Traditional banks avoid the short-term-credit market because its customers demand a level of customer service that is inconsistent with current models of retail banking, the head of a payday lending group writes.
Relationship and people skills certainly remain important, but today's wealth management leaders require far more than those largely sales-oriented abilities.
Borrowers are faced with two terrible choices: take out another exploitative loan because of the shortfall created by the first, or face a range of catastrophic consequences associated with defaulting.
Faster payments have a lot of benefits Â-- and one big downside. A new electronic payments system could make it easier for people to unwittingly send money to scammers and harder for fraud victims to get their money back.
Prepaid cards appeal to a growing percentage of the population like millennials and other 21st century consumers who want to manage their money without being tied down to bank locations.
In 1979, mortgage bankers worried that they could be undercut by "sleeping giants" like Merrill Lynch, Sears Roebuck and what was then called Master Charge.
It's been nearly a century since reformers and lenders agreed on 36% as a small-dollar loan ceiling. Inflation has since swelled production costs, and lending under this cap is no longer profitable. The result: fewer options for consumers.
If Congress fails to extend the Mortgage Debt Forgiveness Relief Act, thousands of homeowners still suffering from the effects of the housing crisis could be forced to pay federal income tax on loan modifications or foreclosures.
Any company with committed leadership can deliver experiences that create value for customers, colleagues and shareholders, if they adopt these management practices, write Robert Schiff and Victor Liu.
