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.
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.
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.