Do You Have the Seal? an Interview with John Wolff, President, Corporation for American Banking, an ABA Subsidiary
ABABJ: What differentiates CAB's products?
John Wolff: Due diligence has become our hallmark. It's a nine-month process that begins with listening to bankers, running focus groups, and doing surveys to identify needs--and then trying to find a product solution, using an independent consultant, putting out an RFP and selecting one vendor before we put our seal on the product. That's why our motto is, "See the seal, trust the solution." An average of 50 companies a month come to us, looking to get that seal, and we do only a few products a year. The other differentiator is our close working relationship with the state bankers associations. Forty-three state associations endorse one or more CAB products.
ABABJ: What are your sources of new product ideas?
JW: The two best ways are ABA's America's Community Bankers Council and the CAB Advisory Board. One recent example: Bankers were concerned about their exposures from Facebook and Twitter. We came up with an insurance product that covers social media. The Government Relations staff has also become an important resource. They know the implications for bankers of legislation and regulations that are adopted, so that helps us look for solutions. The CDARS brokered-deposits program and the anti-money laundering solutions started with Government Relations.
ABABJ: What are your most successful products?
JW: Over 3,000 bankers are using CDARS from Promontory. All of the compliance-related and AML products are doing very well. …