Raddon Report

Raddon Report

Tuesday, February 16, 2016
Lynne Cornelison

Much of the banking technology focus has been on meeting consumers’ expectations for anytime, anywhere transaction accounts, payments and lending. However, according to a recent Raddon study of high-income investors, a financial institution’s technology capabilities can also impact whether it will attract an investor’s business.

Friday, January 29, 2016

Financial institutions that continue to ignore their customers’ technological delivery presumptions and sentiments do so at their own peril. Taking these preferences into account can decrease an institution’s risk of becoming an anonymous transaction engine, instead serving as an encompassing service provider that plays a central role in customers’ financial lives.

Thursday, January 7, 2016

Financial institutions continue to seek enhancements to provide a more seamless and secure mobile banking experience. One solution is biometrics in the form of a fingerprint scan. Such a biometric application has the potential to provide a more secure way to identify customers as well as enhance the appeal of mobile banking and its accessibility.

Thursday, November 19, 2015

Although 6 in 10 consumers now own a smartphone, the number of in-store mobile payments in the U.S. has not kept pace. The October 1, 2015 EMV fraud liability shift is enhancing mobile point-of-sale payments and as a result, many in the industry promise a brighter mobile payments outlook.

Thursday, July 9, 2015
Marcus Rothaar

Raddon’s most recent survey of 1,200 small businesses reveals an intersection of lending attitudes and needs, which alternative lenders are taking advantage of. One out of 10 small business owners feel credit has dried up and financial institutions have stopped lending to small businesses.

Thursday, June 11, 2015

As reported in the 2013 Federal Reserve Payments Study, consumer noncash payments behavior has become increasingly reliant on credit and/or debit cards in the last 10 years. The study also reveals the number of debit card payments has increased more than any other  noncash payment type, including check, credit card, prepaid card and ACH payments.

Wednesday, May 6, 2015

Will the U.S. Postal Service (USPS) ever offer retail banking services? In early 2014, the Office of the Inspector General of the U.S. Postal Service began a public dialogue about how the Postal Service could offer retail banking services as a way to promote efficiency.

Wednesday, April 15, 2015
Marcus Rothaar

You’d be hard pressed to find a product launch that generated as much buzz and excitement in the financial services industry as the announcement of Apple Pay™ last September. Heralded at the time by Apple CEO Tim Cook as the service that would replace the “fairly antiquated payment process” and “forever change the way all of us buy things”, Apple Pay set out to revolutionize the payments experience.

Thursday, April 2, 2015

Some industry insiders suggest mobile banking has moved into its second stage of development –mobile banking 2.0. This shift will require mobile banking providers to use customer insights for optimal delivery of services and enhancement of the mobile banking experience.

Wednesday, January 14, 2015

Digital technology continues to have a profound impact on our collective consciousness as it satisfies our demand for instant results.  Accordingly, a new type of consumer has been created – a digitally-based one

Thursday, December 11, 2014

In the last several years, industry analysts have observed ad nauseam that financial institutions need to weigh the value of their branch networks, as well as change the role and structure of their branches, since consumers are handling more and more of their transactions through self-service channels.

Thursday, November 6, 2014
Marcus Rothaar

Being a consumer today is hard work.  The long list of do’s and don’ts to protect oneself from things like identity theft and credit card fraud is enough to overwhelm anyone.

Wednesday, October 8, 2014

With the announcement of its spinoff from parent eBay, as well as its noted exclusion from Apple Pay, PayPal has been a hot topic in the news recently. For years, senior financial services executives have fretted about the threat that PayPal posed to banks and credit unions.

Thursday, July 24, 2014
Greg Ulankiewicz

In October 2013, American Express “re-launched” Serve– a prepaid debit card purportedly targeted towards the financially underserved.  On June 4, 2014, American Express premiered its short movie Spent: Looking for Change - a 40-minute narrative focusing on those shut out, or at the margins of the traditional banking system.

Thursday, July 10, 2014

With the ongoing delivery channel proliferation across the financial services industry, bankers continue to ask: Will my investment in the new technologies ever payoff?  In order to justify past, present and future capital outlays, the following rationales are offered to inquiring financial institution executives.

Thursday, March 20, 2014

The notoriety of prepaid mobile accounts (i.e., a combination of a reloadable prepaid account and mobile banking technology) such as the American Express Bluebird card and the JP Morgan Chase Liquid card, among American consumers, is apparent from the numbers reported by the companies. In a recent Harvard Business Review interview , Dan Schulman, Group President of Enterprise Growth at American Express, related that Amex has attracted over 1 million Bluebird accounts and consumers have loaded over $1 billion onto this product.

Thursday, October 3, 2013

This may be old news to some, but branch teller metrics keep falling as consumers continue to embrace self-service channels.  According to Financial Management Solutions, Inc.’s (FMSI) 2013 Teller Line Study, average monthly branch teller transaction volume has declined by 45.3 percent since 1992, while teller salaries and benefits have increased by 84.2 percent over that same time period.

Thursday, August 1, 2013

Raddon Financial Group has tracked the changes in consumer banking behavior for 30 years.  In those 30 years there has never been a service that has followed a steeper growth curve than mobile banking.  According to Raddon's spring 2013 national consumer research, mobile banking penetration has now reached 35%, up from 10% in 2011.

Thursday, June 6, 2013
Marcus Rothaar

Google recently announced a second round of “spring cleaning”, shutting down a number of older features and services. As mentioned in their blog post on the subject, they have now closed 70 such products in the last two years. One of the more noteworthy items on the closure list is Google Reader, the once popular web feed aggregator which purportedly allows users to stay up to date with their favorite websites and blogs all in one place. While Google recognizes that there is a loyal group of Reader users, the devotion is apparently not enough to overcome the declining usage and they will officially retire the product on July 1, 2013.