Unlike Japan and the United Kingdom (where regulatory authority over the banking, securities and insurance industries is combined into one single financial-service agency), the U.S. maintains separate securities, commodities, and insurance regulatory agencies—separate from the bank regulatory agencies— at the federal and state level.
Memphis Banks Regulation
Banking in the United States is regulated by both the federal and state governments. Bank regulation in the United States is highly fragmented compared with other countries. While most of these countries have only one bank regulator, in the U.S., banking is regulated at both the federal and state level. Depending on its type of charter and organizational structure, a banking organization in Memphis may be subject to numerous federal and state banking regulations.
In the world of banking and finance nothing stands still. The biggest change of all is in the scope of the business of banking.
Memphis Banks: From Tradition to Technology
Banking in its traditional from is concerned with the acceptance of deposits from the customers, the lending of surplus of deposited money to suitable customers who wish to borrow and transmission of funds. Apart from traditional business, banks now a days provide a wide range of services to satisfy the financial and non financial needs of all types of customers from the smallest account holder to the largest company and in some cases of non customers. The range of services offered differs from bank to bank depending mainly on the type and size of the bank.
A clear opportunity exists for Memphis banks that can transform today’s passive Internet banking offering into one that provides a more widespread and interactive customer experience.
It is therefore imperative that banks in Memphis transform their online offering, such that it matches the new expectations of customers. Moreover, Internet banking must journey to popular online customer hangouts, rather than wait for Memphis customers to come to it.
There are clear indications that the shift towards a “next generation” online banking Memphis environment has already been set in motion. It is only a matter of time before these trends become the norm.
Leveraging of Social Networks to Target the Memphis Audience
Forward thinking banks are leveraging existing social networks on external sites to increase their visibility among interested groups. They are also deploying social software technology on their own sites to engage the same communities in two way discussions. Thus, their Internet banking has assumed a more pervasive persona – customers are engaging with the bank, along with its products and services even when they’re not actually transacting online.
Heightened visibility apart, banks can gain tremendous customer insight from such unstructured, informal interactions. For example, a discussion on the uncertain financial future among a group of 18 to 25 year olds could be a signal to banks to offer long term investment products to a segment that was previously not considered a target. Going one step further, a positive buzz around a newly launched service can create valuable word-of-mouth advertising for the business.
Memphis Collaborating through Web 2.0
The collaborative aspect of Web 2.0 applications has enabled banks to draw customers inside their fold more than ever before. Traditional methods such as focus group discussions or market research suffer from the disadvantages of high cost, limited scope and potential to introduce bias. Feedback forms merely serve as a post-mortem. In contrast, Web 2.0 has the ability to carry a vast audience along right from the start, and continue to do so perpetually. Thus, an interested community of prospects and customers participate in co-creating products and services which can fulfil their expectations.