Overdrafts: It’s Really Not About Fees (with Joel Schwartz)

Brief Summary of Episode #148

Overdrafts are the common enemy that financial brands need to vanquish.

It’s tragic how many people in the U.S face challenges with their finances due to outdated models of banking.

Let some of these stats really sink in:

-6% of U.S. households are unbankable and 18.7% are underbanked

-The payday loan check cashing industry is about $32 billion

-9% of bank account holders pay 84% of the $11 billion in annual overdraft fees

Joel Schwartz, Founder & Co-CEO at DoubleCheck Solutions, joins me today on Banking on Digital Growth to talk about giving consumers what they need (financial relationships) and what they want (financial flexibility and control).

Becoming your customer’s financial ally should be easier and giving them more of what they need is key to your financial brand’s success.

Key Insights and Takeaways

• Why overdrafts are such a hot topic at this moment
• It’s customer control that’s the issue, not overdraft fees
• Digital growth opportunities for offering compassion
• Updating old-fashioned mindsets about banking services
• Why doing the right thing is good business
  
  

How to Connect With Joel Schwartz

LinkedIn |Website