Recent credit union industry data shared by Callahan and Associates suggests that small credit unions are under-performing. Callahan didn’t seem to see it that way, however.
Skeptics believe that NeoBanks’ recent stumbling blocks question the viability of this new type of financial services firm. I think the future of NeoBanking looks bright. The industry needs a new business model, and young consumers want something different. NeoBanks will be the bridge to the future of banking.
If all these surveys about the levels of trust consumers have in banks supports your financial institution, please don’t let my comments–or common sense–get in your way of using the data to your advantage. But don’t deceive yourself into thinking that the findings from these studies have any correlation to who consumers bank with, or how they make their decisions about who to do business with.
Right now, in some ad agency conference room, someone is saying: “Let’s survey Millennials to get to the heart and core of what they’re about.” Except it’s not just happening in “a” conference room–it’s happening in every freaking ad agency conference room across the US.
Merchants say they want a payments network where they can play on an equal footing. My take: Nonsense. Retailers say they have proven that merchants are best placed to deliver value and influence consumer behavior. My take: Pipe dream.
For Piper Jaffray’s estimates of Apple Pay revenue to be correct, iPhone 6 owners would have to make some significant shifts to their payments behavior. This seems highly unlikely, considering that Apple Pay can’t be the reason driving every iPhone 6 owner to upgrade to the new phone.
Dear Bankers: Quit whining about Apple Pay. Participating in Apple Pay is like advertising. You pay to generate awareness and hopefully influence decision. When you advertise, there’s no guarantee that your efforts will lead to a sale. It’s the same with Apple Pay participation.