'Glass-Steagall Me': Comments of the Week
October 16, 2015 6:00 PM
American Banker readers share their views on the most pressing banking topics of the week. Comments are excerpted from reader response sections of AmericanBanker.com articles and our social media platforms.
A reader's exasperated reaction to the presidential candidates' stances on banking issues:
"Glass-Steagall me."
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On why banks are losing bits and pieces of the customer relationship to nonbanks:
"Banks have been way behind in analysis of their customer base and using that info to build a relationship with their customer. The silos need to be brought back together to create a better and stickier customer relationship. I personally like having all financial products with one bank and did up until my large regional bank was acquired by Big Bank Inc. When I went to apply for mortgage refinancing for existing customers online (original mortgage and checking accounts, personal financial advisors all with the regional bank), I was told I don't qualify. I have long since pulled everything out of that bank and won't go back."
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On a proposed strategy for banks to recapture the customer relationship from nonbanks:
"The payoff is longer-term, and somewhat of a leap of faith. I am personally skeptical that we (bankers) can resist the attraction of incremental, short-term gain in favor of building more durable and ultimately more profitable customer relationships."
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On what retailers are doing with the savings on interchange as a result of the Durbin rule:
"Target and Home Depot certainly haven't used the extra funds to increase cybersecurity."
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On the potential damage to payday lenders from proposed regulations:
"One of the ironies here is that banks will very much benefit from the demise of payday as more customers will overdraft their bank accounts, which is a considerably worse option and very much the reason why customers choose payday in the first place. Not as bad as the loan sharks that Mary Jackson mentions above, but still much more expensive. Effective cost of payday: 392% APR. Effective cost of overdraft: 17,000% APR. Yet we radically restrict the cheaper option."
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On the personal questions often asked of female executives like JPMorgan Chase's Marianne Lake (<a href="https://www.facebook.com/AmericanBanker/posts/1044389252292612" target="_blank">via Facebook</a>):
"When is the last time they asked a male CFO of a major corporation, 'How do you balance being the father of three children and CFO of
?'"
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On the origins of the word "fintech" (<a href="https://twitter.com/piersgrundy/status/654628292314689536" target="_blank">via Twitter</a>):
"I first read about #fintech @ school in London in 88. Article by @FT referring to mobile phones in Finland."
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