Walmart Bank: Checking Accounts At Walmart?
Insight Financial Marketing Blog
by Rob Reale
4M ago
The Walmart Bank As if technology giants like Apple and Google weren’t enough competition for the nearly five thousand banks and thousands of credit unions in the United States, Walmart plans to launch a “checking account” of its own. There has been much speculation over the years regarding Walmart entering the financial services industry and in many ways, this has already happened with the various financial services offered to its customers through partnerships.  These include money transfers, pre-paid debit cards, and the ability to cash checks at stores across the U.S. What does this m ..read more
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What Does Personalization In Financial Services Mean?
Insight Financial Marketing Blog
by Rob Reale
4M ago
Recent studies showed that 52% of consumers expect their offers to be personalized, and 62% want firms to anticipate their needs. This is excellent news for financial institutions who are looking to leverage innovative approaches to understanding their clients better while deepening their engagement. Now is the time for your FI to gain a competitive advantage by capitalizing on the power of personalization by offering a more user-centric and solutions-based experience for your customers. To do that, though, you have to understand the power of personalization. Let’s discuss the concept in more ..read more
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Alternative Data is on the “Rise™”
Insight Financial Marketing Blog
by Rob Reale
5M ago
Credit Bureaus have been a bedrock of the financial services industry for decades.  Their insights on a consumer’s creditworthiness and willingness to repay a loan have proved their value a hundred-fold over the past 50 years. However, their ability to measure the creditworthiness of all persons is limited due to various reasons from the lack of reporting to the bureaus to the rapidly changing ways consumers conduct payments and other financial transactions and the explosion of non-traditional financial organizations. A combination of innovation, technology, and immigration patterns and p ..read more
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Insight Financial Marketing Celebrates 20th Year Anniversary
Insight Financial Marketing Blog
by Rob Reale
6M ago
20 years of innovation, development, and trustworthy business practices mark the milestone. IFM’s services provide financial institutions with large-scale transactional analysis and consulting identifying opportunities to help strengthen and grow their client relationships. Founded on July 16, 2002, IFM began analyzing Automated Clearing House transactions for marketing purposes and fraud detection, considered a unique capability by the financial services industry. Over the years, IFM developed an extensive and sophisticated processing methodology for translating and categorizing transactions ..read more
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New Competition For Traditional Banks Serving Small Business
Insight Financial Marketing Blog
by Rob Reale
9M ago
As the U.S. economy slowly emerges from the impacts of COVID-19, many individuals are re-opening their small businesses, others have left corporate jobs to start businesses, and many recently retired baby boomers started micro-businesses as a way to help supplement retirement income.  For traditional financial institutions, there are many opportunities to become the primary bank for these small businesses.  Traditional financial institutions are readily equipped to service these small businesses with checking accounts, credit cards, business loans, and merchant services.&nb ..read more
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Personalized Marketing to Bank Customers
Insight Financial Marketing Blog
by Rob Reale
11M ago
Right now, the transactional profile of a consumer checking customer at financial institutions across the US is likely to include a P2P account with either PayPal or CashApp and a newly established Coinbase account as customers’ education and investment in cryptocurrency continues to grow.  They are making regular monthly payments to a SoFi student loan, Rocket Mortgage, or Prosper personal loan, many are using their Apple credit card, and are regularly adding and storing money onto their Starbucks or Dunkin apps.  From a small business customer perspective, many are using QuickBooks ..read more
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[Webinar] Outlook for the Future – Bank Strategy During COVID and Beyond
Insight Financial Marketing Blog
by Rob Reale
1y ago
In 2020, At the height of the COVID-19 pandemic, Insight Financial Marketing held a webinar titled, Outlook for the Future: Bank Strategy During COVID-19 and Beyond. From our discussion, it was clear how big of a role technology played in economic recovery.  We also saw banks receive increased deposit balances, as CARES Act-related assistance was disbursed to consumers and businesses. This year we felt it was only fitting to share an update regarding the same topic, looking at bank strategy amidst the continuing impact of the pandemic and beyond. In the presentation, we put a spotlight o ..read more
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Financial Institutions Move to Digital – What’s Next?
Insight Financial Marketing Blog
by Rob Reale
1y ago
Financial Institutions & Digital Capabilities Financial Institutions have moved swiftly to enable more digital functionality. This effort has taken on many different paths. For some, the move has been to offer a combination of the following: BaaS, Open Banking, digital loan applications, a stand-alone digital bank, faster payments, access to cryptocurrencies, P2P functionality, electronic signatures, PFM, online and mobile app B2B capabilities. All this has been occurring, while at the same time, Big Tech, FinTech, and DeFi, have been launching new capabilities that target specific needs o ..read more
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Using Customer Intelligence to Compete More Effectively in the Future of Financial Services
Insight Financial Marketing Blog
by Rob Reale
1y ago
Like other industries in this new millennium, the financial services industry has been rapidly transformed by new technology.  With the rise of digital money, real-time money movement, and increased competition within the industry, this change is growing at an even faster pace.  But let’s face it, this industry has been one of the slowest to change compared to the Music/Movie Industry, Travel/Transportation, Communications, Engineering/IT/Cyber Security, and Shopping.    How an institution prioritizes the utilization of data and information technology will largely dictate ..read more
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Help Your Customers Build Generational Wealth
Insight Financial Marketing Blog
by Rob Reale
1y ago
Help Your Customers Build Generational Wealth and Grow Opportunities for the Future Interest rates continue to remain at record lows, and the recent employment numbers are showing improvement as we continue to recover from the COVID crisis.  Now that the economy is recovering, there are opportunities for financial institutions to help their customers get back on track for planning and preparing for the future.  Two of those areas include providing guidance and assistance with the planning and saving necessary to buy a home and providing the guidance, support, and services that will e ..read more
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