If bankers want their branches to be successful, theyÂ'll have to start thinking beyond cost-efficiency, says Paul Seibert, vice president of financial design for EHS Design.
Govern Google, regulate nationally, build on that baseline, evidence externalities and reduce demand in order to transform payday from a great divider into a great unifier.
The goal is to meet the financial education needs of everyone in the community Â-- whether itÂ's the tech-savvy second-grader, the recent high school graduate getting her first checking account or a retiree learning how to stick to a fixed income.
Overdraft fees can wreak havoc on household finances, but innovations like B of A's SafeBalance account are a big step in the right direction, consumer advocates say.
Scrapping the "call-center-as-a-machine" model and the "customer-as-widget" mentality will allow organizations to make real progress in the battle for customer experience.
Eliminating payday lenders would create a void that banks, thrifts, and credit unions cannot or are reluctant to fill. With greater transparency, payday lenders can become a viable partner in the small-cash market.
Profiling is good. Understanding customer needs is good. Proactively recommending products and services is good. But the timing you apply to those things matters.
In order foster low-cost relationships, banks should offer free digital checking accounts to new and existing customers Â... then charge for paper notices or statements.
