Word: celente
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...back-and-forth can feel esoteric, but, in fact, it goes to the heart of solving the problem. "If losing firms are sucking up all the credit, then isn't the [correct] policy response to let banks cancel lines of credit?" asks Octavio Marenzi, CEO of the banking consultancy Celent, who joined the debate in December with his own paper, called "Flawed Assumptions about the Credit Crisis." After going through a reckoning of the aggregate data - including the fact that consumer credit hit a record high in September 2008 - Marenzi put forth a couple of possible explanations, including "that policymakers...
...more than 5 million account holders, with 100,000 to 150,000 more signing up each month. "Before it was a curiosity, but now banks look at the outflow of accounts to ING Direct, and they're reacting," says Alenka Grealish, managing director of the banking group at consultancy Celent. Citibank, HSBC, Capital One, E-Trade and Emigrant Bank are among those offering no-fee, no-minimum-balance Web-only accounts with well-above-average interest rates. Many even offer rates higher than ING Direct's. Kuhlmann's response: "Knock yourself out." So far, new-account growth at ING Direct...
...another step toward a cashless society, but there's a debate about who ultimately benefits--employer or employee. Unbanked employees stand to gain by avoiding hefty check-cashing fees, says Ariana-Michele Moore, an analyst at Celent Communications, a Boston-based consulting firm. Such fees are typically 2% to 3% of a check's value but can go as high as 10%. Generally, employees can use the cards at ATMs to withdraw cash or make purchases at stores. Celent estimates that by 2006, payroll cards will reach 3.8 million workers, mostly low-wage or temporary employees in industries like retail...
...profit from automated tellers may eventually come through one-to-one marketing. While only about 500 machines worldwide are testing this technology, the Boston consulting firm Celent Communications predicts that the number will jump to 80,000 by 2005. Soon, as customers pay down their car loans, for example, their ATMs will suggest timely preapproved loans for a spiffy new vehicle. Or if a user doesn't have enough funds to cover a withdrawal, he could be offered overdraft protection or a loan-which is better than being told, "I'm sorry, Dave, I'm afraid...
...most consumers, though, if there's no building, no tellers and no long lines, there's no bank. "For the vast majority of people, dull and boring are exactly the attributes they're looking for in a bank," says Octavio Marenzi, managing director at research firm Celent Communications...
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