ABA Banking Journal - June 2008 - (Page 48)
Tech topics familiar with the argument that automation connected to records management and e-mail management in particular is a “nice to have, but not strictly necessary.” “Sure, the real need depends on the bank’s size and scope of business, but unless a bank is extremely small and simple in its operations, it is pretty difficult to handle retention and destruction in a proper way—and you’re taking up valuable man-hours to do it,” says Catanzano. Beyond internal complexity, there is the prevalence of lawsuits, another factor. “With hedge funds routinely collapsing and all the problems in real estate, my thinking is that e-mail automation and policy will need to be given serious effort,” says ESG’s Babineau. Such discovery-related requests after the subprime fall might include a look for electronic mortgage documents sans signatures—or without documentation of credit checks, says Babineau. When asked about vendors to watch in the space, he mentioned Iron Mountain, Clearworth, and Kazeon. (See box, p.46.) In Brief Getting edgy, FNBO Direct launches YouTube contest to plug savings to “reality tv generation” A campaign to popularize savings has gone from quiet pilot to big time ballyhoo beginning May 6, courtesy of YouTube. Asking participants to submit a one-minute self-produced video describing the person’s savings agenda, Pay Yourself First, (www.pyfchallenge.com), will chose five semi-finalists who hope to share “a savings journeys with viewers” over several months. The campaign was the idea of FNBODirect, the online bank, which has been in business since 2006 as a part of $21 billion asset First National Bank of Omaha. The contest fits for a bank built for bending marketing rules, according to Robin Nakamura, senior vice-president of eBusiness. Given the notoriety of YouTube, FNBODirect hopes FNBO Direct’s savings to propel its next phase of campaign relies on growth by promoting the YouTube’s reach on Web. basics of fiscal responsibility in a way in keeping with our reality-tv times, Nakamura relates. “Our president, Rajive Johri, first came up with in the idea of a savings challenge last year,” she says. Overall, the savings campaign asks that existing—and new—customers of the bank flip the usual approach to savings, spending first and then putting anything left into savings. The campaign suggests putting all money into a savings account at payday and subtracting necessary expenses—emphasis on the word necessary. (Your fifth pair of cute shoes or eighteenth mocha latte this month probably doesn’t count.) As for the contest, Nakamura acknowledges that YouTube is an edgy venue— although it is also rapidly becoming mainstreamed. “Lots of corporations are looking at it as another viable media channel,” she acknowledges. The contest asks that contestants be compelling and original, though too much snotty humor probably won’t cut it. “What we’re looking for can be fun, but of course, it’s got to be appropriate,” she says. “Inspirational stories would be nice, but I think it’s the kind of thing that we’ll know when we see it.” Once the top finalists are chosen the Challenge will begin to focus on their savings program, which will be documented real-time at the www.pyfchallenge.com site. As part of this, each contestant will have a “Goal Tracker” displayed on their blog that will show anyone logging in how they are doing. Winners will be selected based on percentage increase in net savings and will need to have adhered to other requirements, including blogging three or four times weekly about the process. The grand-prize winner and one guest will enjoy a spa getaway and all semifinalists will enjoy a savings match up to $5,000. A leg up in records management Even those who aren’t in hot water, or even contemplating a warm bath, can benefit. While e-mail isn’t everything, it is a big thing as far as records management is concerned. “My theory is, if you can tackle e-mail management, you can handle nearly everything else about structured and unstructured electronic documents in the workplace,” says Ball. Despite the increased call for e-mail in the courts, Ball notes that most banks, as with most companies of all sorts, build a return-on-investment case for all of these tools and techniques around employee productivity and reduced IT storage requirements. “A litigator likes to think that he or she drives the majority of business decisions, but in the end decisions around IT installations in compliance comes down to revenue, cost control and reasonable risk management,” he says. Ball goes on to say that while technology in eDiscovery isn’t strictly called for, volumes of e-mail and the very real risk associated with a free form e-mail policy should prompt companies to begin thinking about putting solutions in place. BJ 48 JUNE 2008/ABA BANKING JOURNAL Subscribe at www.ababj.com
Table of Contents for the Digital Edition of ABA Banking Journal - June 2008
ABA Banking Journal - June 2008
Do Fee-based Services Have an Edge?
Snapshot: Net Interest Margins Vary Sharply with Size
100th Anniversary: Then & Now
ABA Chairman’s Position
"What? No Annual Surprise Bonus?"
Pass the Aspirin
Cover Story: Top Community Banks: How They Did...
...And How They Did It
First East Side Savings Bank
Mackinac Financial Corp.
The Peoples Bank
Managing the E-mail Monster
Handling PEPs in the Age of "L'affaire Spitzer"
To Advertise/Index of Advertisers
ABA Banking Journal - June 2008