Yearly Archives: 2010

Montana Outlaws Payday Lenders

Eric Lindeen
By:  Eric Lindeen
On: November 16, 2010
Topics: Regulations
Tagged: , ,

Here in Montana we passed an interesting initiative. Payday lenders are now restricted to charging no more than 36% APR in interest and fees. This protects vulnerable consumers from the previous predatory payday rates that were capped at 400%. In effect, this law outlaws payday lending—unless lenders can figure out how to stay profitable making… Continue reading →

BAI Customer Experience

Eric Lindeen
By:  Eric Lindeen
On: October 25, 2010
Topics: Customer Acquisition and Retention, Customer Experience
Tagged: ,

Sitting in session at the BAI Retail Delivery show, I enjoyed the presentation by Frank Aloi, CEO of Ath Power Consulting about creating a consistent customer experience. In particular, this is the first time I’ve seen someone break the customer experience down into two valid phases: satisfaction and loyalty. In most conversations, I find that… Continue reading →

How Important Is It To Know Your Customers?

Karen Gordon
By:  Karen Gordon
On: September 1, 2010
Topics: Customer Acquisition and Retention, Customer Experience
Tagged: ,

As we enter 2011 the economists are predicting a slow, yet steady recovery. The jury is still out on where consumer confidence lies. The housing market remains in a slump and while some companies are starting to hire again, unemployment rates are not plummeting. Something must be done to restore faith in the most powerful… Continue reading →

Risk-Based Pricing, What Creditors Need to Know

Paul Thielemann
By:  Paul Thielemann
On: August 25, 2010
Topics: Regulations
Tagged: ,

Financial institutions have had no shortage of regulatory changes to manage in recent months. While the CARD Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act have occupied the majority of the headlines, there are other regulatory changes the financial sector is trying to navigate. The most recent compliance questions we’ve received from… Continue reading →

Underbanked IS the Market: Gen Y Changes the Rules

Eric Lindeen
By:  Eric Lindeen
On: August 25, 2010
Topics: Customer Acquisition and Retention, Customer Experience, Trends
Tagged: , , ,

It just occurred to me that a curious shift has happened in the under-banked market. My employer, Zoot Enterprises, has supported lenders in the under-banked market for some time. Part of our value to our clients is that we provide streamlined connectivity to alternative data sources, often to help lenders approve credit for unbanked and… Continue reading →

Educate Consumers… Before Your Competitors Do

Alex Johnson
By:  Alex Johnson
On: July 10, 2010
Topics: Customer Acquisition and Retention
Tagged: ,

When it was time for you to start driving, did you go through an educational course or were you put behind the wheel, trusting that the car manufacturer had designed the car so that it would teach you what to do? For many things in life, education on the history and proper use of an… Continue reading →

What if Apple Creates a Financial Lifestyle?

Eric Lindeen
By:  Eric Lindeen
On: June 18, 2010
Topics: Customer Experience
Tagged: , , , ,

While moderating a panel at the Card Forum show last month, an audience member from Bank of America asked me a fascinating question, “What are the implications of Apple’s recent patent filing for NCF mobile banking?” The common answer is that their filing deals primarily with P2P payments funded through a credit card, bank or… Continue reading →

Transparency: What are Banks Missing?

Eric Lindeen
By:  Eric Lindeen
On: May 22, 2010
Topics: Customer Acquisition and Retention
Tagged: , , ,

During the Card Forum show, Susan Ehrlich, SVP and President, Sears Financial Services, shared a unique perspective on the consumers that many lenders refer to as underbanked. To her, they are simply customers, although they need different products than more mainstream banking clients. In fact, she says, they are in this group because they don’t… Continue reading →

The Portrait of a Thin File

Alex Johnson
By:  Alex Johnson
On: April 20, 2010
Topics: Customer Acquisition and Retention, Trends
Tagged: , , ,

The thin file/underbanked market represents a significant revenue opportunity for financial institutions (FIs). These consumers do not, contrary to popular belief, pose any greater risk than the general banked population. Many are simply individuals that have had limited interaction with financial institutions but who could benefit from additional financial products and services. How do I… Continue reading →