Wal-Mart's New Nonbank Bank

Like the recent PayPal story, this is bad news from a competitor's perspective, but from a consumer's it is great news. Sure, Wal-Mart is in it for the extra revenue, but if this saves low income consumers from having to pay the exorbitant fees check cashing places charge, then Wal-Mart should be commended.

The Bank of PayPal

It's hard to tell from this article want kind of bank PayPal is really going to turn into, but it likely means more competition for everyone in financial services. Which is good. I see it as one more player to push online banking toward nirvana, the point where I can wander around the world unfettered by wallets, credit cards, cash and still be able to get my kids a waffle cone.

The vibe

A great local example of the elusive "vibe" that Seth Godin talks about today is the grocery store VG's. VG's employees are so bright, energetic and happy that it's infectious. Their enthusiasm doesn't seem like the put on kind either, the rote "Have a terrific day and thanks for shopping at VG's". Everyone seems to enjoy working there which, having worked at a few grocery stores, is not easily accomplished.

I'm going to suggest talking to their management to see if they have any ideas that might translate into banks.

The Bank Blitz Memo: Industry Jujitsu

This is a terrific, thorough, commentary on the future of branches and technology.

The branch’s function is similar to a post office. Like a post office, nobody is at the branch because he wants to be. Customers go to branches because that’s where they have to go to get what they need done. And they’re usually far from thrilled about it.

There are certainly many reasons customers/members go to a bank or credit union branch, but the number is dwindling every day. People who are willing to accept the reasons are dwindling every day too. There are people who will not accept "Just come on in and we'll get you set up" in response to a telephone or email inquiry. I'm not sure if this should stop institutions from building branches in the short term, but I think they should give serious thought to minimizing the expense and look for ways to make smaller, more focused, branches. Rather than building a new, stand-alone, branch that tries to emulate a Starbucks, why not just rent some space next to Starbucks and let people kill two birds with one stone on morning coffee stop.