Slideshow 'You Can Use Your Smartphone. Yawn': Comments of the Week

  • December 04 2015, 7:30am EST
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American Banker readers share their views on the most pressing banking topics of the week. Comments are excerpted from reader response sections of articles and our social media platforms.

On Diebold's planned acquisition of another ATM manufacturer:

"So, the commodity ATM maker abandons high margin security business to purchase another commodity ATM maker. Oh yea, and you can use your smartphone. Yawn."

Related Link: Market Pressure Fuse Diebold, Nixdorf as ATM Makes Adapt to Mobile

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A retort to an argument on how a recent Consumer Financial Protection Bureau rule could make the mortgage process even more complicated for consumers:

"What will annoy millennials, or any other customers for that matter, are the archaic, paper-based, bureaucratic, customer-unfriendly processes that frustrate even the most patient customers. Stop complaining about the regulations and focus on improving the customer experience. This market is ripe for disruption."

Related Link: TRID Will Annoy Millennials, Not Entice Them

On how some lenders are itching to originate more loans to individuals with low credit scores once interest rates rise:

"'This time is different.' Those words have preceded every credit debacle. They have already started down the slippery slope, increasing LTVs."

Related Link: A Mortgage Lender's 'New" Subprime Pitch … Get Ready for More

In response to an op-ed defending payday loans:

"It's the short-term nature of a payday loan that is the biggest problem for consumers, IMO. Yes, a payday loan can provide marginal utility relative to NSF or charges on late bills, but it effectively just pushes the problem into their next pay period."

Related Link: What's Missing from Payday Lending Debate: Facts

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In response to an acknowledgment by the Bank for International Settlements that anonymous payment methods don't always signal nefarious behavior:

"When I began in this business, not too many decades ago, the right to privacy — financial and otherwise — was pretty much sacred and unquestioned. It's past time for a vigorous and open dialogue on the subject."

Related Link: Thank You for Not Smearing All Bitcoin Users, BIS

In response to a column calling on banks to provide chip cards that work with four-digit PIN codes rather than signatures:

"The arguments that consumers will get too confused by chip plus pin are nonsense: if people can take the time to master the myriad apps and other features of their smart phones, they can surely figure out how to stick a card in a slot and press a button four times to make a purchase."

Related Link: Using Signatures with Chip Cards Is the Wrong Move

On how requiring PINs on every transaction would reduce fraud risk:

"That chip-and-PIN is more secure is indisputable, and the ONLY reason that issuers resist is the difference in income."

Related Link: Using Signatures with Chip Cards Is the Wrong Move