The Mecklenburg Times on LinkedIn: Chris Ward Joins TD Bank as Regional President of the Mid-South Metro (2024)

💳This credit card it’s draining Wells Fargo's profits! 🔥🔥🔥With the Bilt Mastercard you can earn points by paying rent. it’s An innovative model that it’s shaking up traditional banking revenues. 🔥But here’s the catch: it’s making Wells Fargo lose money. 🔥HERE’S WHY THIS CARD IT MIGHT NOT LAST LONG: 👉Wells Fargo is reportedly losing $10 million monthly on this program. The bank has even stopped bidding on new co-branded credit-card programs.👉Why? The unique zero-fee rent rewards and aggressive partner incentives aren’t aligning with traditional revenue models, leading to significant losses. - - - - - - - - - - CHALLENGES:👉Wells Fargo pays Bilt 0.80% of each rent transaction, even without collecting interchange fees from landlords.👉A $200 fee is paid by Wells each time a new card account is issued.👉The anticipated mortgage cross-selling hasn’t materialized, and non-rent purchases are lower than expected.The future of the Bilt Mastercard hangs in the balance. Wells Fargo has hinted it may not renew the contract unless the economics change in its favor.WHAT DO YOU THINK IS GOING TO HAPPEN? Share your thoughts below! 👇#CreditCardInnovation #BankingDisruption #ConsumerFinance #WellsFargo #BiltRewards #FinancialStrategy #RentRewards #FinTech #CoBrandedCards #FutureOfBanking #MillennialFinance #RealEstateBrooklyn #BrooklynLiving #BrooklynHomes #NYCRealEstate #BrooklynRentals #RealEstateTrends #HomeBuyingTips

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It's clear that the importance of physical presence for customers shouldn't be underestimated. Whether it's to accommodate customer preferences for visiting branches or simply to serve as a reminder of the bank's presence in people's day-to-day lives.PNC seems to be banking on both factors as they make significant investments in new branches across the southwest. Meanwhile, JP Morgan Chase and Wells Fargo have also announced plans to expand their physical branch networks.An interesting point on #commercialrealestate comes into play here: “The new branches will also serve as sources of market intelligence that can inform decisions about commercial real estate. ‘You can't just apply a blanket lens and say, here's what commercial real estate is going to be like. It's really market by market, property by property,’ said David Schiff, Head of Retail & Consumer Banking at West Monroe”#banking #strategy #financialservices

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If you are looking for insights into how you can be competitive, thrive, and grow, I recommend reading this article about Pinnacle Bank, a family-owned and operated community bank.#familybusiness #familyowned #familyownedbusiness #lovefamilybusiness

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Earlier this week, Heartland Bank launched a shiny new addition to its suite of savings products — the Digital Saver account. But there’s something kind of weird about Heartland launching this new account, and that’s the fact that it already has an account among its existing suite of savings products, the Direct Call Account, which is practically identical — paying interest of 4.60% p.a. and with no fees.So, why go to the trouble of launching a whole new product, instead of just increasing the interest rate on its existing one? Find out here: 👉 https://hubs.la/Q028dFTT0

There are executive moves being done at banks during the latter time of 2023. Moves from Wells Fargo to Goldman, Fifth Third to City National, and now TD Bank to Discover. #banks #executivemanagement #migrations

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Wells Fargo's risky bet on Bilt Rewards!Wells Fargo's partnership with Bilt Rewards aimed to capture a younger market by allowing rent payments via credit card with no fees. While successful in attracting over a million new customers, the bank is losing up to $10M monthly.Customers are using the card to earn rewards but not carrying balances, a key revenue assumption. As a result, Wells Fargo is reconsidering its co-branded credit card strategy.💡 Key takeaway: Innovative partnerships carry financial risks if user behavior deviates from expectations.Wells Fargo rethinks strategy amid losses!How can financial institutions balance innovation with risk? Share your insights below!#Banking #Fintech #Innovation #CustomerStrategy #PropertyManagement

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"Even with the number of branches nationwide on a declining trajectory, megabanks like Bank of America and JPMorgan Chase are investing in opening new ones.BofA added 55 branches in 34 markets in 2023, after having opened 58 branches just the year before. It also intends to expand into nine more markets where it lacks any physical retail banking presence.Meanwhile, its rival, JPMorgan, has an aggressive push of its own toopen Chase branchesin new markets.This could be a sign of things to come for the country’s big banks, says Steve Reider, president of Bancography, an industry consulting firm in Birmingham, Ala.He expects others to follow Chase and BofA in staking out new markets, including Wells Fargo, PNC and U.S. Bank. “There’s probably half a dozen institutions that at least have a 10-year road map toward a nationwide presence,” he says."Interesting article from the TheFinancialBrand - local presence, lots of sameness with apps going on, access to deposits, mortgage market, leverage size and tech, customers want to talk to a person.

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Why UMB Healthcare Services?The article below talks about the bank’s methodology of how we work with clients. Though not directly about our Healthcare Services offerings, it is about the continued dedication of a smaller bank having the supportive/service capabilities of a much larger organization. We have worked to appear smaller and more client focused while having the power and capabilities of a significantly larger institution.

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It sometimes amazes me that some credit union leaders have bought into the myth that "branching as a growth strategy is dead." Building branches in the right locations is still the best way to grow core deposits—you attract new members and expand your influence. Even the big boys like PNC are following a branching-for-growth strategy. They're closing under-performing branches and building new branches in better locations. It's a proven strategy ... and it's alive and well in today's market.https://lnkd.in/efRPrwSW#creditunions #credituniongrowth #coredeposits #designbuild

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Credit cards are tough, even in US! In 2023, BILT rent-reward CC seemed like a success: >1Mn cards activated within 18 months, many of those by young adults - a segment Wells Fargo has been wooing for long.Now, it is a $100Mn albatross around its neck.. While Wells Fargo expected >65% of the transactions to be non-rent (and hence interchange earning), reverse turned out to be true. Revolvers haven't built up as assumed earlier (15-25% against 50-75% assumed), resulting in $10Mn p.m (and growing) losses to the bank.On the other hand, Bilt milked the opportunity with a 100%+ uptick in its valuation after this deal, and rightfully so:- $200 for each new card activation- 0.8% of each rent transaction- Share in the interchange fee for each non-rent transaction More here:https://lnkd.in/gucXRNBr

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