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City Year Philly Celebrates Milestone Anniversary, Women Trailblazers

City Year Philly Celebrates Milestone Anniversary, Women Trailblazers
— Read on philadelphia.cbslocal.com/2018/03/06/city-years-milestone-anniversary/

Budget weekly, not monthly
Setting a weekly budget will help you “gain greater control” of your finances, said Anna Bahney in CNN.com. Even though many popular budgeting programs are organized by months, “a month is way too long for us to keep our financial impulses in check.” Budgeting weekly allows you to “better anticipate and examine” expenses. While many bills arrive monthly, a weekly budget allows you to more accurately monitor and adjust your discretionary spending. Because there are fewer transactions to monitor in a week than in a month of spending, tracking your expenses will seem “much easier, less tedious, and more manageable.” Set up a separate checking or debit card account and move your discretionary funds there each week. This way you can track expenses and work out how to curb spending.

THE WEEK

February 9, 201

The Intersection of Banking + Technology
Vince Liuzzi, DNB First

THE ADVANTAGES, SECURITY FEATURES, AND FUTURE OF ELECTRONIC BANKING

Today many people use electronic devices to access their finances. Whether an individual does business with a larger national bank or a local community bank, they most likely  have access  to electronic banking.

Electronic banking  encompasses  online  banking,  mobile  banking and  over-the-phone  banking, and  enables  customers  to  access  their accounts and perform a wide-range of financial transactions at any time.

TOOLS  & SERVICES
In addition to 24-hour account access, customers can easily check account balances, review activity and access their statements through electronic banking. Individuals can also securely transfer money to accounts within or outside of their financial institution, pay bills, as well as send and deposit checks.  Use of mobile banking in particular continues to increase significantly according to the Federal Reserve’s Consumer and Mobile Financial Services report. The number of mobile phone owners using a
mobile banking app has doubled in the last five years.

And with recent enhancements to mobile  banking  apps,  we’re seeing that customers can now apply for products as complex as a mortgage from their mobile device. Yes, that’s right—people can fully complete an application to purchase a home on their smart- phone or tablet!

SECURITY FEATURES
In the age of electronic banking, we’re also seeing an increase in phishing scams. To combat this problem, financial institutions and banks in particular, have a multi-factor authentication system in place. This approach adds an extra layer of security, requiring more than one method of authentication that the user must provide to verify a login or other transaction.  Many  banks  also  conduct  social  engineering  tests   with   their  employees. When a hacker is unsuccessful,  they  may  try to manipulate an individual into giving up confidential information. These social  engineering tests train employees to spot these types of scams and take appropriate action.

Education plays a key role in combating this type of fraud as well. Many banks provide information and education to help customers and some offer free online tutorials around security measures. Being aware of the nature of these attacks can help to ensure that banks and their customers are prepared.

It’s critical  that  the  security  features  of  online  banking  are  balanced  with
exceptional  customer  service.  Many  tools  and  services that online  banking  offers  are viewed  as conveniences  but  can also double as anti-fraud measures. For example, customers can set up text or online banking alerts so they’re notified when a transaction or ATM withdrawal deviates from normal spending patterns. Customers can also access their transaction history, at any time, through their bank’s online portal or mobile app to keep an eye out for suspicious charges.

THE FUTURE OF BANKING
As  banking  becomes  more  digitalized,  financial  institutions  are  paying special attention to improving the customer experience. Customers   now  have  access  to  more  powerful  online tools  to  manage their entire financial portfolio, with a focus on ensuring ease of access and creating  a more  personalized experience.  Biometrics  are  becoming  increasingly  popular  to help  customers access  their  account information  more  quickly  and  to  verify  their identity and  transactions  by  using  human
characteristics  as  a  form  of identification. Most smartphones today come with built-in technology  that supports  the  use  of  biometrics  recognition,  such  as  a thumb print sensor.  Eye scanning and voice recognition technologies are  also  being  tested for use.
In addition to providing a more user-friendly experience, biometrics can also be used for security purposes as the identifier can never be reproduced, forgotten or  shared.

With improved security and ease of use, electronic banking is fast becoming a preferred method of day-to-day banking. However,  a big  part  of  overall customer satisfaction is still based on face-to-face banking, as customers continue to visit branches for advice and assistance with important financial  decisions. ♦

Vince Liuzzi joined DNB First in 2013 and is responsible for the bank’s retail, consumer and mortgage lending businesses. He was previously Executive Vice President and Region President for a large national bank’s 165-branch network in greater Philadelphia, overseeing sales and service for consumer, small business and wealth management segments. DNB- First.com

Reprinted County Lines Magazine February 2018

 

Our friends at CCL got it right again.  More on emotional intelligence….

When emotional intelligence is mentioned, there may be agreement that it’s indeed a great thing for someone to be more relatable, more self- aware and better at controlling impulsive behavior.
But does the emotional intelligence of a team really have bottom-line consequences?

While a strong consensus may not have existed before, that is changing as more companies recognize the value of EQ. Many organizations are now hiring for emotional intelligence (EQ) and evidence is mounting that EQ pays off in higher sales and productivity, and lower turnover.

Consider, for example:

A large cosmetics company that now hires for EQ have on average sold $91,000 more than salespeople who were not hired before the new system was set up.

The International Journal of Organizational Analysis finds that EQ competencies were positively linked to team cohesiveness.

Manufacturing supervisors who received EQ training cut lost-time accidents by half and formal grievances by 20%. Plant productivity improved $250,000 over set goals.

Firms with high EQ managers found 34% higher growth profits.

“Emotional intelligence really is the secret sauce,” says James A. Runde, author of “Unequaled: Tips for Building a Successful Career Through Emotional Intelligence,” and a special advisor and a former Vice-Chairman of Morgan Stanley.

Runde says that too many employees don’t realize that “brains and hard work are not enough” to give them a successful career, and too many leaders don’t understand how the lack of team EQ skills hurt performance for the team and for the organization.

“In the era of artificial intelligence and virtual reality and robots and drones – all those things are wonderful and productive, but for people trying to succeed in a solutions business, you’ve got to have people who can relate to other people,” he says.

According to psychologist Daniel Goldman, there are five elements that define EQ:

1. Self-awareness. Those who are aware of their emotions don’t let them get out of control and are honest with themselves about their strengths and weaknesses. They work to improve and become better performers.
2. Self-regulation. As they are aware of their emotions, these people don’t let themselves get too angry or jealous and don’t make impulsive decisions. They show thoughtfulness, comfort with change, integrity and the ability to say no.
3. Motivation. Those with high EQ are very productive, love a challenge and are effective in whatever they do. They know the importance of working for long-term success.
4. Empathy. They are adept at recognizing the feelings of others, even when they’re not obvious. They’re good listeners, honest, don’t stereotype others or rush to judgment.
5. Social skills. People with high EQ are easy to talk to and are eager to focus on helping others be successful. They are team players who are good communicators, help resolve disputes and are relationship builders. 

Marian Ruderman, senior fellow and director of Research Horizons at the Center for Creative Leadership, is also an associate member of the Consortium for Research on Emotional Intelligence.

“You may have the smartest, best idea, but you won’t be able to execute it if you can’t relate to people,” she says.

Ruderman says that she doesn’t believe leaders pay enough attention to EQ on their teams, partly because they may lack the “vocabulary” to discuss EQ and its implications. She says that as more organizations focus on processes and not just tasks, EQ will become a much more important part of the success equation.

“I think people used to be more homogenous in the way they worked, but now we must all work together and it’s much more diverse and we must all find ways of working together,” she says. “That means teams must embrace EQ.”

It’s also important to realize that just because a team has emotionally intelligent members does not mean it will automatically lead to an emotionally intelligent group, points out research in Harvard Business Review from Vanessa Urch Druskat and Steven B. Wolff.

Further, building team EQ can be more complicated because teams interact at more levels, both as a group and individually, they say.

The most effective teams have the “emotional capacity” to face difficult situations and seek feedback on processes, progress and performance and set up norms to respond effectively to the emotional challenges a group confronts daily. They have a “can-do attitude,” they say, and are optimistic, positive and create an affirmative environment.

Are you confronting the emotional challenges that manual processes have inflicted on you or your teams? Download the Process Improvement Playbook: Overcoming the Hurdles of Manual Processes in the Workplace.

Ruderman suggests that any leader trying to get teams to develop greater EQ is to begin with “why it’s important.”

One of the ways to do that is by making the business case of how EQ can bring greater bottom-line results now and in the future, Runde says.

“People might think that books on EQ belong in the psychology section of a bookstore, but they really belong in the business section,” Runde says.

He adds that if organizations don’t prioritize EQ, “then you will be just a run-of-the-mill service provider,” he says. “Sure you’ll get business, but you’ll never become a trusted advisor. You’ll never be the company a client calls before they call anyone else.”

Runde says leaders must help team members understand they have to:

• Turn client relationships into revenue. While it’s important to build relationships, employees must understand that relationships are assets that are only worth something if they are turned into revenue. Employees need to build relationships, learn to look for new business, ask for the order and then get the transaction.
• Be an advisor, not a vendor. When making a pitch to a client, don’t focus mostly on your company’s credentials and a bunch of charts and graphs. Instead, craft a “can do” pitch that addresses the positive outcome the client wants rather than a bunch of technicalities or the “plumbing” that will be required, he says. “Subtly shape the selection criteria to fit your strategies,” he says.
• Don’t push too hard. Competitors may exaggerate the truth, beefing up their own capabilities and promising big outcomes or deeply discounted prices. That’s why it’s critical for leaders to encourage employees to not be “pushy” with clients so that the clients feel they’re being rushed into a decision. Personal connections are still important even when dealing with tough competitors.
• Be good listeners. “Some people listen to respond, and some listen to listen,” he says. “It’s the people who listen to listen who learn the most and establish trust.” Only when clients believe your team has their best interest at heart will they trust enough to reveal their goals and issues. Once that is understood, then a range of options can be crafted for the client. “You are not a used car salesperson simply pushing to close this deal,” he says. “You want a loyal client who will come back again and again with their problems.”
• Stay in touch. Once a deal is closed or a project is finished, maintain open communications with the client and be alert to how stakeholders are reacting to the finished deal. Changing markets may mean the project needs to be fine-tuned over time – or even redone. Creating long-term client relationships requires “a significant investment in time and cost,” but can even lead to a client calling your organization to implement a deal originally pitched by a competitor, he says. “That’s because you’ve put in the time with these people and they trust you,” he says.

3 FEEDBACK STEPS THAT WON’T CRUSH YOUR TEAM – insights from our friends at CCL…

3 Feedback Steps That Won’t Crush Your Team

Giving feedback is one of the most important—and most challenging—tasks all managers face.

For first-time managers, it can be especially difficult.
No longer a peer to coworkers, new leaders take on the role of “boss.”
Instead of focusing solely on their own career and development, they must develop their teams and work toward achieving broader company goals.
One of the best ways to help a team improve is to provide frequent, effective feedback. But what exactly is feedback? And how can first-time managers deliver criticism without isolating their team?

Three key points to remember about feedback are:

• It should be specific and fact-based.
• It should be “wise” and focus on employee development.
• It should be ongoing and not a one-time event.

What Is Feedback?

Feedback can be in the form of one-on-one meetings, performance reviews, or a simple conversation at the coffee maker.
Feedback can be positive or negative, but the common theme is that it is actionable information about how someone is doing in meeting specific goals.
“We all know receiving feedback can be awkward or painful at times,” says William Gentry, author of Be the Boss Everyone Wants to Work for: A Guide for New Leaders. “Delivering it can be just as awkward and painful. But providing positive and negative feedback to your direct reports, staff, or team is the only way they will know how they are performing well, or if they are not, how they can become better.”
In other words, giving feedback means holding employees accountable for their responsibilities. Without feedback, teams won’t know when they are performing well and when they are not.
Helpful feedback guides employees; that’s why giving it is crucial to being a successful manager.
Just the Facts, Please!

Confronting employees with negative feedback can be uncomfortable, especially for first-time managers.
Telling a former coworker, and possibly friend, that they are not doing something well isn’t easy. Emotions can run high. That’s why it’s important to stick to the facts.
Gentry’s book offers a simple, three-step model for giving nonjudgmental feedback—SBI: Situation, Behavior, Impact.
As the book explains, this process can be a tool for giving both positive and negative feedback.

SBI Model

1. Situation–Describe the specific situation in which the behavior occurred. For example, “This morning at the 11 a.m. team meeting …”
Avoid generalities, such as “one morning last week,” as they can lead to confusion.

2. Behavior–Describe the actual, observable behavior being discussed. Keep to the facts. Don’t insert opinions or judgments.
For example, say, “You interrupted me while I was telling the team about the monthly budget,” instead of “You were rude.”

3. Impact–Describe the results of the behavior. If the effect was positive, words like “happy” or “proud” help underscore the success of the behavior.

For example: “I was impressed when you addressed that issue without being asked.”
If the effect of the employee’s behavior was negative and needs to stop, managers can use words such as “troubled” or “worried.”
For example, “I felt frustrated when you interrupted me because it broke my chain of thoughts.”
Because you are describing exactly what happened and explaining your true feelings—not passing judgment—the employee is more likely to listen and learn.
Someone who has gotten into the habit of interrupting may not have realized the effect of his or her behavior.
An employee who took the initiative on a project may decide, after positive feedback, to continue being proactive.

Give Wise Feedback

Wise feedback is given with the understanding that the ultimate goal is to support and help that employee.
In his book, Gentry suggests using a variation of the following phrase (based on the work of researcher David Yeager) when giving tough feedback: “I’m giving you these comments because I have very high expectations, and I know that you can reach them.”
Such a phrase demonstrates belief in employees and their ability to learn from mistakes or ineffective behavior.
Wise feedback is about teaching and supporting employees; it is never about “fixing” them or implying there is something “wrong” with them.

Keep It Going

The most effective feedback is given more than just once or twice a year at formal performance reviews. It’s timely, meaning that it’s offered soon after the incident, and it’s ongoing.
This allows team members to adjust their behavior, as needed, and then get more input on how they are progressing on their goals.
Keep in mind, however, that in especially emotional or stressful situations, it’s okay to wait to give feedback until both parties have calmed down. Remember SBI, and stick to the facts!
To learn more about what it takes to become a successful manager, see William Gentry’s book, Be the Boss Everyone Wants to Work for: A Guide for New Leaders.
  

UTags: communication, feedback, First-time Managers, Leadership Systems & Models, Team Development

@vinceliuzzi

Self-advocacy. Independence. Driving. When we think about all the things we need to teach our children, borrowing usually isn’t among them. In fact, for many children, particularly teenagers, borrowing seems to come naturally.

“Dad, can I borrow the car?”

“Mom, can I borrow 10 bucks?”

The truth is, if we want our children to reach their financial goals later in life, we really need to teach them how to borrow now. And, they’ll need to learn how to obtain loans from institutions other than Bank of Mom and Bank of Dad, which often provide unrealistic views of the risks of borrowing.

“Dad, I can’t pay you back the money I owe you because I spent it.”

So just what can you do to prepare your children for developing a healthy relationship with credit? Here are some parental pointers:

• Make sure your children understand what credit is and why it’s important. Ask them what kind of car or house they’d like to own someday and then show them how borrowing can help them achieve their goals. Show them an example of what their monthly payments would be and how much money goes toward interest.
• Teach them about credit score and history. It is important for them to know that mistakes they make when they are young can keep them from obtaining loans when they are no longer a student.
• Ensure they have a steady job. If your teenager is old enough to work, encourage them to get a job, since a steady income is essential to obtaining credit.
• Open a bank account with your child. Once your child has a job, they can begin putting money in checking and savings. They can obtain a debit card, which will teach them how to spend and manage the money they have responsibly.
• Get starter credit. If your child is 18 years or older, they may be eligible for starter credit. For example, DNB First offers a Student Banking program that provides a low-limit credit card to help students establish a credit history.

Your child may also apply for a department store charge card, which is easier to qualify for than a traditional credit card.

If your child does obtain credit, it’s important to emphasize the importance of paying off their balance in full each month to avoid interest charges.

One other important thing to remember is that despite the fact that your children may be quick to point out your “poor fashion” or other differences, they often try to be like their parents. So if you have a healthy relationship with credit, chances are your children will model your good habits, especially if you take the time to educate them.

Teaching your children about credit won’t always be easy, but in the long run, it will help them become more independent and less reliant on you. And you never know what that might lead to… maybe even a branch closing for Bank of Mom or Dad. Imagine that.

Vince Liuzzi serves as Executive Vice President and Chief Banking Officer at DNB First.

 

 

You don’t have to be a counselor to know that some relationships are better than others. Some bring out the best in you, while others can leave you feeling under appreciated and alone.

But shouldn’t you feel good about all your relationships, especially one of your most important ones – your banking relationship?

Your bank should not only be there to appreciate and understand your changing needs, but also help support them – at every stage.

Put your bank through the relationship test.

So how does your bank measure up in the relationship department? Here are some signs that your bank is “just not that into you.”

Increased fees. With interest rates so low over the past few years, many banks have been forced to find new ways to increase revenue. One of the ways they’ve accomplished this is by instituting fees for services that were once free. For example, some checking accounts that used to be “free” now require you “to jump through transactional hoops” or pay hefty maintenance fees. And some banks now charge for services that were previously free, such as online and mobile banking.

Poor rates. In today’s challenging economy, every dollar can make a difference. That’s why it’s important to get competitive rates on your loans and deposits. If your bank isn’t competitive with regards to rates, it may be time to move to a real competitor.

Lack of convenience. Technology has definitely changed the way we bank. With ATM banking and services like online banking and mobile deposit, you should be able to bank when, where, and how you want. If convenience is important and your bank isn’t keeping up, it may be time to move on from the relationship.

Impersonal service. Convenience is great, but what happens when you have a question or problem and want to talk to someone about your account? Are you able to reach an actual human being or do you get lost in a sea of endless automated telephone systems? If you actually speak with someone, are they knowledgeable and responsive to your needs?

Limited products. A good banking relationship should work for your complete financial needs. So you should be able to get your mortgage and your business loan in the same place you have your checking account. And your bank should reward you for all your business with preferred rates and other benefits. Your bank should also be able to serve your needs at every stage of life – from building your financial future to retirement.

It’s not you, it’s your bank; switch today.

If after reading this, you think your banking relationship is unhealthy, it may make sense to end the relationship by switching banks. At DNB First, we have a Switch Kit that makes moving your checking account and other accounts easy. We also have great rates, low fees, and local people who are here to help you. Try us out. We’ll have you at “hello.”

 

 

With Mother’s Day upon us, now’s a great time to honor the lessons and wisdom of our mothers. There’s one simple “motherism” that’s critical, especially when it comes to financial matters.

Prepare for emergencies.

Sadly, a recent survey by Bankrate indicated that many Americans have not heeded that advice: just “46% of the country’s consumers save less than 5% of their annual income.” Even more troubling is that “18% save nothing.”

Prepare to save.

With the uncertainty in the job market and soaring healthcare costs, a financial emergency could strike you or your loved ones at any time. The good news is that you don’t need a lot of money to get started. Here are five simple steps you can take to build savings – and peace of mind.

1. Ready, set your target …save. The first step in saving is to determine how much you need to save. Experts recommend that the amount in your emergency fund be between three to six months of your monthly living expenses.
2. Determine your budget. Once you know how much you’ll need, figure out how much money you can save each month. The best way to accomplish that is to look at your income and expenses to determine where your money is going.
3. Reduce expenses. Once you’ve analyzed your budget, look for ways to reduce expenses. For example, if you spend $200 a month dining out, consider eating in more and banking the savings.
4. Open a savings account. Be sure to put the money you save into a savings vehicle, not your checking account. Additionally, it’s a good idea to make access to the savings account more difficult. For example, try not to get a debit card with your savings account, which just makes it easy for you to get at your funds.
5. Automate your savings. One of the easiest ways to save is to have your savings direct deposited as part of your pay.

Once you’ve established your savings plan, be patient and stay the course. Your hard work will be paid off with peace of mind and security. And let’s face it, Mother always said, “Patience is a virtue.”

Put on your team cap. Take out your mitt. Baseball season has finally begun. And if you’re an aficionado of “America’s favorite pastime,” you know the most important factor in achieving success – good pitching. In fact, baseball experts repeatedly preach that “pitching wins championships.”

Good pitching can help you win in another arena – the business one. If you run a small business, having a successful “pitch” that describes your company or product/service can give you a powerful competitive advantage.

But what exactly is a “pitch?”

A business pitch is a well-rehearsed speech that concisely describes your company, product, or service. It’s also referred to as an “elevator speech” because your pitch is supposed to be made in front of a captive audience in the amount of time it would take to ride an elevator (well, at least an operating one).

The benefits of good pitching.

Though pitches vary greatly by company, they do have some common benefits. A good pitch can help you –

• Convince prospects why they need your product or service.
• Identify and reach the ideal target market for your product or service.
• Position your company or product or service against competitors.
• Facilitate networking, making it easier for your colleagues to understand what you offer.
• Strengthen your social marketing efforts.
• Attract potential investors.
• Empower you to speak confidently and clearly about your business – no matter where you are.

Tips to be on your best game.

What makes a good elevator speech? Here are five key elements:

• Be brief. An elevator speech should cause interest, not drowsiness. Try to limit your speech to a maximum of 60 seconds. Any longer than that, and you may lose the interest of your audience (or reach your floor).
• Make your introduction. Be sure to let your audience know who you and your company are.
• Define your product. What can it do to help your audience? What need does it fulfill?
• Discuss your competitive advantage. What does your product or company do better than the competition’s offering? Tell your audience about it in a way that’s interesting to them.
• Request action. If you’ve captured their interest in your product or service, be sure to tell them how they can act on it. You might, for example, present them with your business card and ask them to call you.

Be a champion for your business; perfect your pitch today.

Now that you know about the importance of a good pitch, practice working on yours. It just might help you hit a home run and stay ahead of the competition. And that is something to cheer about.

Vince Liuzzi serves as Executive Vice President and Chief Banking Officer at DNB First.

This past weekend, the world witnessed a record-breaking feat when 21-year-old Jordan Spieth was outfitted with the grand-prize green jacket at one of golf’s biggest events – the Masters at Augusta National. In his performance, Spieth accomplished something few Masters champions have done – to break from the pack and stay the course for the entire tournament.

Breaking from the pack and staying the course aren’t just important on the golf course, but in the course of running a business. Today, more than ever, it’s critical to find ways to pull ahead of the competition – and stay there.  Here are some pointers to help you:

Assess the field. What’s the competition for your product or service? You not only need to assess your competitors today, but also look ahead to anticipate who they will be tomorrow. Once you know who they are, analyze the strengths and weaknesses of their products or services.

Know your game. It’s also critical to know your company’s strengths and weaknesses. Are there target markets and geographic areas that are more favorable to you? Analyze where you are at your best and where you can improve. If a competitor does something better than you, find out what it is and how you can surpass them.

Plan ahead – and stay the course. Where do you want your business to go? Create a business plan so you can not only determine where you want to be, but also have a course map to guide you how to get there.

Challenge yourself. Your fiercest competitor shouldn’t be the business across the street; it should be you. How can you challenge yourself to make your company and your products and services better?

Get outside advice. Even golf pros need outside advice and guidance from their caddies. Talk to different people – your customers, bankers, industry experts, etc. – to learn about trends, needs, and opportunities to improve and excel.

Practice what you do best. If you’re good at something – servicing customers, delivering products – keep at it and let your customers and prospects know about it.

Update your equipment. If you can leverage the power of technology to better serve your customers or improve efficiency, you can get a powerful competitive advantage.

Love what you do. For many people, golf is a passion. Your business should also be a passion. When you love what you do, it shows. Your prospects may sense your passion and want to do business with you.

Lead by example. As a business owner, you are the role model for your employees. If you conduct yourself with honor and integrity, they will follow your example.

You won’t get a green jacket by following these simple tips, but you may be able to do something even better: stay the course in the black.