Re:Big Banks Lock Horns with Personal-Finance Web Portals
by jsprogrammer on Friday November 06, 2015 @02:20PM
(#10521382)
>Customer acquisition costs are so high, I doubt you'd believe me if I explained them to you.
Of course we would believe you. When you use a metric like "customer acquisition costs", you can say pretty much whatever you like.
I'd rather hear something like, "We have such little deployed value at the retail level that no one wishes to contract with us unless we spend a lot of money over here (legalized entrapment codes and marketing)."
Re:Big Banks Lock Horns with Personal-Finance Web Portals
by KirinDave on Friday November 13, 2015 @05:13PM
(#10562739)
Banks actually don't have or need a ton of law to lock in customers. They use fees and consumer apathy pretty effectively.
But if you think that even pro consumer banks like Simple had better costs, think again.
It's absolutely true that offering data migration services decreases bank account stickiness, and that's something everyone is terrified of doing in the finance industry. Customer acquisition costs are so high, I doubt you'd believe me if I explained them to you.