News & Views - Savantor

Variations on Debit

Monday, 03 September 2007

A recent study wins the prize for stating the obvious - that debit cards engender more loyalty among bank customers than credit cards.  Hardly rocket science.  The researchers urge banks to use debit as a way to maintain loyal customers and perhaps lure them into giving their credit card business to the bank as well. Definitely a strategy that makes sense, but possibly a short-lived one as non-traditional financial services providers continue to invade the banks domain

Recently, the idea of decoupled debit cards - debit cards that are not associated with a current account at a bank - has been debated.  CapitalOne launched such a product in which it is using ties to the ACH system to enable debit transactions.  Customers could have a credit and debit card with that issuer/bank and potentially have all their rewards tied together as well.  There are other threats which banks will need to be mindful if they wish to stay competitive.

P2P loan network Lending Club is expanding beyond its original Facebook member base to connect lenders and borrowers over the public Internet via a new Website, LendingClub.com. Since its launch at the end of May, the Lending Club has 15,000 Facebook users who have loaned and borrowed more than $1 million among themselves.  Add this to other similar organisations such as Zopa and Prosper as well as the launch this month of PayForIt by the telcos and it starts to add up to an interesting time ahead for the traditional bank dominated finance market. 

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