Another look back at some of the some of the best and most interesting retail banking and payments news stories from the past week.
“If you know where people have been, what sites they visit, what apps they download, and also their spending habits, you know a massive amount about them – much more than their bankers, the credit and debit card companies… a company could not only target users with sensible advertising, but also be able to make a judgement as to whether people were a good credit risk or not.”
“Its new strategy is pure follow-the-money opportunism. It wants to replicate Discover, having seen quite how much money a business like that can extract from customers. If Goldman can borrow money at less than 2 per cent and lend it at up to 25 per cent, as Discover does, the appeal is obvious. Discover’s return on equity in the quarter to March was 21 per cent. Goldman’s was 6.4.”
“Maybank adopted what it calls a “social strategy maturity” model – first giving its employees a framework for reputation management, before moving into the marketing and promotions aspect.”
“Creative use of Big Data can also drive greater interaction and create new revenue streams. In terms of the latter some banks are already capitalising on PFM (Personal Finance Management) data to provide 3rd party offers and rewards to their customer base.”
“Data indicates that in-person meetings are still a priority, especially when high-value services are involved. However, just because consumers are willing to drive to a branch doesn’t mean they will be patient when they get there. 64% of consumers say they are willing to wait less than ten minutes to be helped.”
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