The Walmart Bank
As if technology giants like Apple and Google weren’t enough competition for the nearly five thousand banks and thousands of credit unions in the United States, Walmart plans to launch a “checking account” of its own. There has been much speculation over the years regarding Walmart entering the financial services industry and in many ways, this has already happened with the various financial services offered to its customers through partnerships. These include money transfers, pre-paid debit cards, and the ability to cash checks at stores across the U.S.
What does this mean for traditional brick-and-mortar banks and credit unions?
Walmart is the largest private employer in the United States with 1.6 million employees. It also has nearly 4,700 stores across the country. In launching a checking account that would likely be attractive to many of its employees, One,– the fintech company Walmart is working with that will deliver the new services, will instantly become one of the largest banks in the US.
How can IFM help?
Customer retention and mitigating deposit outflows in a time of rising interest rates are top of mind for traditional financial institutions in the US today. IFM’s services provide the means for an FI to detect changes in their customers’ financial behavior, which is important for financial institutions to know and understand. With that understanding, appropriate strategies and marketing outreach can be developed and deployed that will deepen relationships with existing customers and retain and grow their deposits.
For additional information about how IFM can help you identify customers that may be early adopters of Walmart’s new financial services company, and to learn about other deposit retention and growth strategies, contact IFM at our website, www.infimark.com, or communicate with me directly at email@example.com.
Rob Reale is an Associate Partner and National Sales Manager responsible for business development and sales at Insight Financial Marketing. Rob began working in the Mortgage Banking industry in 1990 and currently helps the financial service industry leverage unique and innovative solutions.