What Financial Institutions Can Learn from Alternative Lenders
Raddon’s most recent survey of 1,200 small businesses reveals an intersection of lending attitudes and needs, which alternative lenders are taking advantage of. One out of 10 small business owners feel credit has dried up and financial institutions have stopped lending to small businesses.
Overdraft/NSF Coverage Is a Valuable Service
Even if they never use it, consumers still value protection on their checking accounts to avoid overdraft and non-sufficient funds (NSF) events – perhaps to the consternation of some regulatory bodies and consumer advocate groups.
How Personal Interaction Can Boost Bill Pay Adoption
Although the world has become very digital, how individuals make decisions – including decisions about their finances – remains exceedingly personal. Financial institutions should not discount the value of the human element in influencing how consumers discover and decide on financial services.
Consumer Behavior Dictates a Mobile Wallet Approach
As reported in the 2013 Federal Reserve Payments Study, consumer noncash payments behavior has become increasingly reliant on credit and/or debit cards in the last 10 years. The study also reveals the number of debit card payments has increased more than any other noncash payment type, including check, credit card, prepaid card and ACH payments.
First-Time Homebuyers Present Challenges and Opportunities
Now that refinance pipelines have dwindled and the economy is gaining steam, financial institutions must turn their focus to the home purchase market – and Gen Y –to achieve mortgage loan growth. First-time buyers will soon make up half all home purchases, with Gen Y leading the way.