In “product innovations which I wouldn’t have expected but which make lots of sense”; Starbucks has a debit card in the US (through Chase).
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That’s presumably taking advantage of Starbucks being the habitual use location (and super distribution channel) that bank branches used to be. Back in the day, banks got at least two tries to talk to a customer a month, like clockwork (payday).
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There are *relatively* fewer customers these days who do that, and most of them are happy with their current bank account. I bet the strategy here isn’t finding habitually unbanked people; it’s about grabbing share with very “bankable” young’uns who are a bit bank-shy.
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And then after Chase has a card in your pocket you will, because you are young and drink Starbucks, install the Chase Mobile app, which is going to (they hope) eventually do the sales job that a branch banker would do over the years.
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Oh this is one of the most important things to understand about retail banking: A bank branch is a sales office, staffed primarily by commissioned sales reps. Cash management and account servicing is offered just to keep people coming in to talk to the sales reps.
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Replying to @homakov
Hello Mr. Obvious Professional: How happy are you with your credit cards? Can I pay you $600 to open this one? Do you have a savings account with us? Can I pay you $200 to open one? In the market for a car or house? We can help with that. Say do you have an investment advisor?
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A technologist paid on US scales who banks in one place will cause the bank to realize (minimally) tens of thousands of dollars over the course of one’s lifetime.
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Replying to @homakov
The revenue mix from someone well-off includes very little in explicit fees, because people hate them. It’s tilted towards net interest income (both interest you pay and interest bank earns by lending out or otherwise using your savings), credit card interchange revenue, etc.
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