11 minute read
2017 ABA Mega Conference
New in 2017, the ABA Mega Conference combines seven of our annual conferences into one awesome professional development and networking event with an on-site trade show. What does this mean for you? A greater opportunity to connect with peers from across the state, a vetted group of professional speakers to bolster your banking knowledge, and a professional development event customized to meet your needs!
Here’s how it works:
Sign up. Register for the ABA Mega Conference at www.arkbankers.org/Mega.aspx. Attendees can sign up for one, two, or three days of the event.
Learn. Indicate which job specific track(s) you will attend. Events taking place during the ABA Mega Conference include Agri Lending, Bank Executive training, Leadership, Marketing, Security, Trust, and Technology. Maybe you’re an ag lending officer with an interest in trust? Feel free to pick and choose which individual sessions you will attend.
Interact. All tracks will combine for keynote and lunch sessions, which will include Little Rock native Super Bowl champion Keith Jackson, Arkansas’s own NFL Referee Walt Coleman (Hiland Diary), and an Arkansas-specific panel discussion on marijuana banking.
Engage. Join your fellow bankers and guests from across the state at our multiple networking events, networking events on Monday and Tuesday evenings, and the annual ABA Trade Show (previously held in conjunction with the Annual Convention).
Register and make your reservations now, because you won’t want to miss the first-ever ABA Mega Conference!
Maximize Your Time with Super Bowl Champ Keith Jackson Monday, October 23 at 11:30 a.m. What is your greatest purpose in life? Born and raised in Little Rock, Keith Jackson was a stand-out athlete who went on to play collegiate football with the Oklahoma Sooners, and later had a longstanding career in the NFL, playing for the Philadelphia Eagles, Miami Dolphins, and Green Bay Packers. In his final season, Keith recorded 40 receptions for 505 yards and a career high 10 touchdowns, assisting the Packers to a 16-3 record and a win in Super Bowl XXXI. During his time in the NFL, Keith was touched by the violence and turmoil faced by the country’s youth, and began to focus on a greater purpose, building a non-profit organization to provide highrisk students the opportunity to further their education by completing high school: P.A.R.K. (Positive Atmosphere Reaches Kids). Join Keith as he focuses on maximizing your time, because we only get one season to achieve our greatest purpose.
Marijuana Banking Panel Tuesday, October 24 at 11:30 a.m. How will the legalization of medical marijuana impact banking in Arkansas? Find out from bankers and business people who have been there, done that during our Marijuana Banking Panel! Panelists include: • Kelly Goode, Senior Examiner at the Federal Reserve Bank of Kansas City, Denver • John W. Vardman, III, EVP & General Counsel of Hypur, Scottsdale, Arizona • Mary Robin Casteel, Director of the Arkansas Alcoholic Beverage Control Division, Little Rock
Turn ‘Boos’ into Cheers with NFL Referee Walt Coleman Wednesday, October 25 at 11:30 a.m. How well do you handle the negative nature of our society and your job responsibilities? One of the challenges in life is figuring out how to turn boos into cheers. In the midst of chaos, how do you respond as a leader? Walt Coleman has spent the last 25 years being cheered by hundreds and booed by millions. His experiences as a referee in the NFL gives him first-hand knowledge. During our lunch session, he will offer his suggestions on how you can survive in today’s negative society.
Monday, October 23 8:00 a.m. Trade Show Breakfast 9:00 a.m. Concurrent Sessions Agricultural Policy Update The Amazon Prime Effect 10:00 a.m. Break 10:30 a.m. Concurrent Sessions Ag Policy Under the Trump Administration & the Current Congress Banking Vision 2020: Innovation at the Speed of Life 11:30 a.m. Lunch Featuring Keynote Speaker Keith Jackson “Maximizing Your Time” 1:30 p.m. Concurrent Sessions Benefits & Advantages of Whole Farm Revenue Crop Insurance Expanding Your Potential with FinTech Integration 2:30 p.m. Break 3:00 p.m. Concurrent Sessions Financing Arkansas’s Agricultural Producers: A Brief Primer on Proper Collateral Securitization and Loan Documentation Compliance and Marketing 4:00 p.m. Adjourn 5:00 p.m. Networking Event Tuesday, October 24 8:00 a.m. Trade Show Breakfast 9:00 a.m. Concurrent Sessions Effective Executive and Bank Director Compensation/Benefit Plans Looking at Leadership Through a Different Lens Five Considerations to Improve Your Incident Response Program 10:00 a.m. Break 10:30 a.m. Concurrent Sessions A Review of Director Duties, Best Practices, Enforcement, and Litigation Trends How to Thrive in Disruptive Times Credit Card Skimming 11:30 a.m. Lunch Featuring Marijuana Banking Panel 1:45 p.m. Concurrent Sessions Compliance Topics Little Bit of Love & A Whole Lot of Crazy Security Threats to Your Institution: Are You Ready? 2:45 p.m. Break 3:15 p.m. Concurrent Sessions Emerging Technologies and the Rockefeller Habits TBD Branch Transformation SCHEDULE OF EVENTS
4:15 p.m. Adjourn 5:00 p.m. Networking Event
Wednesday, October 25 8:00 a.m. Trade Show Breakfast 9:00 a.m. Concurrent Sessions Don’t Put Off to Tomorrow What You Need to Secure Today Update on Estate Planning and Administration
10:00 a.m. Break 10:30 a.m. Concurrent Sessions Bad CTO, Good CTO Reporting Obligations for IRA Custodians / Legal Developments of Interest to Trustees
11:30 a.m. Lunch Featuring Keynote Speaker Walt Coleman “Turning Boos into Cheers”
1:30 p.m. Concurrent Sessions Operational Efficiency Self-Assessment TBD
2:30 p.m. Break 3:00 p.m. Concurrent Sessions Digital Banking: Maximizing Technology to Meet the Convenience Demands of Your Customers TBD
4:00 p.m. Adjourn
September 2017 | The Arkansas Banker 13 All Covered • Mobile App Banner Ad DataScout Pro • Charging Stations Equias Alliance • Hotel Keycards • Mobile App Banner Ad Federated Investors • Elevator Wrap Mitchell, Williams, Selig, Gates and Woodyard, PLLC • Tuesday Evening Reception NetGain Technologies • Mobile App Banner Ad The Payroll Company • Lanyards Quattlebaum, Grooms & Tull • Candy Basket River City Print & Imaging • Brochure Printing NETWORKING EVENTS Monday, October 23 at 5:00 p.m. Tuesday, October 24 at 5:00 p.m. Make connections with colleagues from other banks, and other fields at our nightly social events before heading out to explore Little Rock! Agricultural Lending Edwin Elfman, American Bankers Association Dr. Barry Flinchbaugh, Kansas State University Seth Hampton, Quattlebaum, Grooms & Tull, PLLC Hal Hyneman, Southern Pioneer Insurance Company Marketing Dave DeFazio, Strategy Corps Shaun Harms, Bankers Assurance, LLC Virginia Heyburn, Fiserv Tiffany Pressler, AAMSCO Bank Executives Bret Anderson, NetGain Technologies Trey Deupree, Equias Alliance Shaun Harms, Bankers Assurance, LLC Bruce Johanson, The Johanson Group/DB Squared Robert Smith, Friday, Eldredge & Clark Leadership Sandy Asch, Alliance for Organizational Excellence Jon Harrison, VIP2 Eric Howerton, WhyteSpyder, Inc. Security Anthony Burnett, Level5 Keven Eack, The Bannan Group, LLC Dan Harpool, Complete Computing Jon Waldman, SBS CyberSecurity Technology Joe Ehrhardt, 3E Software, Inc. / Teslar Trent Fleming, Ternt Fleming Consulting Lynette Martin, Gro Solutions Sean Tappe, PC Assistance Blake Townsend, PC Assistance Trust Bryant Cranford, Rose Law Firm Kevin Horn, BKD, LLP Coleman Westbrook, Friday, Eldredge & Clark Dan Young, Rose Law Firm TRADE SHOW EXHIBITORS 3E Software, Inc. / Teslar 3SI Security AAMSCO All Covered The ASA Group Bankers Healthcare Group BKD, LLP Broadridge Financial DD&F Consulting Group Federal Protection, Inc. The Johanson Group Mainstream Technologies Mainstreet Advisors NetGain Technologies OneDigital Benefit Advisors The Payroll Company Reich & Tang SBS CyberSecurity Visible Equity Works24
Mobile Banking: Creating the Amazon Prime Effect
by Clay Crenshaw Strategy Corps
The retail space is undergoing a huge transformation as of late. Society is gravitating less toward traditional purchase models and more toward loyalty-oriented, subscription-based service models. This development has been termed the “Amazon Prime Effect,” as Amazon has both been a leader in this model and one of its biggest success stories. To put that success into perspective: as of March of this year, there are over 80 million Amazon Prime subscribers in the U.S., a significant jump even from the 65 million the company reported the previous November. Amazon’s business model and similar companies following this model (think Spotify, Costco and others) have materially transformed the retail industry and consumers’ expectations of the services provided by the companies they do business with. Banks are no exception! This is actionable competitive intelligence for community banks, which can use these companies as examples when developing their own retail products and services. One relatively straightforward area for customer experience where banks can do this is with their mobile offerings, as they’ve become essential to consumers’ everyday lives and enable banks to better meet customers where they are. So, what has made products like Amazon Prime wildly successful? THE SUBSCRIPTION-BASED MODEL Before diving into how banks can make their own mobile offerings more marketable, it’s important to understand the subscription-based purchase model. Traditionally, transactions have been based around products. If a consumer wanted an item, they would pay to own the product and then that transaction was complete. With the subscription-based model, the consumer pays for access and use of an ongoing service in regular installments (yearly, monthly, etc.) with no long-term commitment. Why has this model seen so much traction within the marketplace? For one, it usually offers a higher level of value for a relatively low fee. It’s also based around ease and convenience to the end user and not the service or product provider, making it even more attractive to consumers. For companies, there is the added advantage of being provided with
14 The Arkansas Banker | September 2017 regular points of engagement with the customer, frequently reminding him or her of the value of their brand. HIGHER LEVEL OF VALUE, LOW COST One of the biggest factors that make subscription-based services so appealing is that they provide more than just the basics. These services also include additional features or benefits to enhance the subscriber’s experience with the basic service. For example, Amazon Prime isn’t simply a marketplace of items. Subscribers also receive a wealth of other valuable benefits—discounted prices on many products (often including exclusive deals just for Prime members), free two-day shipping, access to Amazon Now to receive many items at their doors in as little as 1-2 hours, access to video and music streaming services that include exclusive content and access to an eBook and audio book library, to name just a few. And all of this value is reasonably priced at about $100/year. Value-rich models like these have greatly influenced the retail space and consumer psychology so that customers have come Photo by Julie Clopper / Shutterstock.com
to expect more than just the basics from the companies they choose. To meet these expectations and remain relevant to their customers, banks must practice the same principle and offer more just basic financial services. In regard to mobile specifically, that means going beyond the Big 5 features (transfers between accounts, bill pay, deposits, branch and ATM locators and P2P payments) to provide more value with mobile services. For example, banks could offer their customers access to a network of mobile coupons for moneysaving discounts or self-service financial guidance powered by robo-advisors. What’s important is that the value is relevant to customers, affordable and easy to access—from the customer’s perspective, not the provider’s. EASE AND CONVENIENCE It’s not only what the subscription model delivers but also how it delivers that makes it so successful. While the model may vary slightly from company to company, all subscription services are characterized by a very convenient and
user-friendly customer experience. For example, Amazon Prime centralizes a huge selection of items in one easily searchable marketplace. Customers will quickly be able to find the specific types of products they’re looking for and can also easily compare products and read reviews to get the best price and quality. This would be much harder with these items spread across different vendors. Then, once the member has found the item they want, it’s delivered directly to their door within two days so they barely have to wait for it to appear on their doorstep. To see the most immediate success, banks should focus on making their mobile offerings as convenient and “friction-less” as the Amazon experience. That means making sure apps are as user-friendly and intuitive as possible and that value meets customers where they are. To make utilizing their services more intuitive and natural, some banks are integrating their mobile banking features with voice or text capabilities to meet customers where they’re already using their phones. Venmo has managed to do this highly effectively. Its users can access Venmo’s capabilities directly within their texting applications so they don’t have to navigate a menu or even open the Venmo app. Instead, the experience aligns with how they use their phones daily, making it quick and easy. By working to make their own mobile offerings more value-rich and convenient, community banks will be better positioned to compete not only with other financial institutions but also the larger retail space. All it takes is pushing beyond the boundaries of the basics and being relevant to where customers are and what they want. Then, community banks will reap the benefits of their own Amazon Prime Effect.
Learn more about the Amazon Prime Effect during the ABA Mega Conference Marketing track!
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