tag:blogger.com,1999:blog-235433516644980443.post2235405694215195087..comments2024-03-27T05:08:10.195-04:00Comments on Jeff For Banks: Book Report: The Unbanking of America by Lisa ServonJeff Marsicohttp://www.blogger.com/profile/12153599647481141591noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-235433516644980443.post-23971753031831587322018-02-02T11:25:22.074-05:002018-02-02T11:25:22.074-05:00I agree that poor financial decisions make the und...I agree that poor financial decisions make the underbanked situation worse, and there should be financial education to help them avoid the situation. I also know from measuring product profitability from banks that it is difficult to make low balance, high activity clients profitable. This is why payday lenders are so expensive.<br /><br />But there is an evolution to customer relationships. And raising up a customers' financial situation to the point where they are profitable could result in a long-term, loyal, and profitable customer.<br /><br />Thank you for the comment!<br /><br />~ JeffJeff Marsicohttps://www.blogger.com/profile/12153599647481141591noreply@blogger.comtag:blogger.com,1999:blog-235433516644980443.post-3797313572588219042018-01-31T13:52:11.009-05:002018-01-31T13:52:11.009-05:00I'm about halfway through this book at the mom...I'm about halfway through this book at the moment, and I enjoyed reading your editorial commentary. I'll certainly continue reading with a more critical eye. That being said, I do believe her book provides an invaluable window into the world of the unbanked. I tend to agree that her argument to subsidize and otherwise restructure the mainstream banking system is a bit of a two legged table. On the other hand, I believe members of the unbanked community find themselves in their position because no one has shown them how to avoid overdraft fees and other poor financial decisions.<br /><br />I believe the financial deliverance of this population will come from companies who find a way to serve them profitably. By restructuring their fee tables and account requirements to better fit this particular consumer. And most importantly, by adopting a mentor relationship to their customers. Someone who isn't just there to hold their money and execute transactions reliably, but to provide the financial education this population so desperately needs. With the dawn of branchless banks (less overhead) and mobile banking (opportunity for behavior based messaging) fully upon us, I think we'll see major improvements for the unbanked in the years to come.Anonymoushttps://www.blogger.com/profile/10147654255408997897noreply@blogger.com