first triggered-email alert. Then Charter One won the award in 2002 when it took the triggered-alert feature to a whole new level, integrating voice, fax, and email options into a full suite of alerts. Online Banking Report founder and managing editor Jim Bruene makes the final decision. The only way to win the award is by being innovative. There is no nomination process, no deadline, nor any way to influence the decision.

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Wells Fargo Launches Two More Blogs

By Jim Bruene Posted on December 7, 2006
Categories: Bank 2.0, Blogs, Wells Fargo

Evidently, Wells Fargo has found blogging religion. Not only is it the only major U.S. financial institution with a blog, but it now has not one, not two, but FOUR public blogs.

Here's the lineup:

Previously reported:

Guided by History: The bank's first blog, a community service resource that began in March.
The Student LoanDown: An excellent blog launched in September to support the bank's student loan business. We've reported on it here and here.

Launched in August, but not previously reported:

Commercial Electronic Office (CEO) Blog: This B2B blog supports the bank's Commercial Electronic Office business portal. It launched August 10, but is not listed on the bank's blog index page <blog.wellsfargo.com> or on the bank's main website. Our initial reaction: The CEO Blog is an all-business affair with 39 posts in four months, a good rate for a business blog (see screenshot below). We'll take a closer look in a future post.

Newcomer:

Stagecoach Island Community: Another good-looking blog (see screenshot below) launched Nov. 27 supporting the bank's Second Life-inspired virtual world Stagecoach Island (see our coverage here).

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Verity Credit Union Website Hacked

By Jim Bruene Posted on November 11, 2006
Categories: Blogs, Public Relations, Security & Privacy, Verity CU

Update (Nov. 12, 10 AM PST): Twenty-two hours later, the Verity website has been taken offline, but the blog is still running. However, there are no new posts since the original, although Verity's Shari Storm has responded to several member comments. From information in the comments, it sounds like Verity's log-in page was redirected for up to four hours on Saturday morning beginning about 6:00 AM. At least one member said they answered "screening questions" including mother's maiden name.

Seattle-based Verity Credit Union is in the midst of a major website spoof that began earlier today. The credit union is reporting that the log-in function to online banking, located on its homepage (upper-right below), has been redirected by a hacker.

Apparently, only the log-in function was hijacked. The credit union has control of its homepage and plastered a large warning over the front. The link after the warning, "more information," linked to the Verity blog for updates (see below).

It appears the log-in process is back under the credit union's control, although the warning is still there. When attempting to log in at 3:15 PM with a test name (I do not have a Verity account), I was redirected to an error message at <https://secure-veritycu.com/Common/SignOn/SignOnError.asp>, which appears to be a legitimate Verity secure page. There was no follow-up question asking for my credit card number as mentioned in the blog post (see below).

The incident was first posted to their blog at 12:02 PM today (see post below).

The silver lining
As bad as this is, Verity should be applauded for the rapid response, using both its website and blog to get the word out. Presumably, they also emailed customers, but those messages may or may not be believed in this day of rampant phishing.

You can follow the ongoing drama at the Verity blog, where customers have been redirected for the latest news. We'll keep you posted.

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Royal Bank of Canada Launches New Blog Supporting its "Next Great Innovator Challenge"

By Jim Bruene Posted on November 3, 2006
Categories: Bank 2.0, Blogs, Strategies

Royal Bank of Canada (RBC) launched a blog Tuesday, becoming the second largest North American bank in the so-called blogosphere. Wells Fargo was the first (see coverage here). Thanks to Colin at BankWatch for the tip.

The RBC blog is part of a larger effort, The RBC Next Great Innovator Challenge, a marketing campaign aimed at rewarding innovation among Canadian college students (see main page below, note the Second Life-like avatar on the right).

The team of college students that develops the most innovative idea in the area of "teens and financial services," in 2,500 words or less, wins CDN$20,000. The top five teams will present their ideas to RDC management. Runnerups receive CDN$1,500 to $10,000 (total prize pool is CDN$40,000). Registration closed Oct. 31, with final presentations scheduled for early 2007.

Analysis
From a marketing perspective, there is much to like about this effort that:

Positions the bank as innovative and striving to be even more innovative
Generates a tremendous amount of positive press, both at the outset of the program and later as finalists are selected, then as winners are announced
Drives traffic to its website
Brings in new student accounts (it is no coincidence that the program launched during back-to-school time)
Impresses the parents by rewarding creative teamwork by their kids
Provides a large number of ideas that RBC can use in future bank products and student banking efforts
Identifies potential future employees among the contestants
Impresses Canadian businesses with the bank's support of young entrepreneurs

It's surprising that the bank didn't start a blog until the content closed, but better late than never. The blog will still serve as a great way to continue the momentum as the contest moves through the selection process. We'll take a closer look after it's been running for a few weeks.

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Blog Sighting: Toronto Electrical Utilities Credit Union

By Jim Bruene Posted on October 24, 2006
Categories: Bank 2.0, Blogs

Toronto Electrical Utilities Credit Union <teucu.com>, the ninth North American financial institution blog, and third in Canada, debuted Aug. 15 at <teucu.ca/blog>. The other eight are listed here.

The CU has done a reasonably good job keeping the blog alive with 11 posts in its first two months. The posts have been all business, ranging from notice of an ATM service interruption to a discussion of loan options.

The CU allows comments, and so far 13 have been posted. None were particularly interesting, mostly "thanks for the info." That will change as users understand what blog comments are for (i.e., furthering the "conversation" or adding some informational value).

The blog runs on Google's free Blogger platform (see screenshot below). It's an OK start, but the CU should invest a few hundred dollars in upgrading the template as soon as possible.

TEUCU publicizes the blog in a prominent spot on its homepage (see inset).

Thanks to the guys at Trabian for the scoop.

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Bank Blogging Coming to Corporate America

By Jim Bruene Posted on October 6, 2006
Categories: Bank 2.0, Blogs, Metrics & Market Research

While the number of external blogs at U.S. banks and credit unions can be counted on your fingers today, that won't last. Here's the eight we've heard about:

Bank of Internet (MyRVBank and Senior BofI)
First Tech Credit Union (began April 2006; see screenshot below)
Forum Credit Union
Savings & Loan Credit Union (Australia)
Service One Credit Union
Vancity Credit Union (Canada)
Verity CU (began Dec. 2004)
Wells Fargo Bank (began March 2006)

Source: OpenSourceCU.com, Online Banking Report

Trends
The New York Times reported last Wednesday on the expected explosion of business blogging. Citing statistics from Nancy Flynn, director of the ePolicy Institute and author of Blog Rules, it is estimated that only 4% of major corporations operate external blogs today. However, 85% more plan to do likewise. Among small business, 10% have already incorporated blogs into their marketing plans.

Bank blogging forecast
We are in the process of developing a blogging forecast for release in November's Online Banking Report. Our preliminary estimate is that within two years, there will be at least 500 bank and credit union blogs.

It's no suprise that credit unions would jump on this trend; it fits right in with their membership and community focus. For example, Seattle's Verity CU has been blogging for almost two years (see 29 Aug 06). The unexpected first mover among major financial institutions is Wells Fargo (see 23 Sep 06), which has two blogs and six months' experience under its belt.

Action Items
If you pride yourself on having a state-of-the-art website, you'll want to add a blog in 2007. You can start with something relatively simple, such as First Tech Credit Union's news and announcement service. Then you can graduate to the more advanced versions with real personality, such as Verity Credit Union's and Wells Fargo's Student Loandown.

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Wells Fargo Blog is Off to a Good Start

By Jim Bruene Posted on September 23, 2006
Categories: Blogs, Loans & Credit, Student Loans, Wells Fargo

After a slow start, with no new entries during its first week, the student loan blog from Wells Fargo is off and running. Since its Sep. 5 launch, the site has averaged about two posts per week, each running 300 to 400 words, a good length. (See inset for jump page to the bank's two blogs, <blogs.wellsfargo.com>)

Furthermore, the writing is surprisingly good, with little corporate-speak, a trap that's so easy to fall into when every word has to be approved by a team of attorneys and compliance officers. Interestingly, the one off-topic post, written by the freelancing college-student mom, Caroline Hansen, was pulled from the site a day or two after it was posted. Either her step-daughter, or more likely, Wells Fargo management didn't like the story about her new tattoo.

The site is obviously aimed at parents, with warnings about credit card abuse and an instructive post about transferring money online to pay for a $573 book tab (ouch!).

While the bank does a good job of not blatantly pitching its products, it seems that most links within the posts lead to a wellsfargo.com page. The blog would have more credibility, and readership, if it linked to more outside resources.

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Forrester Says 24% of Gen Y Reading Blogs

By Jim Bruene Posted on September 13, 2006
Categories: Blogs, Metrics & Market Research

In a new Forrester study on Gen Y consumers (must be a Forrester client to access), Analyst Charlene Li tracks the growing influence of blogs. The company's research shows that one in four Gen Yers regularly reads one. Here's blog readership by generation:

24% Gen Y (ages 18 to 26)
12% Gen X (ages 27 to 40)
7% Young Boomers (ages 41 to 50)

We've seen studies that show even higher usage; it depends on whether you count social networks such as MySpace as a "blog." The influential Pew Internet & American Life Project <www.pewtrusts.org> released a blogging report this summer. In that study fielded in January, Pew found that 39% of Internet users, or 57 million, were reading blogs and 9%, or 12 million, were writing them.

Financial institutions thinking of starting a blog might want to tune into Charlene's teleconference next week (Sept. 22, 1:00 PM Eastern; cost = $250) when she looks at the criteria companies should use when choosing a blogging platform, including a review of nine providers.

She's also summarized the vendor comparisons in a $995 report which looks at Drupal, iUpload's Customer Conversation System, Roller, Six Apart's Movable Type and TypePad, Telligent Systems' Community Server, Traction Software's TeamPage, UserLand Software's Manila, and WordPress. Her report abstract names iUpload as her favorite.

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Wells Fargo Launches a New Blog, The Student LoanDown

By Jim Bruene Posted on September 5, 2006
Categories: Blogs, Student Loans, Wells Fargo

Wells Fargo launched its second blog today, The Student LoanDown <blog.wellsfargo.com/ StudentLoanDown>. The site, which is not yet mentioned on the main Wells Fargo site, is designed to offer guidance on the student loan process (click on inset for closeup).

The first post claims they won't try to sell anything. It's a claim not technically accurate since there are several links to the corporate lending site, and a position that's not really necessary. As long as you are upfront about the corporate affiliation, it's OK to highlight your own products and services PROVIDED it's done in a way that is both interesting and useful.

The website is powered by Six Apart's Moveable Type and launched with just a single post from two of its four listed authors. Wells Fargo joined the so-called blogosphere back in March when it launched an odd site called Guided by History, a look back at the 1906 San Francisco earthquake and what we can do today to be better prepared for natural disasters.

While that site is pure community service, The Student LoanDown hopes to educate students and parents while driving more business to its student loan unit. Live less than 24 hours, it's too early to give it a full grade, but here are our first impressions.

Pros:

A bank that blogs, and one that will provide good PR, regardless of whether students like it
Even if it looks a bit hokey, you can tell the bank put an effort into the design, unlike Bank of Internet (see NetBanker Aug. 31)
A good cross-section of authors, one from marketing, one who's a May college graduate, one communications consultant, and a bank-sponsored, literacy-program manager (where are the guys though?)
Full bios and pictures of the authors
Comments are open (but moderated of course), which is a good feature provided the function is used. The bank will probably have to do some subtle encouragement, perhaps with employees, to get some Q&A started

Cons:

There are only two postings, neither of which offered anything useful or interesting; try to launch with something interesting, even if it's a blatantly commercial sweepstakes
The design is a bit hokey; Trey Reeme over at OpenSourceCU called it, "a little on the MySpace side with a WF feel" (hint: that is not meant as a compliment)
The content needs more pizazz

–JB

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Verity Credit Union’s Blog

By Jim Bruene Posted on August 29, 2006
Categories: Bank 2.0, Blogs, Verity CU

Verity CU <veritycu.com>, a large Seattle-based credit union with a field of membership spanning the entire state, has been operating a public blog using Google's Blogger since December 2004 (click on inset for closeup), making it perhaps the oldest-running financial institution blog (let me know if you have one that started prior to Dec. 13, 2004).

Fourteen contributers are listed, more than 10% of the 105-person employee base. Each author has a profile posted online, making it a great way for members to get a better understanding of the behind-the-scenes activity.

Posting activity varies. In recent months, we've seen four or five lengthy entries. This month, there are 17 articles so far. Subject matter varies from the personal ("My trip to the dentist") to more salesy stuff about the credit union.

Comments are open, but little used. There were only two non-employee comments left in August.

The website counter shows 6,613 visitors.

Analysis
Offering a blog is an excellent way to show that you care about customers/members and that you are Web-savvy. We applaud Verity for their pioneering efforts over the past 18 months. But it's time for the CU to upgrade its blog.

Improve the design with a masthead, better archive options, and graphic images that link back to the CU. Users expect more than the basic free blogger template from their credit union.
Shorten the entries and add graphics and pictures.
Keep the postings relevant. It's OK to have the occasional rant about Seattle traffic, but stick to things that matter to the reader. Most come to your financial institution to learn more about your company or your products. Let them go to a million other blogs for entertainment.
Highlight the author of each entry. Currently, the Verity author is listed in small, faint type near the bottom of each posting. You want readers to get a sense of the people doing the writing, so it's important they see the name at the top of the posting.
Improve the author profile info. Some author-profiles are quite skimpy. If you want credibility, the authors need to fully disclose their role at the credit union.
Close the comments. Blog-comment areas are fine if they are used; however, a big ZERO down there just makes it look like you're visiting a ghost blog. If you do use them, make sure they are fully moderated, i.e., no comment goes live until approved by the blog administrator.

Blog address: veritycu.blogspot.com

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Keeping Tabs on the Financial Blogosphere

By Jim Bruene Posted on June 23, 2005
Categories: Blogs, Metrics & Market Research

Writing in The Wall Street Journal’s MarketPlace section, William Bulkeley discusses a new technique for tracking consumer opinions of products, companies, and other topics. The article, Marketers Scan Blogs for Insights, explains how marketers, PR departments, and brand consultants are using free and not-so-free tools to scan the so-called "blogosphere."

We tested Intelliseek’s BlogPulse on some security topics we’ve been researching and found it to be an effective tool. There were more blog citations than we found in a Google search, and they were better organized. Also, BlogPulse provides a trending tool to gauge the relative strength of a search term over the past 6 months.

Here we compared "phishing" to "online banking" and found similar activity levels for both terms (click on the inset for a better look).

While this tool won’t replace traditional market research, it may be worth checking out from time to time.

—JB

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