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While payday or cash-advance credit is a regulatory no-no, financial institutions have other valid options for making small dollar loans.
Rather than simply turning away consumers with poor or no credit histories, financial institutions should take the lead in helping those people improve their credit for profitable, long-term relationships.
With its new ‘crowdsourced’ credit card, Barclays Bank is hoping to use social media to create a kind of ‘virtual’ credit union, says bank executive Paul Wilmore.
To restart growth in consumer credit, retail banks need to look at nontraditional products such as the unsecured line of credit and the dynamic liquidity line; the key is to organize offers around essential customer needs.
Advanced pricing skills will be critical as home equity lenders compete for selective growth opportunities going into next year.
Americans traveling abroad, particularly in Europe, are increasingly stymied by the lack of acceptance of magnetic stripe payment cards. Will U.S. issuers respond to the challenge?