If you’ve heard it once, you’ve heard it a million times: mobile banking is going to change the banking industry. Sure, it won’t be overnight. But from all of the research I’ve seen, it won’t take long. I recently spoke at a Jack Henry Banking Educational Conference, where I held up my iphone and asked everyone what it was. As you can image, they all answered, “a phone.” I … [Read more...]
Why Banks are like Flower Shops
Years ago, I invested in a flower shop. It wasn’t your typical corner flower shop filled with red carnations and yellow roses. In fact, we didn’t even have a shop. All we had was a van for deliveries. I researched the flower industry and found that flower shops have very high margins, but very small profits. The main reason for this is the overhead cost and the fact that … [Read more...]
What are they doing on those phones?
Everywhere you look these days, people are on their smart phones. They are on them while they’re waiting for their flight at the airport, while waiting for their food at a restaurant, and even while waiting for the movie to start or the light at the intersection to change. They are either checking e-mails, sending text messages, watching movies, playing games, taking … [Read more...]
Times are a changing…
As a small business owner, I remember the days when deposits had to be made at my bank by 2:00 PM. The mailman would sometimes be late coming by my office, so I would always stress out over covering the checks I needed to pay or had already written. I even kept a map of all the bank branches so that if a client called to pick up a check, I knew where I could make the deposit … [Read more...]