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Annual Survey of Bank Reputations ANNUAL SURVEY OF BANK REPUTATIONS July 2016 americanbanker.com ESTEEM ENGINE By strengthening ties with customers and communities, Synovus regained its status as one of banking’s most highly regarded brands KESSEL STELLING, SYNOVUS CEO 001_ABM_0716_001 1 6/8/16 11:53 AM ONE PLATFORM. ONE COMPANY. ONE MISSION. One platform that can meet all of your virtual banking needs. One company dedicated to building best-of-breed banking software. One mission: to strengthen communities by strengthening their financial institutions. www.Q2ebanking.com/one-AB Q2ONE.ad.v1.indd0C2_ABM0716 2 1 6/7/201612/18/15 12:07:57 11:09 PM AM Contents JULY 2016 / VOLUME 126 / NO 7 6 11 24 37 40 REPUTATION SURVEY Features BankThink 30 Wanted: Hackers 37 Transformers Banks try creative tactics to 18 The Large Take Charge Engaged employees recruit cybersecurity pros Big banks are starting to gain momentum in are the cornerstone of a our annual reputation rankings as regional 30 Out of Circulation customer-centric culture banks stall A timeline of the rise and fall 24 Esteem Engine of coin-counting machines BackPorch How Synovus restored its status as one of 40 Quotes from Camden banking’s most reputable brands Briefi ngs Fine (on Jamie Dimon), 6 Why Add Branch Staff Dimon (on Fine) and more 7 Tip in Lieu of a Fee 8 A CEO Debate IN EACH ISSUE 10 Mortgages Simplifi ed 4 Editor’s Note 10 Novel CRA Strategy BankTechnology 11 Online Lending Woes 13 Cybertheft Response 14 Citi Tests Beacons 16 When Digital’s Critical American Banker (ISSN 2162-3198) Vol. 126 No. 7, is published monthly by SourceMedia, One State Street Plaza, 27th Floor New York, NY 10004. Subscription price: $120 per year in the U.S.; $139 for all other countries. Periodical postage paid at New York, NY and additional U.S. mailing of ces. POSTMASTER: send all address changes to American Banker, P.O. Box 47069, Minneapolis, MN 55447. Send editorial inquires and manuscripts to American Banker, One State Street Plaza, 27th Floor, New York, NY 10004. This publication is designed to provide accurate and authoritative infor- mation regarding the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering nancial, legal, accounting, tax or other professional service. American Banker is a registered trademark used herein under license. © Copyright 2016 SourceMedia, Incorporated and American Banker. All rights reserved. www.americanbanker.com. JULY 2016 AMERICAN BANKER 1 001_ABM0716 1 6/8/2016 10:57:05 AM What’s going on americanbanker.com @ Providing financial services professionals with analysis of vital developments and focusing sharply on their most important concerns MOST READ MOST SHARED MOST COMMENTED Banks’ Plan to Disrupt I Told You So, Banks at the Mercy of Payday Lenders’ Game Marketplace Lenders Regulatory Absolutism Well, it was a nice idea, and The hits that alternative Regulators have abused one Pew’s Nick Bourke liked. lenders like OnDeck Capital their role of implementing law, But the new small-dollar loan are taking shouldn’t be and are causing economic products that several banks a surprise for an industry malaise with their sustained had in mind won’t work under built on unsustainable assault on the financial services the CFPB’s most recent pro- business models, consultant industry, Eric Grover argued in posed rules for payday lending. Todd H. Baker wrote. a BankThink piece. Established 1836 One State Street Plaza, 27th floor, New York, NY 10004 Phone 212-803-8200 AmericanBanker.com Emails [email protected] Volume 126, No. 7 Editor in Chief Marc Hochstein 212.803.8887 Tanaya Macheel 212.803.8268, West Sara Culley 831.438.8408 Executive Editor Bonnie McGeer 212.803.8430 Managing Editor Dean Anason 770.621.9935 Ian McKendry 571.403.3857, Jacob Passy Southeast David Cleworth 843.640.3713 212.803.8209, John Reosti 571.403.3864, Copy Editor Neil Cassidy 212.803.8440 Group Editorial Director, Regulatory Policy Marketing Director Gary Siegel 212.803.1560, Jackie Stewart Senior Art Director Nick Perkins Rob Blackwell 571.403.3834 Jeannie Nguyen 212.803.8324 Executive Editor Bonnie McGeer 212.803.8430 571.403.3852, Kevin Wack 626.486.2341, Art Director Robin Henriquez Senior Editor Alan Kline 571.403.3846 Bryan Yurcan 212.803.8753 Group Director Custom Marketing Solutions Contributors Kristin Broughton, Penny Crosman, Editor at Large Penny Crosman 212.803.8673 Virginia Wiese 704.987.3224 Brian Patrick Eha, John Heltman, Austin Kilgore, Alan Group Editorial Director, Banking/Capital Markets Kline, Tanaya Macheel, John Reosti, Jackie Stewart, Technology Editor Robert Barba 212.803.8640 Richard Melville 212.803.8679 Associate Director of Classified Sales Kevin Wack, Mary Wisniewski, Bryan Yurcan BankThink Editor Joe Adler 571.403.3832 JoAnne Kao 212.803.8325 News Editor Andy Peters 404.500.5770 General Manager, Digital Content CIRCULATION/CUSTOMER SERVICE Community Banking Editor Paul Vogel 212.803.8832 Subscriptions [email protected] Paul Davis 336.852.9496 Customer Service/Renewals Director of Creative Operations Contributing Editor Daniel Wolfe 212.803.8397 [email protected] Michael Chu 212.803.8313 Digital Managing Editor 800.869.6882 Christopher Wood 212.803.8437 Executive Director of Research and Data Reprints For information about reprints and licens- Copy Editor Neil Cassidy 212.803.8440 Chief Executive Officer Douglas J. Manoni Dana Jackson 212.803.8329 ing content, visit www.SourceMediaReprints.com or Deputy Editor, BankThink contact PARS International Corp. 212.221.9595. Chief Financial Officer Michael P. Caruso Mary Wisniewski 323.380.5248 ADVERTISING Chief Revenue Officer Marianne Collins Reporters/Producers Kate Berry 562.434.5432, VP Sales, Banking & Payments Director of Content Operations Kristin Broughton 212.803.8755, Lalita Clozel Dennis Strong 212-803-8372 Theresa Hambel 212.803.8245 EVP & Chief Content Officer David Longobardi 571.403.3855, Brian Collins 571.403.3837, Chief Marketing & Digital Officer Minna Rhee Brian Patrick Eha 212.803.8715 , John Heltman N.Y., N.J., Conn., Penn. SVP, Conferences & Events John DelMauro 571.403.3847, Brian Lewis 212.803.8442, Liesbeth Severiens 212.803.8691 Yong Lim 212.803.8463, Midwest Jeffrey Dembski 847.498.4520 SVP, Human Resources Ying Wong 2 AMERICAN BANKER JULY 2016 002_ABM0716 2 6/7/2016 5:59:10 PM Fast. Smart. Agile. Responsive. ARE YOU PREPARED TO BUILD LIFETIME RELATIONSHIPS WITH YOUR BORROWERS? Financial institutions can help borrowers say “yes” to life’s big opportunities. When they do, they’re not just building their loan book. They are building lifetime relationships with customers. D+H helps you forge these deep connections with the only fully compliant, end-to-end solution for consumer, mortgage and commercial lending. Our lending solutions allow you to be responsive to customer needs as they evolve. They also eliminate re-keying, so loan offi cers can focus on what they do best: building relationships with customers. Learn more at dh.com/end-to-end-solutions. ©2016 D+H USA Corporation. All rights reserved. D+H is a trademark of D+H Limited Partnership. 003_ABM0716 3 6/7/2016 12:07:56 PM Editor’s Note BY BONNIE McGEER Why Leadership Trumps Performance Now What a bank stands for matters more than the products it sells. relationship with the bank. But it’s not Depending on your view, that could be a radical idea or a familiar one. But either enough to inspire trust. So we see the el- way it’s a key insight to remember for banks that want to work on bolstering their evation of leadership as being a metric of reputation, says Stephen Hahn-Griffiths, a vice president at the Reputation Institute. trust that says, ‘I trust the people leading “We see a continuing pattern around how the enterprise behind the products is that company.’ ” increasingly becoming more important. In other words, the perception of the bank For banks that want to capitalize on and who you are and what you stand for is more important than the products and this insight, an important consideration services that you keep developing and innovating,” he says. involves rethinking efforts focused on “So you can’t just drive reputation by coming out with new technology or new marketing and customer acquisition. smartphone solutions or new creative ways of borrowing money or new credit card The prevailing wisdom is to entice offerings. You drive reputation around enhancing the perceptions of the enterprise. people with sweet deals — free checking “And that’s not just important for customers, it’s especially important for or a credit card with no fees, for exam- noncustomers.” ple. Banks spend millions on marketing Humanizing the corporate identity of banks is an emerging trend across the indus- messages like these. try — one that’s proving critical in helping build reputations back up after the damage “Most banks go into conversations of the financial crisis. around customer acquisition very much Integral to this approach is leveraging leadership — chief executive officers and blinded by brand market communica- beyond — to give the bank more of a personality, make it more relatable and help tion,” Hahn-Griffiths says. “Hey, if we raise its visibility in the community. spend $10 million, how many new cus- “It’s not about putting the CEO on TV and having him say great things. This is about tomers are we going to drive?” elevating the entire leadership of the organization,” Hahn-Griffiths says. “That’s how But, Hahn-Griffiths argues, resources we become viewed as more human and less the bean counters.” could be better spent on efforts that cast Efforts must go beyond press releases and blog posts. Hahn-Griffiths suggests banks in a positive light and help create getting executives involved in important local projects and prompting them to offer goodwill in the minds of consumers, so thought leadership on social issues, rather than just having them be a mouthpiece that when they see or hear a marketing for quarterly earnings.
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