Kind of makes you wonder what banks are going to do with all of those branches….
I stumbled upon this Complaint Database on the Consumer Financial Protection Board (CFPB) website and thought it would make a great activity for students while also increasing their “street smarts” regarding common complaints with financial service firms.
So, here’s an idea on how to create an activity using this database: Continue reading
Good video to incorporate in your lesson regarding payment types. In this three minute video, an industry expert reviews smart credit cards on CBS News while also providing a vision for the future of digital payments.
Key terms that come up in the video that students should be ready to define: Continue reading
During our last six week course with seniors at Eastside College Prep., it struck me that many students’ first experience with the financial services world was not a bank account but rather a prepaid debit card. This article from AdAge brought this trend to the surface again:
One-third of millennials either currently use or have used a reloadable prepaid card in the past two to three years compared with one-quarter of the general population, according to the study. And 60% of millennials would consider using one…Prepaid cards, which are also used by parents to teach their children financial responsibility, allow issuers to connect with teens early on, whether they stick with prepaid, like their millennial siblings, or move on to credit or debit card products. “We are seeing it as not only an entry to staying with prepaid, but also as a door that opens to traditional banking products,” said Mr. Chang.
The assignment for students: decide whether a checking account or a prepaid debit card are a better fit given their financial behaviors. Continue reading
This chart should give all established bankers pause, as the rebels are at the gates looking to overturn their business models:
This chart provides evidence as to why personal finance curricula need to remain current. In 2014, there was $12 billion invested in over 700 start-up companies looking to disrupt the financial establishment. I suspect the face of financial services will look a lot different a decade from now as these innovations spread and one likely outcome is the incumbent players purchase promising technologies to serve their customers better. Even if that were to occur, I suspect the way we transact our financial business will be very different.