May
15
2006
Wal-Mart and Banking
Wal-Mart is coming to banking and everyone is panicking, maybe for good reason. For the first time in 73 years the fdic had a public hearing on the matter and over 70 different groups signed up to testify at the hearing.
I know this may contrary to others opinions but maybe Wal-Mart entering the banking market will cause innovation, change and more competitive services. Are the 73 entities who want to testify concerned with their own viability and profits or are they truly concerned about customers and clients.
Read the article on Wal-Mart and Banking
Strategy | Steve Rucinski | 15 May 2006 |
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By Adam, May 15, 2006 @ 7:57 am
I’m not a big fan of Walmart at all, but this is definitely a good thing for consumers if W decides to entice us with options those other 73 entities don’t. One of the reasons that ING is so successful is that they gave consumers another option when it came to banking – one that offered them higher rates of return because they didn’t have to support brick and mortar institutions. If W can find some way to innovate in a similar way it will be a great thing for consumers.