Given the general lack of interaction financial services companies see from their customers on social networks, is it really worth the financial risk?

Lasty for this week, My Bank Tracker ran an article highlighting Ally Bank's decision to turn to Facebook to solicit customer feedback. Ally Ideas invites customers to suggest, comment and vote on new ideas that would improve or enhance Ally's current service offerings, with plans to focus on bringing the most voted suggestions to market. This is a great move by the folks at Ally. Not only are they developing new ways to boost social presence and customer engagement, but they are empowering their customers to help make the changes needed to improve their banking experience. Given the growing levels of consumer frustration with the banking industry over the past 3 years or so, it is refreshing to see a bank dedicate resources to giving their customers a voice that actually means something. What do our readers think? Would you like to see your bank be more active in soliciting customer feedback in an effort to improve their service offerings?

Moderator Steve Kaplan, Neubauer Family Professor of Entrepreneurship and Finance at Chicago Booth, leads a panel of professors as well as participants from Twitter, Groupon and VivaKi.

It is a very daunting task to prepare yourself for a lifetime of financial stability, and it is oftentimes derailed not only by bad spending habits, but really a lack of education on the topic.

Next up for this week, Finextra ran an interesting article around the development of a social media framework guide for financial services marketers. The framework, developed by Bits, the technology arm of the US Bank-backed Financial Services Roundtable, is designed to put a blueprint in place to guide banks through the ever confusing process of executing a social media strategy. The framework addresses common road blocks faced in program execution such as compliance, information retention, security risks, resourcing etc. As we've talked about many times in the past, many financial services organizations are hampered in the world of social media by the fact that they simply do not have the know-how needed to effectively execute a strategy that is secure, compliance friendly, and relevant to the end user. This framework answers all of the burning questions that financial services marketers have posed as road blocks to an effective social media execution. I look forward to seeing if this leads to an increased volume of presence on social platforms for financial services organizations in the coming months.

Lastly for this week, My Bank Tracker ran a very cool piece highlighting the unveiling of US Bank's contactless payment wristband. The wristband allows users to make contactless payments and reload funds, and is specifically marketed towards consumers with active lifestyles who would like to go out for a run, a hike, a bike ride etc. without having to carry their wallet with them. Taking it 1 step further, the wristband is also designed to link to an emergency response profile for the user which would contain all necessary medical data that would need to be accessed by a medical professional in the case of an emergency. I love what US Bank is doing here. They are  showing that they are locked in to their customers' desire for convenience, and really identifying an untapped opportunity in targeting financial products towards their more physically active customer base. Ultimately, this certainly has all the makings of being a big hit. We will be taking a break from the roundup next week but will be back on August 1st with more headlines from the world of financial services marketing.

Next up for this week, the San Francisco Chronicle ran a very interesting piece surrounding the FDIC's investigation of Discover's marketing of their fee-based products. While it has not been announced as to what specific product(s) are being investigated, the article reports that Discover recently settled 8 class action suits that challenged their means of marketing their fee-based products. The results of this investigation could have a major impact on the financial services marketing landscape, particularly in the banking space. As we've talked about in the past, banks have been faced with finding new avenues to make up for revenue lost to certain fee restrictions. In many cases, that has required promoting other fee-based offerings to their less than enthusiastic customers. Should this FDIC investigation conclude with sweeping regulations with regards to how these products are marketed, it could become a massive game changer in the world of financial services.

Should this FDIC investigation conclude with sweeping regulations with regards to how these products are marketed, it could become a massive game changer in the world of financial services.

Lastly for this week, Marketing Daily took a look at the changing landscape in the consumer bank marketing space. The article cites a report from Change Sciences, which evaluates the impact of 14 major banks' use of online, mobile and social tools from a customer experience perspective. Based on their current findings, the online-only banks are doing the best job of connecting with customers online, with the rest of the field lagging behind as they slowly implement "pockets of change" to their online, mobile and social capabilities. It will be very interesting to see how this trend continues to develop as online-only banks continue to gain prominence given the general consumer's well known appreciation for online experience.  What do our readers think? Would you like to see your bank making a more concerted effort to invest in technology and improve your online experience?

There is this perception that all you have to do is set up a Facebook page and the rest will sort itself out, but that could not be further from the truth. As the author states, a minimum of 5 hours a week is needed to manage each social media property, meaning you need to hire someone to manage it or resource it internally. Either way, you are spending more money and leaving other work on the back burner. So financial services firms are faced with a decision. Realistically, what can you expect to gain from your social media presence? And is that impact worth the extra investment of both human and financial resources?

Realistically, what can you expect to gain from your social media presence? And is that impact worth the extra investment of both human and financial resources?

Next up for this week, Media Post ran a very interesting piece focusing on the substantial growth opportunities in the mobile banking space. Citing a study from Chadwick Martin Bailey and iModerate Research Technologies, the article paints an interesting picture of the current, and more importantly, the future of the mobile banking space. As we've discussed many times here, going mobile is becoming a must for banks, with more than half of smartphone and/or tablet users indicating that they leverage their device for some form of mobile banking, but the competition is really only beginning. According to the study, 39% of the folks surveyed who are planning on purchasing a smartphone or tablet device intend on using it for banking purposes. With 472 million smart phones projected to ship in 2011 alone, the time is now for banks to ramp up their mobile offerings and attack this opportunity with full force.

Lastly for this week, I wanted to highlight an article from the San Francisco Chronicle focusing on the most recent Digital IQ Index, which evaluates the digital competence of 27 retail banks and credit card companies. The study was conducted by NYU Stern Professor Scott Galloway and a group of experts from L2 and PHD Network. While the report only examines the major players in the industry, the key take aways were quite interesting, particularly in the mobile space, with the industry scores coming in as much as 3 times higher than other consumer industries. I highly recommend checking out the report in its entirety, but clearly, the big boys are ready to pounce on the ever growing mobile opportunities, but who will come out on top, and more importantly from where I sit, how will they do it?

We will be taking a break next week, but will be back on July 11th with more news and analysis from the wonderful world of financial services marketing. Until then, I wish our readers a very happy and safe 4th of July.

A well known organization, with a great reputation, providing a transparent offering free of any hidden agenda is a recipe for instant success.

Next up for this week, GetDebit ran an article around American Express' expansion of their prepaid debit card offerings. Their new American Express Prepaid Card is their first wide spread, general purpose card. American Express already carries the brand recognition to make an instant splash in this space, but they went one step further this time, addressing arguably the biggest concern from a consumer perspective up front; the fees. Their entire list of fees is stated as "ATM Fee: No charge for the first withdrawal in each calendar month; $2.00 per each ATM withdrawal thereafter, assessed against the balance of the card." It's hard not to expect this to be a huge success for AmEx. A well known organization, with a great reputation, providing a transparent offering free of any hidden agenda is a recipe for instant success.

Lastly for this week, BtoB Online ran a great piece discussing Visa's new socially driven marketing approach. The article features an interview with Antonio Lucio, Visa's Global Chief Marketing, Strategy and Corporate Development Officer, which is definitely worth checking out in its entirety. According to Lucio, Visa is taking an "audience first" approach to their new initiatives, in which roughly 40% of their media investment has been shifted to the digital space and will include social campaigns running in connection with the Super Bowl, the Olympics and the World Cup. I love the direction Visa is moving in here. They continue to demonstrate that they are listening to their audience and paying attention to how they are digesting their messaging. Keep an eye on this one moving forward, as it has the makings of becoming the new blueprint in financial services marketing.

While retirement planning is generally understood to be extremely important, it is difficult to get people to be thinking about the impact of their financial decisions 30-50 years down the road, especially given the instability of today's economy.

Next up for this week, The Financial Brand ran a great article around Commonwealth Bank's effort to build brand awareness and give money back to the community through Facebook. The campaign, known as Community Seeds, allows Facebook users to vote for their favorite of 6 charitable organizations, with each vote counting for $1 toward that organization. When all is said and done, Commonwealth plans to give away $175,000 as a part of the Community Seeds initiative. I really like what Commonwealth is doing here. The messaging is very consistent and powerful across all channels, and Commonwealth is managing to not only drive Facebook traffic, which in itself is a pretty tall task in the financial services space, but they are also establishing themselves as a very socially responsible organization.

Lastly for this week, MSNBC ran an article discussing consumers' continuing frustration with overdraft fees and less than transparent bank partners. We've discussed the idea of overdraft protection more than once here so I won't beat a dead horse, but as the article points out, this issue was to have been put to bed many months ago, but consumers are finding that their banks are withholding valuable information (like not telling them they were automatically opted in) and employing scare tactics in an effort to have them pay for overdraft protection. It's like being a kid all over again and playing video games with that 1 friend who conveniently declines to inform you what all of the buttons do and waits until after he beats you 8-0 in NHL 94 to tell you there is a turbo button. The only difference here is this isn't Sega, this is real life and your financial well being. Employing such shady tactics can be a very slippery slope, as we've discussed the importance of having a trustworthy reputation in the banking space. It also represents a great marketing opportunity for the customer friendly banks to differentiate themselves. What do our readers think? Would you be inclined to switch banks if they attempted to use such questionable techniques as these?

(I’ll give you a moment to read that again.)

Our Agilent Technologies account team brought Professor Doug Guarnieri into the office to teach us about the complex topic of genomics, a key area of our client’s product portfolio. During his enlightening 3-hour lecture, I was amazed at how deeply Doug understood his field. Amazed and a tad jealous.

Advertising copywriters like myself aren’t able to spend 20-plus years digging deep into one topic. Frankly, we’re lucky if we get 20-plus minutes. Like most multi-taskers in the world, copywriters have to be mini-experts on a range of topics – and be ready to flip the mental switch at a moment’s notice.

Like most multi-taskers in the world, copywriters have to be mini-experts on a range of topics.

For example, in the past two weeks I’ve written about atomic spectroscopy, chemical analysis, chromatography sample preparation, breast cancer, international and domestic adoption, sustainable municipal bonds, retirement income, health insurance, home equity lines and, last but not least, free ATMs!

On the one hand, it’s fascinating to learn a little bit about a lot of things. It’s one of the reasons I love being a copywriter. On the other hand, it’s a challenge to compartmentalize my thinking so I can retain enough information about each and avoid sounding like a complete idiot when writing about them.

So as a writer (and we’re all writers), how do you strike that balance? Here are five ways to get things done on time – and hopefully on point.

1. FIND YOUR VOICE Everyone has a writing style (whether or not you realize it), and that’s a good thing. You don’t want to reinvent yourself every time you sit in front of the computer. The key is to nimbly apply your voice to the topic at hand in a way that sounds fresh, stays relevant to the target and aligns (enough) with the brand voice. This one takes practice but once you get it, you get it.

2. FOCUS ON THE KEY MESSAGE: Deep dives and 3-hour seminars are great, but sometimes too much information is a bad thing. Try to start every project by separating the main point from all the other clutter in your head. Once you figure out the best way to handle that single message, the rest will take care of itself. (Honestly.)

3. LET GOOGLE BE YOUR GUIDE On the flip side, reading more about a topic can often open up a fresh way of looking at it. Whether you’re perusing a 48-page product brochure or searching the vast reaches of the Internet, seek out a different viewpoint or an unusual angle. It may lead you down a new path in your thinking – and bring you closer to getting the job done well.

4. STAY PASSIONATE This isn’t just a writing tip. The more energy you put behind a project, the better you’ll do. It’s easier said than done, I know. Everyone is stretched too thin nowadays. My tip: Fake it, at least at first. Pretend you’re an actor getting into character. Once you’re in the mindset of being excited about retirement income (for example), it isn’t that hard to actually become excited about it. Just close your eyes, take a breath and jump in.

5. TAKE A SCOOP OF MENTAL SORBET Metaphor credit goes to Creative Director Steve Lynch for this one, but I’ve adopted it for this conversation because it’s often very necessary to take a break from what you’re working on. Staring at your screen for eight hours is not the route to Idea Land. So whether it’s flipping that switch to another project or stepping away from your desk entirely, it’s important to clear your head. For my money, a run to Dunkin Donuts (a Runkin, if you will) does the trick every time. Then I get back to the task at hand refreshed and ready to roll.

How do you get things done in your job? Have any tricks up your rolled-up sleeve? Please share them below.

The banking industry is boring, buttoned-up and mundane, and that simply doesn't fit with the younger generation.

Next up for this week, On Wallstreet ran a piece discussing the impact on banks that will be felt by Google's new mobile wallet. The Google wallet allows its users to save their debit and/or credit card information and simply scan their NFC enabled phone upon checkout to process payments. This isn't the first time we've touched on the topic of a digital wallet, as Visa plans to roll out their own, lacking NFC capabilities, later this year. There is a lot to keep an eye on here as this rollout progresses, specifically around who is bringing in what piece of the generated revenue, but this has the makings of being a game changer, and perhaps we have seen the last of the George Costanza wallet.

Lastly for this week, MediaPost ran an article highlighting Capital One's venture into the FarmVille phenomenon. The weeklong promotion offers participants the opportunity to earn double mastery points (whatever that means) by placing a branded Capital One visigoth statue on their farm. They are also able to access branded visigoth clothing and earn an additional 3 dollars in "farm cash" by watching a Capital One TV spot featuring the visigoths. Now, as I have stated before, I literally know nothing about FarmVille, but the game is played by over 60 million people world wide, so you have to applaud this type of campaign out of Capital One. They have a very recognizable brand due to all of their TV presence, but they have done remarkably little on the social media front, so this is a great step in the right direction for them. How do our readers feel about this? Does Capital One's presence in FarmVille change your opinion of them for the better or worse?

The book talks about a Japanese principal called Kaizen, which means "constant improvement". Research from the U.S. Employee Involvement Association and Japan Human Relations Association reveals that the average number of ideas submitted per employee annually is 100 times greater in Japanese companies than in U.S. companies. Many if not most of these ideas never see the light of day. And, of those which are implemented, most do not result in a huge business change but they help companies fail faster and sometimes reveal new solutions or ideas.

There are many examples across a wide spectrum of professions that have embraced the concepts of making little bets and constant improvement through failure. My favorite example comes from the writers for the humor publication The Onion, known for their outrageous and eye-catching headlines. Turns out the Onion writers propose nearly 600 headline possibilities for their eighteen headlines per week - a 3 percent success rate.

Software company 37signals is another great example. At the height of the web development boom they published a manifesto entitled "Getting Real" which implored developers to reject anything in their process that wasn't "real". Web development teams were learning how to streamline the build process and were investing a lot of energy in describing a web site or application using things that represent the real (charts, graphs, boxes, arrows, schematics, wireframes, etc.) rather than actually building and improving. 37signals found that by building something sooner they could iterate and learn more, faster.

There are many examples across a wide spectrum of professions that have embraced the concepts of making little bets and constant improvement through failure.

Amazon’s Jeff Bezos uses a similar approach to develop new ideas and opportunities. Amazon learns and uncovers opportunities as they go. Many efforts turn out to be dead ends - and they're OK with this. One failed feature was able to compare a customer’s entire purchase history with millions of other customers in order to find the one person with the closest matching history. No one used this feature so they removed it and moved on.

Why am I fascinated by all this? It's very relevant to what I do here at PARTNERS+simons. Our project teams offer many small nudges in user experience that represent these "little bets." Many of the work we're most proud of was built through incremental trial and error and certainly that's how most of the great user experience facets are crafted.

Some rules of thumb for clients based on my experience: solicit ideas from your user audience. Embrace a culture of innovation within project teams and don't be afraid to invest at least a little time and energy in trying things out. If they don't work, be ready to adjust. Most importantly, always be open to discovering something we never could have anticipated.

The book is available on Amazon and although I'm not through it can already highly recommend: Little Bets