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.
