The Burst - Regulations Got You Down? (Ep. 13)
Thanks for checking out this episode of BanktasticTV’s “The Burst.” Here are some important notes about this episode:
ICBA of New Mexico IT/Operations Conf.
A huge thanks to the Independent Community Bankers Association of New Mexico for holding such a great conference and having Brad as a Keynote presenter. Brad had a really great time and got to talk to a lot of interesting bankers in the process.
The main topic of this episode is the regulatory pressures banks face and how those pressures prevent banks from stepping outside the box and exploring social media. We’re all very adamant about utilizing social media, and it’s a shame that banks are afraid to try implementing any new technology due to regulations. As Brad said, you don’t necessarily have to jump off head first and create your own social community online. You can very easily connect with your customers online through something as simple as a blog.
Banks definitely need to get on board and try harder to get involved online. There are ways you can try out social media without compromising your security - others have done it just fine! It just takes a good try.
If you ever have a question about utilizing social media for your bank and need some good feedback, we’d encourage you to check out Banktastic.com to see what information is out there. And if you can’t find what you’re looking for, ask the community and start a conversation. Banktastic is a great starting point for learning about social media and FIs.
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Feel free to email comments or suggestions about “The Burst” to brad@banktastic.com, or post your thoughts on the Banktastic Community.
See you next week!
-The Banktastics
Tags: bradgarland, burst, ICBA, keynote, New Mexico, regulation
April 25th, 2008 at 7:23 am
So true brad, everybody is so scared of the backlash they might receive from regulators as well as customers/members that they avoid doing anything outside the box. It takes some work to do things differently and still be in compliance with regulations, but it can be done and in my opinion is totally worth the effort if done right.
April 25th, 2008 at 9:02 am
I agree with Andy, banks are scared. As a small community bank we often think “well what is the value to our small bank to do that” or “well we’ve always done it this way”. I think we have to get on the innovative bandwagon or we are just not going to growth. Online growth is cheap compared to building a new branch. Regulatory issues are always there, but they can be managed. I’ve got a lot of ideas in my head and I’m just going to plow at them, speaking from IS/IT I am an enabler of the technology, I don’t want to be the no guy, I want to be the yes guy. I don’t want to have to go to another banks service because my bank doesn’t do it (smartypig is one i setup this week). I’m going to try to make a difference and stop setting here thinking, wow what xyz bank is doing is cool to bad we don’t do that and instead saying hey look at what xyz is doing, we have to do that, lets get started! I’m excited about it, I’m excited about the possibilities out there for my bank, I’m willing to put in the work to make it compliant, I want it as a customer and I want it now, not in 3 years when everybody else is doing it. I want my bank to be a leader in community banks, even if we are small in the online world size doesn’t matter! Ok enough with the !!!, just a little fired up about things today!(ok just one more)
April 25th, 2008 at 11:40 am
Awesome to see such passion and I’m joining you in this process. I want to help FIs in these innovative processes they want to impart on and will offer my expertise and service in the regulatory/security fields to enable them to do it.
Yes, good suggestions yall, what else/who else is with us?
April 29th, 2008 at 7:56 am
Brad, any chance you can post video of your keynote?
April 29th, 2008 at 4:23 pm
@Marc - Sorry man, made the decision to not record it. But, I did another presentation a few months ago about the same topics, check out our blog post on my company site for details.
Link to it here.