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Commercial lenders need to get back to the original essence of “know your customer” as the fundamental principle of banking.
Checking account redesign can boost profitability if the account designers carefully match features with their targeted customer segments.
While payday or cash-advance credit is a regulatory no-no, financial institutions have other valid options for making small dollar loans.
Small and midsize banks can play in the wealth management leagues if they utilize some contrarian tactics to compete against the larger players.
The traditional single overdraft fee should be abandoned in favor of a tiered approach – potentially including no fees – to accommodate the distinct customer segments involved.
Based on analysis of past periods of rising interest rates, it will take about 11 months for the average rate of term accounts to reach 1% and 30 months to reach 4%, once deposit rates do start rising.