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Jim Marous
Works at Digital Banking Report
Attended Miami University
Lives in Cleveland
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Jim Marous

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The Barriers Faced By Vulnerable Customers 

As the treatment of vulnerable customers comes under the FCA’s spotlight, we look at some of the common issues vulnerable customers face in their dealings with the financial services industry and the improvements firms can make. 

Mr Alpha has been his father’s legal carer for eight years and was able to arrange third party access to his bank account to help him manage his father’s financial affairs. Despite this arrangement, staff have refused to serve him on a number of occasions and insisted that his father come into the branch to arrange things directly, despite Mr Alpha explaining the seriousness of his father’s condition. 
The FCA found evidence of a gap between the head office policies in place and their practical implementation by frontline staff, as in the situation above. Getting vulnerable customers the positive outcomes they need relies heavily on the actions of front-line staff, so firms should be closely monitoring the implementation and ongoing adherence to policies and procedures, as well as gaining consistent and regular feedback from vulnerable customers to ensure their needs have been accommodated and any gaps can be identified. 

When Mrs Beta’s husband died, she informed her home insurance provider immediately and provided a copy of the death certificate so his name could be removed from the account. Weeks later she was still letters addressed to her deceased husband advertising the insurer’s latest deals and products. 
Where applicable, disclosure of vulnerable circumstances should be communicated to all relevant departments of the firm and not just remain within the department which received the initial disclosure. At times of increased stress, having to repeatedly inform a company, or inform numerous departments of their circumstances can be detrimental to a vulnerable customer’s wellbeing.  

Miss Delta is partially blind and also suffers from a long-term condition. She encountered issues when trying to open a savings account as she does not hold a passport or driving licence. Although she holds other, non-standard, identification documents, she was unable to open an account because she could not provide the documents specified on the bank’s account opening policy. 
To accommodate the needs of vulnerable customers, a firm’s policies should be provide enough flexibility to accommodate those in non-standard circumstances, such as those of Miss Delta. Policies and training should also empower employees to act with appropriate discretion when dealing with vulnerable customers. 

These are just some of the scenarios uncovered during the FCA’s research into the fair treatment of vulnerable customers. Vulnerability is a very broad issue and can affect people in very different ways, so a firm’s approach should be flexible and empower staff to act with discretion to achieve the most appropriate outcome for the customer. 
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I really liked this update on the #FinTech bank, Simple. +Joshua Reich provided some great quotes and also appears in a video show casing the Simple app.
Behind Simple's rapid growth: no branches, no fees and handwritten thank-you notes.
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Jim Marous

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Despite a significant drop in branch transactions, increased cost of processing and minimal improvement in productivity, the reduction in the number and size of bank branches has not kept pace.By W. Michael Scott, President and CEO, FMSITime and technology have a way of changing people, for better or worse. When things change for the better, it usually means something or someone is getting left out. Remember when cell phones became the next big t...
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Jim Marous

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Despite a significant drop in branch transactions, increased cost of processing and minimal improvement in productivity, the reduction in the number and size of bank branches has not kept pace.By W. Michael Scott, President and CEO, FMSITime and technology have a way of changing people, for better or worse. When things change for the better, it usually means something or someone is getting left out. Remember when cell phones became the next big t...
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Jim Marous

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Despite the hype, mobile payment usage remains lackluster. Will newly announced partnerships and enhancements drive increased usage, or will acceptance require a major event such as a data breach?By Jim Marous, Co-Publisher of The Financial Brand and Publisher of the Digital Banking ReportThe Fintech world and those that follow payments were definitely excited in October, when Apple Pay hit the market shortly after the launch of the iPhone 6 and ...
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Jim Marous

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A new model – referred to as "bring your own persona" (BYOP) is built around the dimensions of consumer trust, digital capability and overall relationship. Using this foundation will position financial institutions to win over consumers for lasting success.By Jim Marous, Co-Publisher of The Financial Brand and Publisher of the Digital Banking ReportThere is no questioning that the rapid rise in the use of the internet and mobile devices, and the ...
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Jim Marous

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A new model – referred to as "bring your own persona" (BYOP) is built around the dimensions of consumer trust, digital capability and overall relationship. Using this foundation will position financial institutions to win over consumers for lasting success.By Jim Marous, Co-Publisher of The Financial Brand and Publisher of the Digital Banking ReportThere is no questioning that the rapid rise in the use of the internet and mobile devices, and the ...
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Jim Marous

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Can #banks make a comeback and deliver products and services that match the demands of #millennials?

Practice these 4 methods for recovering the connection between banks and young consumers: http://bit.ly/1WPHUkd
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Proud to be among so many influential #fintech  thought leaders.
The great and the good: Hot Topics introduces the 100 most influential people in fintech.
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Congratulations +Jim Marous. It was good to see you and many of our mutual friends on that list. Especially our FTM friends: Dave Birch, +David Brear, +Brett King (+Brett King - +Brett King), +Bradley Leimer, +Michal Panowicz, +Ron Shevlin, and +Chris Skinner

I was happy to see +RIZZI Matteo and Derek White on the list too.

Congratulations again Jim.
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Jim Marous

Discussion  - 
 
Despite the hype, mobile payment usage remains lackluster. Will newly announced partnerships and enhancements drive increased usage, or will acceptance require a major event such as a data breach?By Jim Marous, Co-Publisher of The Financial Brand and Publisher of the Digital Banking ReportThe Fintech world and those that follow payments were definitely excited in October, when Apple Pay hit the market shortly after the launch of the iPhone 6 and ...
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Jim Marous

Discussion  - 
 
A new model – referred to as "bring your own persona" (BYOP) is built around the dimensions of consumer trust, digital capability and overall relationship. Using this foundation will position financial institutions to win over consumers for lasting success.By Jim Marous, Co-Publisher of The Financial Brand and Publisher of the Digital Banking ReportThere is no questioning that the rapid rise in the use of the internet and mobile devices, and the ...
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Add a comment...

Jim Marous

Discussion  - 
 
A new model – referred to as "bring your own persona" (BYOP) is built around the dimensions of consumer trust, digital capability and overall relationship. Using this foundation will position financial institutions to win over consumers for lasting success.By Jim Marous, Co-Publisher of The Financial Brand and Publisher of the Digital Banking ReportThere is no questioning that the rapid rise in the use of the internet and mobile devices, and the ...
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601 people
fernanda moreno's profile photo
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Muhammad Ashfaq Ur Rehman's profile photo
William Conroy's profile photo
CU Conferences's profile photo
Jiri Manas's profile photo
Pritam Singh's profile photo
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Work
Occupation
Publisher
Skills
Banking Strategist, Author, Speaker, With Focus on Innovation, Payments and Marketing
Employment
  • Digital Banking Report
    Publisher, 2014 - present
    The Financial Brand
  • New Control Direct and Digital
    SVP, Corporate Development, 2012 - 2014
  • Harland Clarke
    Senior Director of Marketing Services, 2002 - 2012
  • The Financial Brand
    Co-Publisher, 2014 - present
    Contributing editor and co-publisher
Places
Map of the places this user has livedMap of the places this user has livedMap of the places this user has lived
Currently
Cleveland
Previously
Cleveland, OH - West Hills, CA - Columbus, OH
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Tagline
Consultant, Speaker, Author
Introduction

Industry leading direct marketing strategist and business developer, specializing in creating innovative, multichannel solutions that drive revenue through acquisition, engagement, expanding share of wallet and retention. Successfully launched new products and services as well as built and reinforced existing products and brands. I believe that any marketing challenge is best met head on with focus, enthusiasm, teamwork and an open mind.

As a frequent industry speaker, author and recognized authority on measured media, I work with clients and key marketing executives in trying to use customer and prospect insight to drive bottom line results.

Specialties

Expertise includes new customer acquisition, relationship activation, customer lifecycle marketing (CRM), multichannel integration, new brand and product launches, win-back and retention strategies and new agency business development.

Publishes the Retail Banking Strategies section of The Financial Brand and the Digital Banking Report.
Education
  • Miami University
    Finance, 1972 - 1976
  • Cleveland State University
    MBA, 1978 - 1980
Basic Information
Gender
Male
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Married
Jim Marous's +1's are the things they like, agree with, or want to recommend.
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