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Finance Ten Chicago Financial Clusters

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The best of the best get together with the common goal to improve the health of the Chicago finance industry

Based on the Chicago Microfinance Conference event. More information at http://chicagomicrofinance.com/about.shtml

 This event is a conference where leading business and decision makers meet with practitioners and industry leaders to debate on the future of microfinance. This conference is Midwest based and is projected to innovate by building on prior success and creating dialogs on microfinance. Ultimately, this is a conference where the best of the best get together with the common goal to improve the health of the Chicago finance industry.  It ensures that open debate is had and that no rock is left unturned in their pursuit of microfinance perfection.

 

Innovations in the way they think has made banks both in Chicago and elsewhere refocus on customer relationship management

 Based on the article in the Chicago Tribune titled “A consumer upside to the financial crises” located at http://newsblogs.chicagotribune.com/the-problem-solver/2010/04/a-consumer-upside-to-the-financial-crisis.html

This article talks about the changes in philosophy that major banks have gone through because of the financial crises. According to the author, banks are now rebuilding trust and building customer relationships. Banks are now changing the way they think. They are now realising that do not hold all the power in the seller-buyer relationships. Before the financial crises it was customary for banks to not put many emphases on customer service and public relations. Innovations in the way they think has made banks both in Chicago and elsewhere refocus on customer relationship management. For the consumer this is great as it means better customer service. For the financial cluster this is great as the image of the “big bad heartless bank” will be tarnished in favour of a friendlier welcoming one. It seems like it’s a win-win situation.

 

New innovative technology will reduce the $10 billion dollars loss, banks incurred due to phishing and other types of scams

Based on the article titled “IIT Madras, Polaris Software and IndusInd Bank launch INTELLECT PRIVACY Internet Banking Security Card” located at http://blog.taragana.com/pr/iit-madras-polaris-software-and-indusind-bank-launch-intellect-privacy-internet-banking-security-card-13539/

This article talks about the launch of a new state of the art technology called Intellect(TM). Intellect is security card that designed for online banking. Intellect is a innovation of Polaris Global Financial Enterprise Security suite, a firm focused on financial security.  Basically it is plastic card that consumers can use to generate passwords that can help them to carry out any type of online transaction. Customers will be given booklets containing a certain number of cards that would last many transactions. The first bank to launch this technology is Indusland Bank with location in Chicago. This type of technology will reduce the $10 billion dollars loss, banks incurred due to phishing and other types of scams. More security will eventually mean a more confident consumer and thus a stronger financial cluster.

 

Innovative partnership will build a stronger banking system

Based on the Bank of America article titled “Bank of America Partners with Hewitt, Plateau Systems, Merrill Lynch and Fidelity for Innovative Human Resources Delivery Platform” located at http://newsroom.bankofamerica.com/index.php?s=43&item=8671

This article talks about an upcoming resource partnership with Hewitt Associates, Plateau Systems Merrill Lynch, Fidelity and Bank of America. The reason for this partnership is to deliver innovative human resources delivery platform. This will lead to a change in tools and customer service support for HR and payroll administration, tracking systems and timekeeping.

This innovative human resources delivery platform will be implemented in 2011 at the majority of Bank of America locations, including in Chicago. A partnership like this will no doubt increase efficiency, reduce cost and build a stronger banking system.

 

Executive salaries are extraordinary too high but little government interferences is best

 

Based on the Google News Article titled “Thousands protest bailout bonuses at Chicago bank meeting” located at http://www.google.com/hostednews/afp/article/ALeqM5iZ5UJumwTlpF4areO0Xq0WApx1Fg

This article talks about the issue of whether government should interfere in the banking systems to limit executive salaries.  Protesters in Chicago believe that the governments new rules limiting risk-taking compensation packages is not enough and the executive should be held accountable for the collapse of the banks. Others criticize the government’s interference, arguing that it limited innovation and disadvantaged already struggling firms by making them lose their top executives to higher paying firms in the public sector.    

I believe that both sides have good reasoning to their debates. Executive salaries are extraordinary too high, especially in a time of economic uncertainly. However, the ideals of laissez faire, which I support, states that as little government interferences possible is best to ensure innovation and economic and market growth. Whichever side is right doesn’t much matter along as the banks and the economy recovers and returns to growth and prosperity.

 

Payment Innovations conference will innovate Chicago finance cluster

Based on the article titled “Payment Innovations in the Wake of the Financial Crisis” located at http://chicagofed.com/webpages/events/2010/payments_conference.cfm

This article talks about an upcoming event on May 20^th-21^st, 2010. This event will bring together decision makers from financial institutions, central banks, payment networks, merchants and other payment innovators. This event is hosted by the Federal Reserve Bank of Chicago. The main purpose of this event is to debate and discuss new innovative changes to payment systems in the near future. The goal is to innovate the Chicago finance cluster with new technologies and practices so that the effects of another financial crisis will be minimised. This is definitely one step in the right direction.

 

Bank of America Chicago Marathon is example of a innovational public relations effort

Based on the Yahoo Finance article titled “U.S. Olympic Marathoner Ryan Hall Joins 2010 Bank of America Chicago Marathon Field in an Attempt to Lower the Men’s American Record” located at http://finance.yahoo.com/news/US-Olympic-Marathoner-Ryan-prnews-831371318.html?x=0&.v=1

This article talks about how Bank of America is hosting a marathon in Chicago on October 10^th, 2010. The marathon will be a staging ground for Olympian Ryan Hall to try to set a new American world record of 2 hours, 5 minutes and 38 seconds. The article also goes on to talk about the number of support that Bank of America has given and will continue to give to youth programs in and out of the Chicago area. With this support to the community of Chicago, the banking cluster will continue to find innovative ways to interact and be apart with the local communities. This will undoubting do wonders for the clusters public relations efforts.

 

Devon Bank believes Integrated Image Teller imaging software can revolutionize the banking industry

Based on the titled “Devon Bank Equips “Green” Branch with Imaging” located at http://www.banktech.com/core-systems/showArticle.jhtml?articleID=222300288

This article talks about how Devon Bank in Chicago has opted to use Integrated Image Teller imaging software from a banking technology company called IBT to become more environmentally friendly in their operations. The image software will automate typical teller duties such as depositing checks and others. The software will eliminate unnecessary paper as it will replace internal documents with “virtual Tickets.”

By using this innovative software for their banking needs, Devon will be able to  not only reduce wastages, cost but also operational efficiency. If more and more banks in Chicago opt to use this software, it could revolutionize the banking industry. All because of one very smart decision by Devon Bank.

 

Innovative “Tweetup” event complements ING’s use of Twitter

Based on the article  titled “ING Direct’s Jim Kelly to Host Chicago “Tweetup” for Savings Customers” located at http://www.banktech.com/channels/showArticle.jhtml?articleID=222500131

This article talks about how ING Direct is hosting a event they call “Tweetup” in Chicago for their savings customers. ING runs a Twitter feed for savings account customers and currently have about 10,830 followers. However they are now focusing more on face to face interaction. This event will allow their customers to come out and discuss various issues related to their saving account amongst other things.  

With the Twitter account ING has shown that is an innovative firm. This “Tweetup” event in Chicago is supposed to help them turn their online interest into face to face interaction. ING built a customer base of almost 11,000 followers their Twitter account. Now they are trying to ensure that these followers become loyal to their brand. This is a very smart and innovative approach for ING as they get free PR from Twitter and a chance to increase and expand their client base.