Banks And Credit Unions: Two Approaches To Blogging « Ron Shevlin’s Marketing Whims

Banks And Credit Unions: Two Approaches To Blogging

April 3, 2007 by Ron Shevlin

You can draw your own conclusions on which approach is more effective for engaging customers in a dialogue.

Posted in banking, blogging | 22 Comments

22 Responses

on April 3, 2007 at 11:42 am Robbie Wright

So true Ron.
on April 3, 2007 at 12:39 pm Colin

Ron … this is classic, and very indicative of how Banks operate. Thank you!
on April 3, 2007 at 12:42 pm Banks And Credit Unions: Two Approaches To Blogging « The Bankwatch

[...] Source: Banks And Credit Unions: Two Approaches To Blogging « Marketing ROI: Whims from Ron Shevlin [...]
on April 3, 2007 at 2:16 pm Dan Dickinson

Sad, but true. And sad.

Did I mention it’s sad?
on April 3, 2007 at 2:22 pm Trey Reeme

Haha! I’ve got to know what inspired this!

You’ve made me think of every post I’ve ever made: “I’m typing too much.”
on April 3, 2007 at 2:43 pm rshevlin

I got to thinking about this after seeing a quote from Ed T. at Wells Fargo (at least I think I saw this — I’m hard pressed to remember exactly where it was, and too lazy to go search for it) saying something about running the WF blog posts past his legal department. (Ed — if you didn’t say that, my apologies).

What I was really thinking was the flow (at the bank) was more like this:

Marketing drafts blog, sends it to CEO’s admin (who sits on it for a week), shows it to the CEO, who mutters under his breath that Marketing is wasting its time with stupid online initiatives, but gives it back (unedited) to the admin, who sends it back to marketing, who sends it to IT and Legal (telling IT to get it ready but to wait on posting until Legal approves), who sits on it for three days, sends it back to Marketing with its changes, who makes the change, gets it back to IT, where it goes into the overnight production queue, and finally hits the website three weeks after it was written….

…and then gets read by 6 people, who only found the blog because they were desperately looking for info on who to contact about an account problem they’re having….

…but it still gets highlighted in Bank Systems and Technology magazine, which runs a glowing, complementary article about the bank’s blogging efforts, and how they “get it” when it comes to building customer relationships.
on April 3, 2007 at 2:48 pm Trey Reeme

I’ve never typed these letters before (I doubt anyone believes that), but I am:

ROFL
on April 3, 2007 at 3:30 pm Dan Dickinson

Ron, if I quit my job at the bank today, it’s your fault.
on April 3, 2007 at 3:35 pm Colin

Ron, you are killing us – the first stand up comediabanker

Problem is you are reflecting reality!
on April 3, 2007 at 4:00 pm Ed Terpening (VP Social Media, Wells Fargo)

Hey Ron, That’s a pretty creative memory with my words…

Of course, our CEO (and no execs) are involved in reviewing blog posts, but I get your humor.

After the blogger writes his/her post, it is sent simaltaneously to an Editor on my team and a Compliance analyst (not Legal). Our editor coaches our bloggers (since most of them are new and have other full time jobs) on voice that fits the brand (and them, of course) and basic grammar, etc. They also help in suggesting links and basically making their writing “web/blog friendly”, again, given that none do this full time, they sometimes need a bit of help and they’re a bit intimidated. Our editor does a great job of making them feel comfortable with blogging.

Our Compliance analyst just looks for any possible violations of government regulations. It’s rare for them to make corrections there as I think you may agree from reading our posts that most are pretty straightforward and they don’t appear written by a lawyer (I hope…no offense to the Legal Profession

But to get back to the focus on this post…yes, there is a loop of sorts (although, for us at least, it doesn’t involve IT). Luckily, I belive this loop has almost no/nill effect on our ability to communicate in an authentic way with our customers. That was certainly a concern when we started. No one wanted a blog written by PR or Legal (whoops, I insulted Legal twice…).

Without a doubt, how all brands (not just banks) approach this space is evolving all the time–as it should. I’m just glad we’re right in there.
on April 3, 2007 at 4:11 pm rshevlin

Ed —

Thanks for commenting. I want to assure you that I wasn’t trying to make fun of Wells — but big banks, in general. (It goes with the territory). I wasn’t even sure it was you whose quote I had recalled. I had no idea what your process for posting was (but…. I must say … I wasn’t too far off, was I?).

I just really wanted to take a jab at banks who just don’t get what it takes to build relationships with customers.

But you did get me thinking, that, in all fairness, I should take a shot at the credit unions. I’ll think about it.

– Ron
on April 3, 2007 at 4:17 pm Ed Terpening (VP Social Media, Wells Fargo)

Ron, no worries. This is a good discussion and I’m all for it. I hope — through our blogs and all customer interactions — we’re good listeners.
on April 3, 2007 at 4:45 pm Colin

I would just throw in, that Wells is the leader in this amongst ALL North American banks so the intention is presumably not to discourage them, but to learn with and from them. Whether its an uphill battle or not, at least they are there and doing something/ anything!

Here is a question … which other Banks have a Bank blogger? Ed is representing the the leader, and represents the only North American Bank in this space to my knowledge – what about the other 8,000 North American Banks that are in fact following precisely the “Shevlin model” (if they had a Bank blogger). (Note this comment is relative to banks not, Credit Unions)
on April 3, 2007 at 4:52 pm rshevlin

James Van Dyke with the answer:

http://www.javelinstrategy.com/2007/03/27/financial-institutions-blogs-wells-fargo-makes-the-leap/

[which I guess Colin's already seen, since he's commented there].
on April 3, 2007 at 9:25 pm Brad Garland

I’ve wondered if the issue is the IT-savvy-ness of the marketers within the banks. I’ve spoke to many a VP of marketing at banks and most have heard of the term but think it’s still the ‘teenage modern day diary’.

I do see this only improving the more Gen-X and Gen-Y’s are coming into these positions and understanding how they are supposed to be used.
on April 3, 2007 at 9:57 pm Denise Wymore

Brad,

Amen. Once the Cluetrain Generation takes control – bye bye bureaucracy and BS and hello communication. Open, free, challenging, thought provoking, spine tingling communication.

Hell, maybe banking can actually be FUN!!

Ed: You rock. You get it and Wells is lucky to have you..

Ron: That is my favorite graph of all time. I may get it tattooed.
on April 4, 2007 at 6:45 am bdunc1

Ron – this is outstanding. I’m about to launch a blog for my nutritional supplements company, and you can imagine all the regulation b.s. that has the potential to go through before it hits the reader. This should inspire the office to just let go and let it happen.
on April 4, 2007 at 9:22 am Dan Dickinson

Brad,

As you suggest, there are plenty of people inside banks who *want* to blog, and understand why it can be a good idea. It’s the “gateways” that Ron drew in that are holding things up. And believe me, there are a lot more gateways than just IT and legal…
on April 4, 2007 at 9:31 am rshevlin

Brett, I think you’re in store for a rude shock. I can’t imagine your office “just letting go and letting it happen.”

This reminds me of the Apple/PC commercials with the “security” guy standing behind PC asking if he authorizes every command.

That’s the image I get of banks blogging.

Bank blogger (blogging to customer): Thanks for your comment, Jim.
Bank blog compliance officer: You may not address customer by first name. Our branding “voice” is more formal, please address by title and last name.
Bank blogger: Good afternoon, Mr. Johnson, thank you kindly for posting an entry on the First Bank To Blog, Inc.’s site. Regarding the question you had about account transactions….
Bank blog compliance officer: Sorry, you may not reference account transaction inquiries online.
Bank blogger: [no response...gave up and went back to real job].
on April 4, 2007 at 9:59 pm 1,000 Words « Brett’s Blog

[...] For anyone remotely involved with a corporate blog (I’m in the midst of launching one for AdvoCare – stay tuned), this post says it all. [...]
on April 5, 2007 at 9:56 am William Azaroff

I wonder if we had the staff of a big bank whether we’d look more like your second drawing. Small means nimble, which gives us a slight advantage in this space. It also fits as a key differentiator in the community, and because it fits with the public perception of a CU it works for our members and prospects.
on April 5, 2007 at 11:12 am rshevlin

William, you raise a good point, but I think there’s a factor keeping (at least your) credit union from looking like the second drawing. One of the most telling (for me) remarks that Ed Terpening made (see above) was that at WF, bloggers are coached on the “voice that fits the brand”. Change Everything has a much different feel, if not purpose altogether. It isn’t about “communicating the brand” (is it?). It’s about making connections with the community, no? If that’s your purpose, then slipping towards picture 2 is less likely.

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Banks And Credit Unions: Two Approaches To Blogging

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