Comments on: Transparency, Innovation, Education

By: audiokabel

audiokabel — Mon, 21 Sep 2009 11:38:49 +0000

Great post this morning! I hadn’t heard of this documentary and your opening line really pulled me in so I watched the preview. Looks like a fascinating topic and it has already sparked debate here at work with the folks I pass it on to. So much anger over 2000 and 2004 that folks forget what Nader even was before those elections.

By: 3d animation courses

3d animation courses — Mon, 21 Sep 2009 10:17:05 +0000

I am going for weekly class on basic money and banking principles. Frankly, financial innovation, has been the most innovative topic. IThis post helped me in my studies. Thanks for that.

By: Brad J Garland

Brad J Garland — Wed, 01 Apr 2009 20:15:38 +0000

Hi everyone,

Thanks so much for the feedback and I’m glad this post resonated with you. Our community has gone on to even do a video in regards to these principles and if interested. These principles are going to be our communities goal moving forward.

We’d love to have you join the conversation and I’d like to thank BofA for allowing me to talk about something I feel so passionate about.

By: Ken Jackowitz

Ken Jackowitz — Mon, 09 Mar 2009 21:35:35 +0000

I applaud the comments around education. The challenge is to make banking overall less intimidating. As you look across all customer segments and delivery channels, there is not one group that has mastered the language of banking. The indudstry created alphabet soup of banking (i.e. APRs, CD, IRA’s) needs to be retired in exchange for what is important to each individual. A segment of one may seem very hard to educate, but if we can focus on the current and future goals of each customer and make it relevant to their everyday life, we will find that we have begun a true banking transformation and move away from the commodity based transaction model.

By: Medici

Medici — Wed, 04 Mar 2009 23:12:17 +0000

I like your approach to obtaining a transfomrational change in the financial services industry. However, I think you put equal weight on each step when, in fact, I think one deserves more focus that all others: Education.

I teach a weekly class to middle and high school students on basic money and banking principles. Frankly, financial innovation, has been too much of focus these last 10-15 years, and it is why we find ourselves in the midst of the greatest financial crisis since the Great Depression We need to step back and focus on the basics. Educating our youth on money seems trivial in the grand scheme, but it’s the only way to establish a solid foundation for understanding the needs of our future banking clients. I can’t tell you how inadequately prepred most students are when it comes to basic banking principles. For example, understanding the difference between a checking and savings account. How about creating an online FLASH based application describing the differences, educating student/clients as they make the choice of selecting the right account for them.

Whatever you guys come up with, let’s not forget that banking is one of the oldest professions and has survived cataclysmic like events in the past. It’s still around today because saving, lending, and investing are simple concepts that first graders are able to comprehend–I know because I teach them.

By: cm_icc

cm_icc — Thu, 26 Feb 2009 10:41:47 +0000

i propose a fourth principle. Fiduciary.

banking (and credit) circulation is so crucial to the vibrancy and resiliency of our (global) economy, financial institutions which deal with consumers should regard themselves as fiduciaries and be held legally to a fiduciary standard of care.

a delineation similar to ‘accredited investor,’ could be fashioned so that dealings with ‘accredited consumers’ could remain caveat emptor, arms length, transactions.

By: Prashanth Bhat

Prashanth Bhat — Thu, 26 Feb 2009 09:46:01 +0000

Wow, i like this idea. This takes me back to square one and makes me put the thinking cap on in terms of what is the basic purpose and function of a bank, in all the changes are we still strong with the real fundamentals, what is it that is causing the indigestion, etc etc. Similar to the ideas related to health and safety what is it that requires from banking and financial services point of view. One i can think of is risk sharing, and communication of risk. Engineering products that are based on the principles of risk sharing and communication of these risks in easy to understand manner to the customers.

By: Larson

Larson — Thu, 26 Feb 2009 06:20:28 +0000

I applaud you for your idea for an innovation tax credit for financial institutions! Think of the benefits for the consumer if positive financial innovation was to be encouraged. The next decade should encourage financial innovation that aims to benefit the retail and commercial customer.

Let’s make it our duty as bankers and Americans to encourage innovation in the financial services industry. Let’s make sure that our banks remain competitive in the global marketplace though continuous improvement in customer service and satisfaction. Let’s encourage innovation that links the organizational goals, performance-based compensation, and long-term stability.

Let’s do all of this and more. At this point, we have so much opportunity ahead of us; it is time to seize it!

P.S. Bank of America already hosts financial literacy classes at local schools though volunteer efforts of generous employees!