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2 posts categorized "Books"

August 07, 2013

Why didn't WE think of that?


by Ron Daly 

What would you do if you found out your parents (or grandparents) had given away five thousand dollars to a fake charity scam?

Would you be angry? Sure, I bet you would. You'd be angry at the fake charity. These people play with elderly people's sympathies and their sense of compassion. It's just horrible. Makes me angry thinking about it...

You might even tend to be a little disappointed at your older-folks for falling for it, even though that's blaming the victim. They only want to help people and find time to chat with a friendly face or a warm voice on the other end of the phone. You gotta give them a break.

Would you be mad at the bank or credit union that let the charges go through? Well, they don't have any way of knowing which charges are legitimate. Right? 

Thanks to a Gen-Y wunderkind, these crummy charges can be avoided. 

Kai Stinchcombe, a "serial entrepeneur" who's well under 40, create True Link, a prepaid card that seniors can use in conjunction with a checking account or pension fund that alerts close family that charges are being made and can allow those charges to be preempted via text message alert. That way, a group of weirdos pretending to be the Lion's Club charity drive can't make off with grandma's life savings. Stories like this one don't have to happen anymore to elderly folks who may be suffering from dementia or Alzheimer's, or are just a bit too trusting.

It's a genius idea. It will likely prevent hundreds of thousands of dollars, maybe even millions, from being slipped out of the hands of trusting senior citizens. Heck, with just a bit of tweaking, this could be the solution for "grey charges" - you'd be the person authorizing every withdrawal. 

Here's my question: Why didn't WE think of that?!

We have the technology to alert people directly when a transaction happens. We know that elder abuse and fraud happen every day. We know that there are concerned sons, daughters, nieces, nephews, grandkids and great-grandkids that want their grandparents to be okay and retain their independence. We know all of that.

So why did it take an outsider to get us here?

And what is the deal with this whole "prepaid card" thing? Are our cards not good enough? Yeah, a $20 annual fee for the ability to keep your parents and grandparents from selling their lives away is a meager sum, when you think about it. But couldn't we be there with a free card? Or a program that ties into a checking account that elderly person might already have, avoiding any do-si-do between card provider and source? 

When I hear people talk about "innovation", I wonder how many people are just staring at a poster on the wall of a guy holding a lightbulb. Seems to me innovation is when you realize people need something and the thing you give them to fill that need is not what they expected. People needed a faster way to pay without using credit so we made debit cards. People wanted to manage their finances more closely so we created online banking and bill pay. People needed to do business on the go so we got the smart phone. All the stuff we count on to make life easy once seemed ridiculous, just "Da Vinci sketches" of weird helicopters that would never prove useful. And now, we have it. 

As you read this, someone's working on the next iteration of the True Link card. Does it also include check fraud prevention and free checkbooks? Does it include learning materials for people with elderly parents, alerting them to scams that most seniors with the card are encountering? Does it share declined purchases in a database, identifying trends? Does it call the cops on those scammers and put them out of comission for good?

Why don't you think on that?

Do you know of any cards or programs that exist specifically for seniors in the credit union world? Let us hear about them in the comments section.

July 19, 2011

Truth or Dare: Do You REALLY Need a Social Media Expert?


by Jimmy Marks 

I saw a discussion group on LinkedIn - "Is there such a thing as a Social Media Expert?" 

It's an interesting question. With social media still such a young enterprise and with so many questions still in the minds of users and content creators, you have to there really such a thing as a social media expert? 

What's sad is that in the short time "Social Media" has existed, we've already developed a stereotype of the "social media expert". It's usually a man, usually in a very expensive suit. His speech is very terse and he's VERY SERIOUS about how social media can help your credit union. 

Granted, he doesn't know what a credit union is, who you serve, how you're chartered, how you're capitalized, what your loan portfolio looks like, what your CAMEL rating is, how many employees you have, how much money you have...

He doesn't know anything about you or what you're doing. And he'll never care. Because by the time his check clears, he's moved on. It's like "The Music Man", only he's not coming back to win your heart and the heart of everyone in River City.

Why care matters

Am I a social media expert? That depends, I guess. I know how to set up and use the networks that most of you are using or considering using (Facebook, Twitter, LinkedIn, FourSquare, etc.). But I think that's about one-tenth of the equation. My biggest social success has come from one thing and one thing only, and that's caring

I was hired a few years ago by DigitalMailer to start a company blog for their website. In time, I slipped into the position of Creative Media Director. When I had to get the blog noticed and read by the right people, I simply emailed a long list of financial industry bloggers that I thought would be good contacts. I said, very simply, that I wanted them to read our blog and to feel free to comment on our posts. 

In time, those "thought leaders" became personal friends of mine. In time, I became a person they thought of when they thought of eStrategy. Now, with hundreds of contacts and relationships formed, I can say I'm helping to inform more people about what our company does than I would have if I'd just started without their help.

It didn't start with Twitter, it didn't start with Facebook. It started with me asking them for their guidance and their friendship. I cared about their opinion enough to seek it out. They cared enough about my actions to continue communicating with me. They're great people and, pretty soon, a few of them are going to change the way things are done in this industry. 

My point: audience is everything. And anyone who tells you otherwise is a liar. A big liar.

The biggest lie you've been told about being social

If I had to guess, I'd guess there's been at least one person who's gone out of his or her way to tell you all about how you're "doing it wrong." And sure, maybe you're not as accustomed to social networking as you are to other forms of marketing (by the way, yes, social media is a marketing enterprise. Marketing should be involved.).

The worst thing you can do for your social endeavors? Convincing yourself it's not worth the effort it takes to make it good. 

I can tell you that it takes FOREVER to build a following. I can tell you that not everyone's going to like you and not every kid in the playground will be your friend. I can tell you that a sales strategy is MUCH different than a strategy to gain followers.

I can get you started. But the level of care you bring to the table is what will make or break you. 

The "Truth" in Truth or Dare. 

Not to be one of those people that speaks in analogies, but here's a good one: getting started in social media is like making a cake. You need to know the ingredients, you need a little help with the mixing and the baking temperature, but the success of the "cake" is all in how much effort you put into it. 

You can get a store-bought cake and try to pass it off as home made, but over time someone's going to see through that. The same is true if you hire a "social media expert" to run your various social media accounts. Eventually, everyone's going to get tired of it. 

And yes, some people might not like your cake. Some people might love it and want another slice, and another, and another. Focus on that one person that likes it rather than the one that doesn't. A "social media expert" is most likely going to tell you that your efforts suck. Well, if you got into social media to impress social media experts, you might as well just get out of it, because you're not working to impress the people that matter. 

Some folks are going to tell you that baking a cake can stop up a leaky pipe in your basement. Those people are insane. The same with social media - if your infrastructure and your business model completely sucks, no amount of twittering or Foursquare promotions are going to save you. A cake doesn't solve a leaky pipe. Social media will never solve everything wrong with your business. 

The "Dare" in Truth or Dare.

With all that in mind, I'd like to talk to you about social media. I can show you the ropes, talk about ideas and strategies that I know to be successful, help you nail down the message and, if you're not ready, be honest with you about the things you need to get right before you get into social media. 

We've used social media to help us sell, to get the attention of new partners and clients and, most importantly (to me, anyway) to make us the envy of some of our stiffest competition. 

Can you do the same? That's not up to me. And if you come to one of my learning sessions, I don't guarantee you'll be a success. But I guarantee you'll understand more about what to do than you ever could alone. I guarantee you, you'll know what you want out of social media. 

With that said, here's a link to our sign-up page for a social media sit down. Get in touch with me and I'll be happy to slate some time for us to talk about what you're up to, what you want to do and what you're able to do. 

As a parting shot, I dare you to do one of four things with your social media endeavor of choice today: 

1) FOR FACEBOOK: Say something that's true of your credit union that the average user might not agree with - If you believe something, stick by that belief and throw it out there. What's one thing that you need/want to impress on your members? Don't be wussy and say something like "We believe that credit unions are great!". Say something bold and see what people shoot back with. Poke a bruise. Make a wave.

2) FOR TWITTER: Block or unfollow anyone who's following you that you can be sure is outside of your service area or is not a current member or potential member - How gutsy would THAT be? If you go through your followers list, you're likely to see a number of people who are not actually tweeting or are spam-tweeters. BLOCK THEM. If you see someone whose info lists them as a "social media expert" and they don't list a location within a few miles of your credit union, BLOCK THEM. If a major business is following you and it's not for any reason other than you mentioned them once, BLOCK THEM. Make your credit union account an account that just helps members. Set up a separate account for networking and use that to study what other CUs are doing. I can tell you for sure that more people contact @jimmymarks to talk about things and get a sales conversation started than those that contact @digitalmailer, and that's okay, because at least they associate me with the company. They're getting through somehow. And I've never been contacted by anyone who considers themselves a "guru" at social media. Because those guys typically have no money for what I'm selling. 

3) FOR LINKEDIN: Hire someone off of the recommendations they list on their profile - If good help is REALLY all that hard to find, at least start with people that have a little word-of-mouth behind them. You know there's someone you're dying to hire at your credit union. Make their LinkedIn account your crucial factor - slice anyone that would have been considered for the job that DOESN'T have a LinkedIn page. Who's that leave? Food for thought.

4)  FOR FOURSQUARE: Make a mad, mad, mad, mad world out of it - Give away something REALLY AWESOME and see who shows up at the branch. Let's say you're giving away a month's worth of gas. Let's say you're giving away an iPad. How about a wad of cash you would've wasted on a phonebook ad? Make it a crucial giveaway. Make a big stink of doing that. Then try the same with a Facebook check-in. Don't get shy. 

Go to to learn more about DigitalMailer and social media - while you're there, sign up to be notified when our learning sessions begin and when our guidebooks become available.