Supporting Opinion | Your Bank in Your Business

Customer-Centric Banking Analytics Scares Me

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BethSchultz
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Re: How much do they really know?
BethSchultz   2/7/2013 4:48:27 PM
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Hi Cordell, ah, yes -- THAT question. I've never looked into an answer, but perhaps should one day. Too low a priority, perhaps? Too many bilingual-speaking banking customers whose preferred spoken language might differ from preferred written language? What's your guess as to why we still get the option?

Cordell
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How much do they really know?
Cordell   2/7/2013 2:20:27 PM
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I will ask the question that was asked 20 years ago in a credit card forum I attended and it's still unresolved.  If my bank knows so much about me how come it can't figure out what language I speak when I go to the ATM?

Cordell
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Re: Other Applications
Cordell   2/7/2013 2:16:07 PM
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Kicheko

Rest assured this absolutely happens but it doesn't have much to do with your personal withdrawal patterns, more likely aggregate withdrawal patterns at the bank.  You'll never see it come out of you're statement or online balance but you're money isn't just sitting there.  Banks make money but investing the money you deposit (as well as other sources of capital) in loans, mortgages and yes sometimes currency.  If you're not using it they're going maximize their investment.  Sometimes that means moving funds overnight.  By law they are required to keep a percentage of it in the bank in case you want to withdraw it but you're money is not sitting in the bank waiting for you.

Noreen Seebacher
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Re: Some good some juudgement
Noreen Seebacher   2/1/2013 8:33:14 AM
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The fact is that many of the offers are pre-selected -- which is not the same as pre-approved. So a customer may accept an offer - complete the application -- only to discover she does not qualify for the stated offer. All she is left with is an extra inquiry on her credit report!

Hospice_Houngbo
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Re: Other Applications
Hospice_Houngbo   1/31/2013 8:11:42 PM
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@kicheko.

Are the banks you are talking about located in Africa or in Western countries? I wonder if things happen that way in the US or Europe. I've never noticed that with my bank accounts.

Maryam@Impact
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Re: Some good some juudgement
Maryam@Impact   1/31/2013 11:44:32 AM
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Beth/Sandra-I thought it was a fluke the first time it happened, then it happened a few other times. I finally had to call the bank and ask them to let me conduct my business without announcing my personal business on the loudspeaker. They had many options a note, a flyer about a service sent out with my receipt, an offer sent out in the tube. As a marketing person I was certainly surprised at their judgment and their ability to alienate a consumer based on their actions.

BethSchultz
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Re: Other Applications
BethSchultz   1/31/2013 10:10:57 AM
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kicheko, that sounds complicated and risky. Have you seen any documentation on this? I'd love to read more about it for a better understanding of how this works.

kicheko
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Other Applications
kicheko   1/30/2013 8:25:55 PM
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But i'm told of another way banks use customer analytics. By finding out a customers withdrawal patterns and knowing for example that customer x doesn't make withdrawals at midnight, they can borrow your money at night for trading in foreign markets and then return it by morning. i don't know how much fact is in that, but i have queried my bank account after midnight on occasion when i'm still up and working and sometimes the balance read zero! and when i queried again in the morning the balance was correct i.e. not zero.

kicheko
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Re: Consume within limits
kicheko   1/30/2013 8:24:12 PM
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Banks make money by selling loans to customers. thats their bottomline and not protecting us as we may want. So then we should understand banks from that perspective and i agree with you that we don't need to take up every offer they give to us.

BethSchultz
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Re: Consume within limits
BethSchultz   1/30/2013 12:47:47 PM
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Ah Sandra, spoken like the well-educated, well-informed woman that you are. Sadly, not all bank customers are as wise as you --  hence the reason for my concern. Perhaps banks should offer credit counseling services along with these extra offers...

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