Essay on "Banking Communication and Marketing"

Essay 4 pages (1241 words) Sources: 4 Style: MLA

[EXCERPT] . . . .

Banking Information Sources

Assessing the Reliability, Authority, and Respect of Various Sources of Information on Banking Communication and Marketing

The reliability of financial information in general has come under great scrutiny recently, for very practical reasons. When bonds with the highest possible ratings from some of the most reputable analysts in the country suddenly tank, it is not surprising that an examination is conducted as to how such analysis is conducted, and the sources of information used to make such determinations. Had the same skepticism been brought bear before the current financial crisis, its damaging effects could have been mitigated or even avoided altogether. This is why academic scholarship attempts to remain rooted in sources that are not simply trusted, but that are continually examined and verified as reliable. In financial fields, where replication is no guarantor of certainty, authority is determined largely through consensus, and an examination of the most trusted sources of information on banking reveals this.

When it comes to institutions that overtly and explicitly represent banks' interests through the dissemination of information and the networking of banking professionals, it can be difficult00impossible, in fact -- to find an organization whose funding does not point to the distinct possibility of a bias. This is certainly true of the American Bankers Association, the nation's largest professional organization in the banking industry, but this does not change the fact that it is one of the most respected sources of banking information and policy advice (Feig & Bruno-Britz 2007). Independent analysts have determined that since its inception in 1875 -- which also makes it the oldest professional banking institution in the United States -- the American Bankers Association has been uniquely poised to assess and affect policy (Feig & Bruno-Britz 2007).

Ordinarily, sheer influence is not necessarily or even likely a measure of authority or reliability. In the financial world, however, influence often creates reliability. That is, behaviors tend to reflect perceived realities and thus bring about those realities. As the largest, oldest, and most respected professional organization in the banking world, the influence that the American Bankers Association wields in the industry causes its information and determination to be immensely powerful (Feig & Bruno-Britz 2007). In the most cynical view one could say that ignoring or discounting the determinations and advice of the American Banker's Association was simply foolish because it is the same information and advice that everybody else is listening to -- that is, the information and organization are reliable because everyone agrees that they are.

It might be assumed, then, that the American Banker's Association monthly publication would be the most respected trade publication in the banking industry, but this honor undoubtedly belongs to the Economist. Though the newsmagazine unabashedly practices advocacy journalism tat promotes deregulation and free trade, the fact is they truly perform a service of journalism, investigating and reporting stories more in depth and more critically than many competitors (Langfit 2006). While many other similar magazines are veering away from the often yawn-inducing stories of pure business in an attempt to attract wider readership, the Economist has managed to remain in publication with an independence from both popular demand and corporate oversight, delivering reliable information to a growing number or interested readers (Langfit 2006).

In addition to the Economist and the numerous other trade publications that exist in the financial and banking world, there are a number of scholarly journals published on a monthly and bi-monthly basis. Just as with the Economist, the level and amount of readership and the level of agreement among these readers tends to provide evidence of which of these numerous journals is perhaps more reputable than the others. The Journal of Money, Credit, and Banking is subscribed to… READ MORE

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