If you think banks (in general, or the one that you work for) aren’t “data-driven,” then try the following: Ask for a mortgage, but refuse to provide any information that would enable the bank to figure out your credit score or credit history. Ask the bank to decide on your loan-worthiness based on their “gut” reaction. Do this especially if you belong to a group considered to be a “minority.”
In its zeal to besmirch the banking industry, the New York Times had no trouble running an article citing a “study” that found bankers to be more dishonest than other people, conveniently ignoring the study’s shortcomings.
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.