Opinions

If the only thing preventing a customer exodus is the sheer hassle of switching banks, there is a real danger that one day an enterprising company or competitor will come along and solve that pain point.

Banks are ideally positioned to use their data on consumers' purchase histories and merchant relationships to send targeted daily-deal offers to customers. Groupon's random solicitations wouldn't stand a chance.

It may seem difficult to envision exactly where robust economic activity and growth can be generated in the U.S. right now. However, there is a promising area of growth for the nation's economy: exports and international trade.

When I am asked "How do we get bank customers back into the branch?" my answer is simple: How would you get them back into a Borders or Blockbuster store?

"Face It, Bankers: You're Not Apple" by Andy Sobel [BankThink, Oct. 11, p. 21] contends banking shouldn't focus on innovation and instead should act like the utility sector. It conjures a Prius-driving straw man who only wants his bank to deliver cash from the ATM – "a human right," as utilities deliver water from the faucet.

For the vast majority of Americans, the role of the bank is to be there when the customer wants it to be there. Like the water company. Like the electric company.

Recent breaches at Epsilon and Citibank are evidence that criminals are not just going after financial information anymore; they are increasingly profiting from stealing all kinds of customer data, especially email addresses. By accessing personally identifiable information (PII) such as email addresses or social security numbers, thieves can sell the information on the black market or move forward with highly lucrative phishing or other scams on their own. In fact, according to analyst firm Frost and Sullivan, the global black market for email addresses and national ID numbers is now worth about $5 billion.

When the profits and losses of the debit card unit suffer as regulation clips revenues, the banks increase fees, discouraging debit card usage. Any pretense to customer focus goes out the window.

In retail banking, we look for trends: the branch of the future; the winning mobile banking platform; prepaid cards. It's harmless fun.

Is Bank of America charging for debit cards because it is shortsighted or because it is too bloated to compete against smaller institutions for consumer accounts?