In a pymnts.com article titled One Banker’s View Of Apple Pay Threats, the SVP of a large bank indicated: “Though Apple gets a piece of every transaction, the company provides no help to banks in making sure their cards are “top of wallet” for use, or helping users decide which card is best of each…
Every once in a while, a consumer study is released whose findings are…well, let’s just say “hard to believe.” One of those studies crossed my desk this week. A survey of 3,800 Americans and Canadians revealed that 50% of respondents said that they would be likely to bank with Square if the company offered banking services. My take: No way.
A recent blog post titled What CEOs Want From Marketing captured the thoughts of a number of credit union CEOs regarding what they’re looking for from marketing. My take: Some (if not many) credit union CEOs don’t understand the strategic role that Marketing could and should play.
Marc Andreesen famously said “software is eating the world.” Great quote. Apparently, though, as software gobbles up the world, it’s taken a few bites out of Marc’s sanity. At least, that’s what I conclude based on an interview with Marc regarding his plans–no, make that delusions–about disrupting financial services.
According to a recent Federal Reserve Bulletin: “The Federal Reserve Board’s triennial Survey of Consumer Finances (SCF) collects information about family incomes, net worth, balance sheet components, credit use, and other financial outcomes. The 2013 SCF reveals substantial disparities in the evolution of income and net worth since the previous time the survey was conducted,…
What’s happening in banking is that the hierarchy of needs–which to a large extent were satisfied in the old world of retail banking–need to be re-established. With the advent of electronic, mobile, and alternative payments, the security of transactions and the efficient/effective movement of money is being challenged.
Successful deployment of analytics means business process change. Some bankers–and a lot of vendors–need to stop thinking of analytics as some kind of panacea that’s going to magically improve marketing performance.