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Banks embrace social networks

The future of banking is one of the key topics of this month’s Lending Zone round table discussion. Social networking is increasingly changing the way that we live our lives and carry out business transactions. Nowhere is this more apparent that in the business of banking.

There was an interesting article in The Times recently that revealed how people were now finding that they received a better response from the financial services industry if they complained on Twitter than via traditional forms of kicking up a fuss.

With Twitter users able to re-tweet articles they find amusing or feel strongly about, it doesn’t take much to get a trend going, so it seems common sense for firms to ensure they monitor what consumers are writing about them.

So it is interesting that some of the newer banking entrants are placing the use of Twitter and Facebook at the heart of their business propositions.

As Stuart Sinclair, chief executive officer of Home and Savings Bank, says on page 28 of the round table discussion, it was the film, The Social Network, that switched him on to embracing the internet 2.0.

He believes that working out how the likes of Facebook and Google can be used to get his organisation talked about at the very least, is vital.
Not surprisingly, Virgin Money has a similar attitude, as does NBNK



Nationwide backs down on claim that brokers push fixes for fees

Nationwide Building Society back-tracked on comments by one of its directors last week who accused brokers of churning fixed rate mortgages to get a fee. Chris Rhodes, product and marketing director at Nationwide, was quoted in last week’s Sunday Telegraph saying some brokers were pushing borrowers to fix, not because of the possibility of rising […]

Another big lender that is so out of touch with market

I was surprised to read the comments by Nationwide on how brokers are forcing consumers on to fixed rates. As Nationwide has put its rates up by over 0.6% in the past week, thus increasing the margin between fixes and variable deals, is it surprised the latter remain popular? It doesn’t realise that most brokers […]

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Global benefits predictions for 2015 from Jelf International

According to Doug Rice, managing director of international services, in 2015, managing their international duty of care will become an increasing focus for UK-based overseas organisations in both managing their short- and longer-term challenges. As a result, strong independent advice and innovative technological solutions will become more important than ever in managing their global benefits.


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