I've been busy with Social Media! I've used Social Media sites for several years now to service our customers, add transparency, and reinforce our core values so, one would think that I've used all the sites and know all the tactics... Not even close. The landscape of the web and Social Media is constantly changing. In my opinion, they aren't even separate anymore. It's no longer Social Media, it's the Internet. Due to the change I'm constantly testing out new and interesting tactics and sites. Most recently, I've uploaded all of our branches to FourSquare. Not sure what FourSquare is? Check out the short video below.
So, what do I hope to accomplish with FourSquare and why is 1st Mariner Bank there? Well, almost a million people are using FourSquare and that means it's important for the bank to have a presence. Wherever the customers are, the bank should be. Also, traffic to our branches has been declining over the past few years while the use of online banking and digital communication has been increasing. I'd like to reward those who remain dedicated to their local branch. In other words, that "Mayorship" to your local branch might be valuable in the next few months.
Next time your at a 1st Mariner Bank branch, grab your iPhone, Blackberry, Android or Palm and be sure to "check-in" on FourSquare and leave a comment/tip for others. Remember, that's what this is all about - sharing and engagement with 1st Mariner and others.
I have been working in cash management for over 10 years. In that time various products move to the forefront of popularity. Commercial analysis accounts and overnight investments take the lead when rates are high. Online banking becomes more popular when software companies upgrade their operating systems and Remote Deposit Capture becomes the “must have” product during bad weather. (Yes – there was a silver lining to 80+ inches of snow!)
If you notice, these product sales are reactionary. Event A happens and triggers Event B. The same reactionary behavior occurs with Positive Pay. A company experiences fraud through a stolen or counterfeited check and suddenly Positive Pay becomes the product of the month.
Positive Pay was created to help prevent fraud on business checking accounts. As checks are issued, the payee name, check number, date and amount are entered in an online banking application. As those checks clear through the bank, they are matched up against the initial information entered by the customer. If there are any discrepancies between the actual check and the information entered, the check is considered as an “exception item” and the customer is notified through the online banking application. This notification allows the customer to decide whether to pay or return the potentially fraudulent item.
Over the last 3 years, with our current economic condition, I have seen an increase in episodes of fraud with my business clients as well as a spike in the implementation of Positive Pay. It is true this product requires the customer to actively manage the checks issued from and clearing their accounts, however, the benefits of Positive Pay far outweigh any perceived inconvenience.
Let’s make the implementation of Positive Pay an “action” rather than a “reaction”.
Convenient or expensive?? The FDIC posted an article on convenience checks issued by credit card companies. While this may be a convenient service for many borrowers, it may come with expensive fees and unseen pitfalls from overdraft fees to fraud if you're not careful. Check out the FDIC's article: http://www.fdic.gov/consumers/consumer/news/cnspr09/blank_check.html