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When it comes to social proof, we think alike

first_img ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr by: Joe SwatekAs a financial services marketing professional, your job is to persuade likely prospects to open new accounts and take advantage of services at your institution.That description almost makes it sound simple. Of course, you know it isn’t.There are methods you can use to reach that goal. They were explained years ago in the book, Influence, The Psychology of Persuasion, written by marketing master Robert Cialdini.One of Cialdini’s six tool of persuasion he described in the book is Social Proof.Social Proof goes by a variety of names, some not so flattering, but the concept is easy to grasp. The idea works all around us, not only with advertising. Through some sort of influence, people conform to a group idea or, in advertising, choose a particular product.You probably know an individual or family who always drive the same make of car. They might be Ford people or Chevy owners. Maybe they go so far as preferring a particular model, like the Mustang. These people are following Social Proof. Because the grandfather or father or someone with influence claimed one make of car was the best, all the others follow suit. continue reading »last_img read more

CFPB defanged?

first_imgWith Trump-appointed deregulators now in charge of the Consumer Financial Protection Bureau, the specter of new regulations governing overdraft practices and fees has been lifted, at least temporarily.CFPB is at a fork in the road and less likely to further restrict credit union overdraft programs, at least in the immediate future, observes Brian Witt, senior partner in the Farleigh Wada Witt law firm, Portland, Ore.“They’re likely to put a freeze on any new regulations for the next six to nine months, until they see what the new director’s priorities are,” he says. “That should bring credit unions and banks short-term relief from any potential new regulation.”The threat of heavy-handed overdraft regulation by CFPB was receding even before an anti-regulation acting director took over, he notes; CFPB’s own research study showed little need for more restrictions. continue reading » 17SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more