Word: branchless
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...customer is. Because the company sells bare-bones products at a slim margin, it needs low-maintenance customers. At the firm's New York City café, one of five token storefronts, manager Omar Woodard recently let an older woman walk away without an account after she worried aloud that branchless banking might be too newfangled. "Customers who don't fit our business model don't fit our business model, and that's totally O.K.," says Woodard. "The bank just wasn...
Ironically, some e-banks are dealing with the catch-22 of being branchless by building branches. E*Trade Bank, 13th largest FDIC-insured savings bank by assets and leader of the Internet-onlies by a mile, piggybacks on its parent, which opened a superstore in April in New York City, and is launching mini-branches in Target stores across the country...
There is no question that e-banks are a better deal, if slightly less convenient. Mailing deposits is a drag, but direct deposit helps, as do new super ATMs. And because most branchless banks reimburse you for ATM fees, "they're essentially offering more freedom than any other bank," says analyst Greg McBride. More freedom, but less hand holding. Kind of like growing...
These days it looks as though more Americans than ever are willing to let go. They are traveling through coinless tollbooths, banking at branchless banks, riding in tokenless subways and paying for everything from taxi rides to mortgages with the swipe of a card or the blip of an electronic transfer. Such transactions accounted for 18% of the $55 trillion total that consumers, corporations and governments spent last year. But the number of electronic transfers has increased nearly 200% since 1986, in contrast to a 17% rise in the number of check and cash transactions. And the volume of household...
Carefully Banker Hazelwood saw to it that the controversy over banking methods could not escape the convention, arranged speeches that represented all possible views from the old-fashioned single, branchless unit to national group banking. At the convention Mr. Hazelwood, although known to be an enthusiast for branch banking, declined to discuss its merits and demerits, spoke on his favorite topic of bank management...
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