FINANCETEN CHICAGO FINANCIAL CLUSTERS BLOG

WHAT IS A BUSSINESS CLUSTER

"A concentration of companies and industries in a geographic region, which are interconnected by the markets they serve, and the products they produce, as well as the suppliers, trade associations and educational institutions " -MIicheal porter

WHAT IS FINANCIAL TEN BLOG?

A BLOG HOSTED BY WORDPRESS.COM THAT IS ENTIRELY ABOUT INNOVATIONAL NEWS AND INFORMATION THAT RELATE TO THE FINANCIAL CLUSTER LOCATED IN CHICAGO, ILLINOIS

THE FINANCIAL CLUSTER IN TORONTO IS ASLO COMMENTED ON TO PROVIDE CONTEXT TO THE TOPICS

WHERE IS THIS CLUSTER? CLUSTER BOUNDED ON THE WEST AND NORTH BY CHICAGO

RIVER, ON EAST BY LAKE MICHIGAN AND ON THE SOUTH BY ROOSEVELT ROAD

MAJOR ROAD IS LASALLE STREET (LIKE WALL ST. IN NYC OR BAY ST. IN TOR)

QUICK FACTS ABOUT CHICAGO FINANCIAL CLUSTER

HIGHEST GROSS REGIONAL PRODUCT IN ILLINOIS AT $93.993 BILLION

HIGHEST AVAERAGE WAGE AMOUNGST CHICAGO INDUSTRIES AT $93,680

MOST EMPLOYMENT IN ONE SECTOR WITH 450, 709

SOME IMPORTANT NEWS AND INFORMATION DISCUSSED IN FINANCE TEN?

The best of the best get together with the common goal to improve the health of the Chicago finance industry

 This event is a conference where leading business and decision makers meet with practitioners and industry leaders to debate on the future of microfinance. This conference is Midwest based and is projected to innovate by building on prior success and creating dialogs on microfinance. Ultimately, this is a conference where the best of the best get together with the common goal to improve the health of the Chicago finance industry.  It ensures that open debate is had and that no rock is left unturned in their pursuit of microfinance perfection. http://chicagomicrofinance.com/about.shtml

Payment Innovations conference will innovate Chicago finance cluster

This article talks about an upcoming event on May 20th-21st, 2010. This event will bring together decision makers from financial institutions, central banks, payment networks, merchants and other payment innovators. This event is hosted by the Federal Reserve Bank of Chicago. The main purpose of this event is to debate and discuss new innovative changes to payment systems in the near future. The goal is to innovate the Chicago finance cluster with new technologies and practices so that the effects of another financial crisis will be minimised. This is definitely one step in the right direction. 

 http://chicagofed.com/webpages/events/2010/payments_conference.cfm

Bank of America Chicago Marathon is example of a innovation public relations effort

This article talks about how Bank of America is hosting a marathon in Chicago on October 10th, 2010. The marathon will be a staging ground for Olympian Ryan Hall to try to set a new American world record of 2 hours, 5 minutes and 38 seconds. The article also goes on to talk about the number of support that Bank of America has given and will continue to give to youth programs in and out of the Chicago area. With this support to the community of Chicago, the banking cluster will continue to find innovative ways to interact and be apart with the local communities. This will undoubting do wonders for the clusters public relations efforts. 

 http://finance.yahoo.com/news/US-Olympic-Marathoner-Ryan-prnews-831371318.html?x=0&.v=1

Innovative “Tweetup” event complements ING’s use of Twitter

This article talks about how ING Direct is hosting a event they call “Tweetup” in Chicago for their savings customers. ING runs a Twitter feed for savings account customers and currently have about 10,830 followers. However they are now focusing more on face to face interaction. This event will allow their customers to come out and discuss various issues related to their saving account amongst other things.  With the Twitter account ING has shown that is an innovative firm. This “Tweetup” event in Chicago is supposed to help them turn their online interest into face to face interaction. ING built a customer base of almost 11,000 followers their Twitter account. Now they are trying to ensure that these followers become loyal to their brand. This is a very smart and innovative approach for ING as they get free PR from Twitter and a chance to increase and expand their client base. 

 http://www.banktech.com/channels/showArticle.jhtml?articleID=222500131

$4 million closer to a prosperous financial clusterThis article talks about how U.S. Bank’s Midwest metropolitan banking group has pledged $4 million in support to Christ the King Jesuit College Preparatory High School which is a catholic secondary school that  serves the Austin neighbourhood and surrounding communities of Chicago’s West Side. This is just one example of companies from Chicago’s finance district investing in the community to increase the level of education within the schools. This will eventually lead to a more skilful, prosperous and youthful generation of workers in the financial industries. This is a great step to improving Chicago’s finance cluster in the long term.

http://finance.yahoo.com/news/US-Bank-Pledges-Support-to-bw-1306235270.html?x=0&.v=1

Innovative partnership will build a stronger banking system

This article talks about an upcoming resource partnership with Hewitt Associates, Plateau Systems Merrill Lynch, Fidelity and Bank of America. The reason for this partnership is to deliver innovative human resources delivery platform. This will lead to a change in tools and customer service support for HR and payroll administration, tracking systems and timekeeping.This innovative human resources delivery platform will be implemented in 2011 at the majority of Bank of America locations, including in Chicago. A partnership like this will no doubt increase efficiency, reduce cost and build a stronger banking system. 

http://newsroom.bankofamerica.com/index.php?s=43&item=8671

Devon Bank believes Integrated Image Teller imaging software can revolutionize the banking industry

This article talks about how Devon Bank in Chicago has opted to use Integrated Image Teller imaging software from a banking technology company called IBT to become more environmentally friendly in their operations. The image software will automate typical teller duties such as depositing checks and others. The software will eliminate unnecessary paper as it will replace internal documents with “virtual Tickets.”By using this innovative software for their banking needs, Devon will be able to  not only reduce wastages, cost but also operational efficiency. If more and more banks in Chicago opt to use this software, it could revolutionize the banking industry. All because of one very smart decision by Devon Bank.http://www.banktech.com/core-systems/showArticle.jhtml?articleID=222300288

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THIS HAS BEEN JUST A FEW POSTINGS REGUARDING NEWS AND INFORMATION ABOUT THE CHICAGO FINANCE CLUSTER FROM THE FINANCE TEN BLOG LOCATED AT FINANCETEN.WORDPRESS.COM

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HAPPY FINANCES !!