India is set to grant licences to 11 businesses to launch new so-called payments banks, including UK-based telecoms group Vodafone and billionaire Mukesh Ambani’s Reliance Industries, marking a significant shake-up of the country’s financial sector.
Every payment pro in the US is also a shopper and we all know that the largest retailers are poised to support EMV. Nearly all have EMV capable hardware. A few have turned it on. Most are waiting for the
For more than a decade, U.S. regulators have been advising bankers to know more about their customers than who they are. In the next five years that may become the global norm as technology allows more granular transaction monitoring.
Amazon continues to become a much larger competitor for Google text ads. Merkle RKG analysis suggests of its advertising agency clients running both Amazon Product Ads and Google Product Listing Ads, Amazon Product Ads produced 17% as much revenue as Google.
I find it interesting that so many bloggers on Fintech deride the banks for being slow, clueless or stupid. So many blogs talk about how banks don’t do this, don’t do that; fail at this, fail at that; have no...
As for the idea of postal banking, let’s again try to inject a little logic and reasoning into the discussion.
The author states that “one in three unbanked households reported high or unpredictable account fees as a reason for not owning an account.” If it were profitable for banks to serve these households at lower fee levels, I can assure you that banks would reduce their fees. Now, if banks can’t profitably serve these customers at below-market rates, what makes you believe that the US-run postal service could profitably serve them at those rates?
Reality: Simply having a vast physical presence is no guarantee of the postal service’s prospects for success in banking. Where’s the technology to support banking functions going to come from? Where is the customer support going to come from? Where is the risk management and security controls going to come from?
The level of investment needed to create and support a banking operation would be immense, and if you think the Unbanked–who account for just 8% of households in the US–are going to come flocking to the post offices to open accounts, you’re nuts. Right off the bat, half aren’t even likely to consider a postal service-run banking offering, because they’ve opted to manage their financial lives with prepaid debit cards.
Here’s a radical idea to counter the one in the TIME article: What if policymakers designed and supported ideas that increased the number and quality of jobs in the market, thereby reducing the number of people for whom we had to worry about “including” in the traditional banking market? A boy can dream, you know.
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