Understanding the Prepaid Account Market and Your Competition
The notoriety of prepaid mobile accounts (i.e., a combination of a reloadable prepaid account and mobile banking technology) such as the American Express Bluebird card and the JP Morgan Chase Liquid card, among American consumers, is apparent from the numbers reported by the companies. In a recent Harvard Business Review interview , Dan Schulman, Group President of Enterprise Growth at American Express, related that Amex has attracted over 1 million Bluebird accounts and consumers have loaded over $1 billion onto this product.
The Prognosis for 2014
We are now as an industry entering into the fourth act of a long-running play that has been unfolding since the late 1990s.
Act 1: 1997 to 2006 – What could go wrong?
Act 2: 2007 to 2009 – This can’t be happening; this is happening!
Act 3: 2010 to 2013 – Life support and critical care
Act 4: 2014 to 2016 – Survival of the fittest
2014 is likely to prove to be an interesting year, no matter how you examine it.
Small Business Customers Want More Than a Relationship
When competing with other financial institutions for new commercial loan business, what are the primary factors that allow you to win the business? Is the strength of your business bankers’ rolodex the primary driver of new business?
2013 in the Rearview Mirror
Many of us gladly said farewell to 2013 and are looking forward with more optimism to 2014. We at the Raddon Financial Group understand this sentiment. 2013 was a year of continuing recovery for the economy and the industry, albeit a very slow recovery. The economy improved – slowly – and the industry improved – also slowly.
Financial Institutions Need To Adapt To Overcome Loan Growth Challenges
Raddon Financial Group’s National Consumer Research shows that anticipated demand for any type of loan has been declining for some time, and this trend accelerated in 2008 with our country’s economic decline. Since then, despite the pronouncement by the National Bureau of Economic Research that the recession ended in June 2009, there is strong evidence to suggest that America’s psyche has been scarred with respect to carrying and taking on debt.