Claims that Lending Club is “disruptive” or that it will “end banking as we know it” are so totally ridiculous that it has to make you wonder what the claimants were smoking when they made these claims. Lending Club is a niche player in the lending market, a fringe player.
A couple of lawyers, writing in American Bankers, advocated for the creation of a Chief Ethics Officer role in banks. My take: Chief Fill-in-the-blank Officers rarely solve the problem–which in this case, is not very well defined.
David Evans wrote: “Apple Pay is fizzling. Unless it drastically changes course Apple Pay will follow the hundreds of other attempts that have sputtered along or, just flat-out died.” Apple Pay isn’t a carbonated beverage losing its fizz. It’s more like a wine that needs to be aged.
A recent study from Insurance.com quantifies the amount of product research consumers do for a range of products/services, and the savings they achieve from their research. Or from their “webrooming” if you were born yesterday.
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.
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.
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.