Banking in General..
Totally dry subject because the canadian (and american) banking scene is appauling. These guys report record profits every year because I can't store money in a shoe box for fear of my cat eating it. Awesome deal.
Why banking sites don't offer a compelling experience is beyond me. Although everyone doesn't use online banking yet, a good indicator of just how many people are using it is overhearing a PM conversation about this neat new thing he found - "interact email transfers". Nuff said.
If everyone is banking online, why do banks offer such a medeocre experience? I've banked with TD , Scotia and ING , both are decent (TD is better) but neither one is actually very good. Although I can do most everything I need to online, there are so many simple things they can do to change that average experience to a killer one.
Dave, from okaydave.com , took a good stab at reworking the online banking experience by proposing the ability to assign custom colors to each transaction - a way of categorizing transactions. This turns your online statements from reference material found at the back of a library, to a part of your daily budgeting experience. You can assign green to all of your grocery purchases, red to all your nonsense purchases, blue to your utilities, etc. It'll definitely help you figure out your life.
Other than personalization in general, it would be unreal to be able to add custom comments to my banking transactions. You know, the bank seems to auto-generate those things now, then puts them through an information obfuscator before displaying them to you. How am I supposed to know what I that "TRNSF 2098234" transaction was all about. If it said "april mortgage payment", that would be so much more helpful. Such a simple thing, that would openup a whole new world of banking.
Maybe a quick email alert telling me when i've been paid.. or when my car payment has come out.. or an alert when my paycheque amount is different.. There are lots of things that might be useful to different people.
Unfortunately, bank employees are training to save save save, and treat the customer like a small child... bank hours are still appauling, and those ATM machine fees are NUTS. If I'm banking with Scotia, and use my card in a TD machine, maybe they should push a 15 second advertisement telling me why TD is better than Scotiabank instead of charging me $1.50 to take out my money. It's the perfect kind of captive audience - I'm not going anywhere without my ATM card, or my money, so I'm forced to watch and read whatever you're telling me. A 1% conversion rate would more than cover the costs of dropping those $1.50 withdrawl fees. And of course people would start talking about it, and likely use the machines more thus see your ads more, etc. etc.
Some of this stuff might be hitting Quicken territory, but that tool is nonsense. Only the bank knows which debt matches which credit. Quicken seems to guess randomly, and ALWAYS gets it wrong. Maybe quicken should team up with your bank to give you the ultimate customer experience?
Why banking sites don't offer a compelling experience is beyond me. Although everyone doesn't use online banking yet, a good indicator of just how many people are using it is overhearing a PM conversation about this neat new thing he found - "interact email transfers". Nuff said.
If everyone is banking online, why do banks offer such a medeocre experience? I've banked with TD , Scotia and ING , both are decent (TD is better) but neither one is actually very good. Although I can do most everything I need to online, there are so many simple things they can do to change that average experience to a killer one.
Dave, from okaydave.com , took a good stab at reworking the online banking experience by proposing the ability to assign custom colors to each transaction - a way of categorizing transactions. This turns your online statements from reference material found at the back of a library, to a part of your daily budgeting experience. You can assign green to all of your grocery purchases, red to all your nonsense purchases, blue to your utilities, etc. It'll definitely help you figure out your life.
Other than personalization in general, it would be unreal to be able to add custom comments to my banking transactions. You know, the bank seems to auto-generate those things now, then puts them through an information obfuscator before displaying them to you. How am I supposed to know what I that "TRNSF 2098234" transaction was all about. If it said "april mortgage payment", that would be so much more helpful. Such a simple thing, that would openup a whole new world of banking.
Maybe a quick email alert telling me when i've been paid.. or when my car payment has come out.. or an alert when my paycheque amount is different.. There are lots of things that might be useful to different people.
Unfortunately, bank employees are training to save save save, and treat the customer like a small child... bank hours are still appauling, and those ATM machine fees are NUTS. If I'm banking with Scotia, and use my card in a TD machine, maybe they should push a 15 second advertisement telling me why TD is better than Scotiabank instead of charging me $1.50 to take out my money. It's the perfect kind of captive audience - I'm not going anywhere without my ATM card, or my money, so I'm forced to watch and read whatever you're telling me. A 1% conversion rate would more than cover the costs of dropping those $1.50 withdrawl fees. And of course people would start talking about it, and likely use the machines more thus see your ads more, etc. etc.
Some of this stuff might be hitting Quicken territory, but that tool is nonsense. Only the bank knows which debt matches which credit. Quicken seems to guess randomly, and ALWAYS gets it wrong. Maybe quicken should team up with your bank to give you the ultimate customer experience?
posted by qmnonic at
2:00 PM
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