QCash Financial Aims to Eradicate Payday Loans
By Robert McGarvey $30 billion annually – that’s how big Pew said the payday, pawn auto title, etc. loan market is in America. When people need a loan, and everybody else has said no, they go to alternative lenders. That’s 10 to 12 million Americans every year. They pay through the nose too. Up to 400% APR. […]
How Frightened Should You Be About Amazon Banking?
By Robert McGarvey For CU 2.0 Think very – that’s the question’s answer. But maybe you already have in hand the exact weapons you need to defend your position. Surprised? Read on. Triggering this discussion is a recent Snarketing post by Cornerstone Advisors’ Ron Shevlin that offered hard data about Amazon’s potential popularity as a consumer bank. Cornerstone had surveyed […]
The Non-Bank Threat to the Mortgage Business: What Credit Unions Must Do
By Robert McGarvey For Credit Union 2.0 There was a time when traditional financial institutions owned the home mortgage business. No more. The changes are massive and stark and the bottomline is that non-banks are eating up this business. Their share is now 45% of home mortgages, according to the Federal Reserve. Just about all experts […]
PayPal and Your Credit Union
By Robert McGarvey for CreditUnion 2.0 Feast on a frightening metric: PayPal, an Internet company from the start, now is worth more than venerable American Express. Its current market cap is north of $80 billion and, meantime, it is busy fighting multiple wars, against Apple Pay at point of sale, Square in cash transfers, and Chase and Citibank backed Zelle in […]
How to Lend Millennials’ Money – and How Not To
By Robert McGarvey for Credit Union 2.0 A new study out of Transunion – Generation Revealed: Decoding Millennial Financial Health – is a goldmine of data for credit unions that are struggling to make sense of their Millennial members and prospects and are also struggling, in many cases, to find profits in serving them. The […]
Five Fintech Marketing Tips for 2021
There are many reasons why fintechs startups don’t “make it.” One common reason is that they lack the money or aren’t making profit. Another is that they don’t understand their target market and/or can’t penetrate that market or get broad adoption. There’s truth to all of these.