Consumer Financing

Hey, what’s up, everybody? It’s Justin Live from B2B Vault, the Payment Technology Podcast sponsored by Nationwide Payment Systems, hosted by this guy Allen Kopelman. And we’ll be providing you with educational information about small business, FinTech, payment processing, and the technology businesses are using in the world today.

And in today’s podcast, we’re going to be talking. Financial Brand Forum 2022 Allen attended in a beautiful, sunny Las Vegas. I heard it was quite chilly. It wasn’t so sunny, it was more like freezing Las Vegas. Yeah, I looked at the weather one time and it was 54 degrees. I said, wow, that’s not the biggest I hear. That was the warmest part of the day.

The morning it was in the low thirties! No thanks, buddy. No thanks! It was pretty cold. So, Allen was down in Vegas for three days at the convention. With one of our partners, GoDaddy. Nice hat, by the way. I just noticed that did you, that the G and the O is what make the heart.

Oh, okay cool! Do you see it? Yeah. You see the G is sideways and then the O is sideways. Yeah. And then you Yeah. Or the G and the D. Oh, let’s go. It’s go. G and O. Yeah. G and O. Yep. Yeah, that was cool. So, he was gone for three days. Pretty quiet in the office. Rocky was gone. You guys missed Rocky. It was really quiet.

Really quiet. I heard my music all the way in the bathroom one day and I was like, wow, I’m listening to music really loud. And yeah, he was down there, rubbing shoulders with the banking guys, the bankers. Yeah, it was a very interesting conference, and a shout-out to the guys who run the show Will Bernstein and the CEO, Jeffrey Pilcher, whom we got to meet. I met Will quickly. He had to leave, and then we met Jeffrey, which was nice. Learned more about the Financial Brand and I was actually surprised, I never heard of this convention before.
I think of Financial Brand I think of it like more, I don’t know, what was it about marketing?

Yeah. So, there was a lot, you learn, whenever I go to a show, I look at it two ways. One, I’m there to get business, you’re there to tell people about your company. Right! And then you’re there to learn. So, I tried to attend a few sessions. They had some; the first night they were supposed to have Jay Leno, but then he got in an accident and burned himself. No kidding!

So instead, they had Frank Caliendo, we talked about this before. Yeah. And he does impressions. But they had most, it was a mixture of motivational speakers and it’s all about how banks should brand themselves. In fact, I met a guy there, I wish I brought the book with me, but I’m reading it at home.

So digitizing banking, and there was the whole theme of the convention was all about, you know how banks are going to digitize themself to fight off the onslaught of FinTech. I was showing you earlier, there was this big, one of the guys who spoke was showing this graphic about Alipay.

Oh, the diagram. And how that’s like a super app, and that’s like the big rumors that Elon Musk wants to turn Twitter into a super app like Alipay. That’s what he wants to do. So, he wants you to be able to pay for things on Twitter? No! He wants you to be able to do everything you need to do by using Twitter.

So, you’re going to use that for your social, you’re going to use that as a payment vehicle. Maybe as a bank, who knows! Like Alipay is a huge, massive conglomerate, they bought up all these FinTech and piled them all. There’s entertainment there, you buy your tickets to concerts. Asia operates much differently than we operate! Yeah. So, it’s, but it’s a unique concept, the super app concept. But the banks are feeling it. I talked to a lot of bankers when I was there, and I talked to a lot of vendors. So, let’s talk about the banks first. I met people from a regular bank, people from a credit union, and people from a community bank.

One thing I learned is that credit unions are like the biggest secret in the United States of America. The secret’s out. Yeah, but I’m just saying, I don’t think when I go to open a bank account, I don’t think about using a credit union. Why? I don’t know, never thought about it. I used a regular, I always. Do you know why?

Why? Because credit unions, you stigma of it or something is it’s for poor people. It’s not the stigma! It was, yeah, for me it was like, for me it was always like, “you bank at a credit union”? Ooh, no. Like I always associated with a credit union with okay, I’ll give you an example.

In the front, up here in the office complex where we are is I think Space Coast Credit Union. No! Who is that? I don’t know, some real tiny. Oh, iThink! Yeah. Okay iThink credit union, right? Not, I think credit union, but it’s, iThink like “iPhone”. Oh, I credit union. I don’t know. It’s some credit union, right?

But it used to be the IBM Credit Union. Really? So, I, yeah, that’s what it used to be. Maybe it still is, and it just has a different name. Like IBM, like the company. Yeah! So, I always thought about Credit Unions, like the Navy Credit Union, you must be in the Navy. The IBM Credit Union is for IBM employees.

Ah. That’s how I thought about it! That was the one that is what the, what a rule was too, used to be like that too. But I didn’t think about it and oh, anybody can walk in there. Nah, I still don’t think you or anyone can because anyone can not just go to Navy Federal.

Like having a family member there. But that’s what I’m saying. That, but they don’t all operate that way, is what I found out. Yeah. No, I blew my mind too. I walked into a credit union that when before I moved down here and I was, I wanted to open a new bank account and they were like, yeah, come on in.

Yeah. Like I didn’t realize that it, I’ve thought of it more in oh, it’s an organization or company, whatever. Oh, I get what you’re saying now. Apparently, there are other ones. Then there are a lot of community banks, especially in middle America. Not so much in the big cities. What’s a community bank?

So, community bank in a small town like where my daughter lives. Oh, Cedar Rapids, Iowa. I met a lot of people from Iowa that worked at banks. Tons of them were from Iowa, Virginia State, every kind of state, Washington State, and Oregon. What are they looking to do? Get out of the bank? No, the Credit Unions and the community banks are now trying to focus on commercial banking, and that’s where we come in with our new product! Because we’re able to give them our new website, set them up a branded page. They can send their customers there, they fill in their information, so we capture that somebody was there.

Then they click enter and they go to the solution finder. And they answer 10, pick what their solution is, answer 10 questions, and in under five minutes, they’re approved for a merchant account. So, I was walking around at the show, introducing myself. Hi, this is Allen from GoDaddy, and Nationwide Payment Systems wants to tell you about our new payment product.

Nice. Most people thought of GoDaddy oh, why are you guys at the show? We think of you as a domain or you’re hosting our website. Right. Or something like that. So now we’re exposing the new program to banks and Credit Unions. So, I found out that Credit Unions traditionally are just like B to C consumer banks and not really doing commercial businesses.

And now they’re community banks and Credit Unions are really trying to get more commercial customers. So, we bring that aspect in and then we bring in, besides that power, which is powered by GoDaddy, we bring in all the power of Nationwide Payment Systems with that! Alongside of that, we have banks that can handle other types of merchant accounts that can’t go through GoDaddy and a full-blown ATM-managed service platform! Nice. So that, let’s say you’re a Credit Union and let’s say you’re in Cedar Rapids, Iowa, or you’re a community bank in, another town, Waterloo, Iowa, and maybe there’s a venue there or a mall that your, your bank is the principal finance or of that venue or mall. Then you want to have ATMs there, but then you don’t have the capability.

To go, set up the ATM load, that’s where we can bring those types of things in there. And other powerful types of financial services. Very cool. To these banks that they don’t have access to now. Because they’re finding that their customers are going to PayPal, Clover, or Square, and they’re not coming to them because they’re sending them to go call a phone number.

To go get their merchant service. And the trend is, I don’t know how many. So, by the time this podcast comes up. Yeah. I’m just going to throw that we’re going to have to like, do some ads because as soon as people start hearing about you offering this. The competition is going to go through the roof, bro.

I don’t know about that, I don’t think so. I don’t know. You see, I’m looking at the digital marketing thing. People are running ads against us, they’re using the competition and are running ads against the company name already, bro. Okay, it’s good. Good for us. It’s good for us, but it’s also making our work harder.

Okay. We’re going to, we’re in a unique position where we have, we’re trying to solve a problem. The problem is people don’t want to go and call up and fill out paperwork. No one wants to fill out, an application. Right, so now we’re giving people the opportunity to answer 10 questions to get a merchant account and bring the best of both worlds.

We bring them the PayFac style, and then they. What is that? Where you just answer a few questions and you get your account just like PayPal, Stripe, and Square. But then on top of that, we have full-blown customer service where you can chat through the terminal, you can chat through the dashboard and you can get help for your, plus you can call our office.

And I know I’m a web developer, so I know people who may listen to this podcast or you’re looking at me like, Justin, I can’t believe you’re cosigning, GoDaddy. I will say this. They have made leaps and bounds. When it comes to their customer service, I have had no complaints since starting, building with them, and working with them on a regular basis, they handle anything that we have issues going on.

It might be a little bit because of the partnership. I don’t know, but I do know. I don’t know about that! I don’t have that much influence. I do know that the customer support side of it they’ve had, they’ve made plenty of changes. I know facts you guys know too, so don’t go hating too much man.

But yeah, man, shout out to GoDaddy! But the banking business is starting to change because the biggest thing at the convention was two things, digital. Digitizing your banking, which we’re doing, “we’re helping them with”. The next thing was self-service, like kiosks in the bank. So, when you go into the bank, someone can go up to a like a large screen that was at least five, six feet tall, hit things on it, find out about bank accounts, this, that, about the bank’s products, and possibly even open up a bank account using some kind of kiosk.

And we were showing them that too with our system. I like. We could put or they could add us into their system. Someone says, oh, I need a merchant account. Click here, and boom. And then they could go right into the solution finder. “I can dig that”. And we could be in their kiosk. So, there were a lot of different things.

And then data was another big thing, so when we were talking to them about, there were a lot of companies there selling the same thing. So, there was probably, there was a bunch of companies selling kiosks and screens and equipment, and then software that went into kiosks and the screens, and then other software too so you could open. Track that software.

Yeah. Yeah, tracking stuff, you know how to track your leads in a CRM Salesforce was there. Then the other big thing they talked about at the show was data, right? And also, as I said, there were companies there like how to open a bank account online, how to get, put your loan applications online, all this kind of stuff.

But the other thing was, the data part, right? So, the data part was how can banks partner with these data companies, right? Who can analyze your data? That banks data so they can sell to their customers better. So, they could say, hey, oh, we know Allen owns a house and he has a 15-year mortgage, and he’s down to the last three years.

Maybe he’s going to want to refinance his house and take out cash and fix up his house. So, you got to start feeding him emails for that. Or Justin has a car and it’s, and he paid for it all. You’re saying that there’s this company that has proprietary software to aggregate this type of data? There were companies there that would analyze.

Your customers’ profiles? Your customer’s spending habits, what are they doing? Who has a merchant account? Who doesn’t have a merchant account? Who has a car loan? Not with them. Why not? So, they need to know why Justin has a car loan from Ford, and they didn’t get a car loan from the Credit Union?

So, they need to analyze why they’re getting that information. The one thing that we have that’s an advantage is when we set up the bank and their customers are using our merchant services, the bank’s going to be able to actually link in, they’re not going to be able to see the personal data, what we call the PII personal information.

But they are going to be able to capture that payment data and analyze it and know what that business’s cash flow looks like with credit cards. Nice. So, it’s interesting that they’d do that with this system. Yeah. So, our system goes way beyond what other systems can do from a data standpoint, a bank could tap into the data! Right.

And see what’s going on with their clients. So, they could know, oh, Justin’s bar and grill. Hey, last month they did 150 grand, this month they’re only doing a hundred grand. What’s wrong? That might be the time of the year or whatever. Oh, maybe Justin needs a loan. “A short-term loan”. And so, they’ll push you out emails automatically.

So, they, but they’ll be able to use this information, right? Yeah. And do that. So, it was very interesting to see what was going on. What were the sessions about? They were talking about digital marketing and digitization. Everything was digitized in your bank! Digitize, digitize because this is what people want and are the banks.

What are the big banks doing? And where’s the threat coming from? The threat’s mostly coming from FinTech because every time you turn around, you’re reading about another FinTech company. They’re becoming what we call, we’ve talked about on the show, a Neobank. And then so the same thing.

So, it’s a threat like to, it’s a threat to the banks because now people are putting their money on, keeping it in PayPal, and Robin Hood. Yeah, and you’re not getting, no interest in any of that! Robin Hood, you get interested in. Right, but I’m saying they’re putting their money in Robin Hood instead of in your bank.

Yeah, I get it. So why are they doing that? Kids are doing that. Right! So, the bank needs to become more, in fact, it’s crazy. I got an email from Robin Hood that they’ll pay 3.75% interest on your deposit, “that’s a lot”. That’s the banks paying zero, pretty much! Yeah, you’re not getting any money! I’m just saying, the banks are going to lose their capital, which they use to loan money out.

So, does that, by you saying what the Robin Hood thing, because that means you’re basically, you’re staking it in crypto? No, they’re not staking it in crypto with Robin Hood! Then how can they give you that much interest? Because they’re doing something with gold it says! Oh, gold is going up like crazy again. Yeah, against gold.

So, they must be buying gold. I just don’t know how safe it is. Yeah, I wouldn’t. If it’s FDIC-insured. Look what happened with FTX, right? That’s exactly what I was thinking in my head. And that was one of the speakers got up there and he was talking about that. And he goes, yeah, he goes, a lot of people now they broke from crypto, because if you had your crypto and it was stored on FTX, basically you’re done! You are done.

It’s worthless. You don’t have any, there’s nothing you can’t even try to withdraw, they stopped all transactions. And also, the FTC put out announcements like, do not fall for any scams where someone’s contacting you, saying, oh, I can get your crypto money back. Give me 500 bucks, because that’s not going to happen!

You’re not going to get it. it. It’s not a thing. Get your money back. That’s not a thing, man. Exactly, that’s not going to happen! So, it’s very interesting to see what the breakout sessions were all about in digitizing, digital marketing, and content creation. What kind of, building up getting a blog onto your platform, a lot of these banks don’t have a blog.

No. So you’re talking about putting out a blog. Because I’ve had a few sit-downs with a couple of community banks, you could say. Yeah, it’s a really small Credit Union, and they don’t operate it like a business you would think. They depend on the traditional we’re a bank, people will come.

Like the field of dream things, if you build it, they will come type of thing. Yes, exactly! But that’s not the world we live in. No, not anymore and there needs to be a merger of the digital and the brick-and-mortar. And the banks that will bridge that together will be successful! For sure.

The banks don’t bridge that together, especially if you’re going to attract a younger type of consumer, “younger than us”. Then you must make it easy and techno technological. Oh, what we’re doing? The latest they’re in technology, use it. We’re, that’s what they were pitching there at the show.

So, someone can come into your bank, or you could put this kiosk out in the Fower. Let’s say you were a bank. In a mall! In a mall, you put your kiosk in a mall, and someone could go open a bank account on the kiosk! Right, just imagine all the teenagers, school’s going to get let out. You’re just going to school first, the first job.

Not everyone has the household structure or the family too, oh, you need to go get a bank account, blah, blah, blah. Some kids don’t even have a parent to go there, because you need an adult, you can’t if you’re under 18. So, imagine how easy that would be for a kid, he’s inside of a mall, he gets his check goes, and talks to his boss, hey man, come here and help me sign up.

But it’s, but the other thing they were talking about also is the lack of financial education for sure. And there’s a big lack. We saw, I saw one booth there that was supplying financial education and then there was a woman there from a company, a creator company, and she was also selling to Credit Unions some kind of movie that did financial education.

Like training? Yeah, like a movie. Like a class? A class, yeah! That you could give to a school or whatever. And I think that you know that kids need to really learn. And we talked about this on FinTech Friday. Man, before you even go, I gave my daughter $20 the other day.

Yeah! No, wait it was $10 because she said she wanted to go to the store, to the corner store. And she looked at me and she was like, Okay. Like she literally looked at me. She said, okay, because I gave her the $10. She’s I could do this. So, I gave her the money and I said how much did the stuff cost that you bought?

Yeah. She said I don’t know. Yeah, they got it. I said, how do you not know? There’s a thing that the register shows you. Yeah! And so, she gave me $2 and, I don’t know, 32 cents. I was like, so I gave you a $10 bill? Yeah. And you give me $2 and 32 cents back. How much did you spend? It’s basic math for me, right?

Yeah! What is it? $7 and 68 cents. Yeah, 7 68! She was just looking at me, and I said, this is what’s wrong. “It is what’s wrong”. This is why you guys are always so dependent on putting a card down. You don’t even pay attention. What if they charge you three times for the same item?

I don’t know, I don’t! We really have to do something about that though. There’s got to be some. The community must like there’s got to be push for financial training. yeah, there’s got to be some financial training, and education going on. Financial education. Schools should invite people to come in and speak about financial education.

Yeah, and I don’t want, and I’m not talking about a business owner either. What do you mean by a business owner? I don’t want business owners to come and talk like they used for me in high school. Like it was always the real estate guy to come in and put on a show. No, that’s just talking about business.

It’s yeah on entrepreneur day. I’m talking about somebody who likes an economics professor. Needs to come in there and tell. Well, I don’t know about economics professors. Who’s going to teach you how to spend money? The economics guy going to! I think you need to look at it from a much lower standard of, hey. oh, you mean to be beyond? Yeah! Yeah, you dumb it down. Even below that, you got to start with the basics.

Like how much? Four quarters? And you spent three! No, like you have a bank account like people need to understand about the bank account. Develop a budget! What’s your budget? How are you going to budget for what you’re doing? Saving money, a lot of people don’t save any money! Understand how credit cards work.

You know what I mean? So, people need to understand the very basics of what’s going on. How’s your credit card work? How does a debit card work? How to read the prices in a store. How to establish how much tax you paid. No, but it’s funny like I go to Publix now, right? So, it’s like Publix has gone digital.

It’s like blowing my mind, right? Everything has gone digital. So, I had to spend time figuring out how to, they don’t have coupons anymore. No. So now you got to before I go to the store, I got to go in the app and I got to look, oh, what’s on the BOGO? What do they have a special for? Blah, blah, blah, right? I had to put my credit card in this app because they give you back rewards.

Which, I don’t understand why they’re, this part. What does the phone number thing do at Publix now? Oh, so if you go into your app and like you see the items are on sale. You click those, so you get the sale, the special sale price. Because there’s no physical coupon.

How do you get the, you got to scan it at the register? No, you just put do it on your phone. You go, okay, maybe I’m going to buy this cheese. Maybe I’m buying almond milk. Maybe I’m buying this pizza crust. Oh, there’s a sale on mustard. And it would, no I don’t know. So now it’s in your app. Oh, I get it. Then you go to when you check out, you put in your phone number, and any coupons you had, then go into the register.

Oh! The register sees it through your app. Then you can just take the app and hit the button and pay, and then they’re giving you 1% back, in rewards. Is that because they want you to not have it, that’s because they’re trying to get rid of cash registers as a whole, is it? I don’t think they’re trying to get rid of cash registers.

I think they’re trying to get rid of it. I think so, because did you see the other place, what they’re doing. At which place? There’s another grocery store where you scan them, you physically scan the product before you put it into your cart. Yeah, I’ve seen that before! They have that like Amazon, and Whole Foods thing.

That’s pretty interesting. Yeah, so you scan it, and then you must have an Amazon account to pay for your stuff through Amazon. Looks like it’s going. Then they ring when you walk out the door. Then it charges your card. Hey, man! People better start figuring out something. Amazon. No, there I was talking to a couple of people that work, one guy that works at Walmart that I know, he was telling me the theft is through the roof.

Yeah! Because of the self-checkout. Yeah. And this guy at Target told me the same thing. Because you know somebody that I know, one of my friends, one of my son’s friends works at Target. Yeah. He’s dude, he goes, they had a guy recently come in, goes through the self-checkout, and the guy must have been watching, like to see like the security guard walked away and the guy just cruised right through the self-checkout with a TV.

Oh yeah. Just cruised right and went right out the door. And then finally somebody realized that the guy didn’t pay. Right! And the guy, just he’s, somebody was waiting outside, and the guy ran out the door and he was successful in getting that TV into the back of an SUV or something and just took off.

And he says it happens quite a bit. Yeah. So, I find it to be so far out. No comment! Now, I would never do that, all I’m saying is it’s happened a lot. I know it’s happened a lot. My friend of mine used to work. You don’t like that rocky, no stealing! Rocky doesn’t swipe, no swiping. Rocky will catch you. And bites your hand. He’ll bite you.

No. So the banks are in the same boat because who’s threatening their business? FinTech! So, banks need to partner with FinTech like us, Nationwide Payment Systems our FinTech hub. And power your bank with FinTech! Let us do the heavy lifting for you and then you can just collect the benefits.

Yeah, you collect a check every month! So, you get the FinTech side and mash it in with your bank and now you’re giving the services that your customers want. Because of these banks, if they don’t give the customers the service, they want them opening a business. They don’t want to call on the phone and they don’t want to deal with that.

They want new technology! Who owns a business, I know that you have to see the way that the banking industry is changing, right? It’s just like going down. Yeah, but it’s going to be a matter of time before, if the banking industry, the banking industry, I think has a challenge.

So, the challenge is, how are they going to make these changes? I think that one, one thing real quick for me is that I think they need to do a better, like a trust thing. People don’t trust banks anymore? No! People don’t trust banks, bro.

I could tell you right now, people don’t trust Bitcoin right now. People don’t trust anything, for the most part. But I’m just saying. Like people are having a hard time putting their money in the bank. They’d rather keep it at home. Yeah, but people need to understand if you’re putting your money in the bank, that it’s F D I C insured.

So, I think that banks have when you have a business. I think people understand that, but I think banks need to look at oh, how else can we digitize for our customers? What kind of things should we do? Hey, you need to partner with some FinTech oh, partner with instead of partnering with ADP for payroll.

Yeah. Partner with a payroll company where there’s an app and the money; people can open a bank account at your bank, then easily. Let’s say I own a restaurant, right? I come to Justin’s Credit Union, let’s they say, and Justin says to me, hey, listen, you just have your employees go on their phone.

They open up their bank account, you run your payroll, and then their money goes into the bank right away. So, they don’t run to go to these apps. So, banks need to get with it. That’s the ticket! And get more services like that. The same thing, like the bank, can say, Justin, oh, you’re opening a restaurant here. Go to this website, Justin’s bank.

Get your point of sale. Click on there and get your credit card machines there. Boom boom, you’re done. You answer 10 questions, it’s shipped to your business. Boom. If you need help, there’s help and everything. And they give, and then Justin’s oh wow, “this is great”. Now I can do all this quickly.

My employees can get their paychecks right away because they’re going to the bank at the My bank. Because I’m getting paid right away. You’re getting paid right away because we give next-day funding. And then the bank’s getting all this data and they’re getting more customers. So, that’s to cut down the friction of opening up a bank account.

Like, you go to the bank, they got to look up your corporation, they got to check the federal tax id. All that can be done by artificial intelligence. That takes so long. No, but it can be done now with all AI, we’re doing it with 10 questions. I don’t know what it’s like today, but I know when I set up my LLC when I went to go get my business bank account, that took me hours.

Yeah, it takes forever. But I’m saying that’s the friction with business banking, they got to check more. There’s more to check out than just a personal bank account.

But you have to start with, “Hey Justin, open your personal account here”. Now you come, you open your business account. Excuse me. Now it’s easy because they already know Justin! Right. So, they must follow that road and get the rest of Justin’s business.

Oh, we’re partnered with this payroll service. Oh, we’re partnered with GoDaddy and Nationwide Payment Systems. Oh, you need an ATM in your business here, call this guy. They can help you with ATMs at your nightclub, your mall, or the bank wants to be a better part of the community.

Oh, we’re financing this mall. Hey, Mr. Mall, why do you have Bank of America here? We’re the ones loaning you the money? Right! Put our ATM at the bank and then we help you facilitate that, so you don’t have to have people go out loading the ATM and all that. We facilitate loading the ATM, making it surcharge-free for your customers.

So, they have many services. Besides just the merchant account, we can do for banks. But it was interesting, like I said, the whole theme of this convention was to digitize your bank. Digitize your bank and everything there was all types of Salesforce type of CRM systems. Zoho? No, I didn’t see Zoho.

And then there were some cyber security companies there. AT&T was there. There was other cybersecurity, but there was CRM. There were all kinds. Oh yeah! And like big TVs to put up in the bank. To put stuff up there, advertisements. Huh? LG? No, just companies who sold kiosks, like kiosks type.

Ah! Screen systems and things for people to do stuff with at the bank. I think banks need to just reimagine themselves. Look at Capital One, right? And watch “Back to the future part two”. No, but I’m saying like Capital. I’m just saying. Okay, but Capital One. “It’s pretty cool, but you watch it”. But Capital One has these like coffee shops.

I’ve seen that. Right, there’s one in Delray. New York. They got one in New York too. There’s one in Delray. I think banks need to think about that. Hey, maybe we need to offer a little co-working space inside, oh you can come in. That would be a great idea to turn banks into co-working spaces.

Imagine all the abandoned banks now. Yeah, there are a lot of abandoned banks I’ve seen them turn. That is a great idea, Allen. There’s a bank down the street from here. You know what I’m saying? Dude, that is a great idea, bro. Could you imagine all the banks sitting there closed? Right!

They have all the offices, and cubicles. They got the ethernet. They’re not big. No, but I’m saying they don’t need to be big because coworking spaces, you don’t want to be in a giant place. But I’m saying they could have it when it’s allowed. No, but they could have a bank in there too. Exactly. My point is to have a small bank.

That is a great idea. That’s what they’re doing with this Capital One is like people can go in there and they can go get some banking services, get a cup of coffee, and sit around and do a little work, and then move on with their day. But it could be like a friendly place too, I should go check one out and see how it works.

Maybe we’ll make a Nationwide Payment Systems cafe.

Kinda crazy. It’s crazy, but it’s an interesting concept. I don’t think they’re all over the place. I, no, I’ve, the only thing I’ve seen them, I’ve seen they launched in New York, probably LA. I saw one in Delray, as I said! They actually have one down here?

Yeah, Delray on Atlantic Avenue. I want to go, we should go. Okay, we’ll go check it out one day. Go spill some coffee everywhere. We can go in there and do a Facebook Live and interview the guy. If they allow that. If they allow it, we could ask him. Yes. I know you can’t go to a regular bank and do a Facebook Live. It’s like a big no-no.

I asked because I said, oh, we want to pop out of the vault it’s B2B vault. And they were like no can do. So, let’s go. Still haven’t reached out to a bank that’s closed though. Not yet, we going to work on that. So, the convention was a success. It was, I really enjoyed the convention, the motivational speakers that they had, and the other speakers they had that spoke about different things going on.

They learn, by going around to the vendors. And learning about what are they doing in the business and how banks need to step up and digitize everything from their digital marketing, kiosk, technology, cyber security, data, using the data, because they’re going to have to stem the tide from

stem, the tide against these FinTech. But one thing that I think banks can do well, where the FinTech fall is let’s say you’re a business and you need specialized things to be done for your business. That’s where I think banks come in. But I think that, as I said, you can buy Carvana is not doing so good right now.

I think it’s going to go out of business. “That’s what they’re saying”. And you can just do all these things online, buy a car. That’s a threat to the used car business. If you buy a car off a website. It’s. But I’m saying it’s taking away a little bit. Yeah, I like it, but also, it’s one of those things where I probably wouldn’t have boughten my car if I would’ve gotten into it.

You know what I mean? If you went to the car dealership? Yeah. You’d know. Flipped out to Nope. Not doing it. Yeah. No, because there’s a burn hole in the passenger seat. Oh. They like to put some, like patching over. It’s just a bunch of little stuff that you can’t, it’s the internet, so you know, you’re spinning a car around and you can go on the inside, but it’s not like you’re physically there, I don’t know, maybe if you do a better virtual tour of it, maybe they need to get better cameras, better technology, to really see what the inside looks like. Yeah. But. Overall, the experience was smooth. I didn’t like the delivery process. I’ve said that before.

They changed my delivery date one. Yeah, but that’s what I’m talking about. Like I think that banks need to merge. They need to figure that out for sure. The digitization, that’s going on, to fend off all these FinTech companies because what, how much business, excuse me.

People keep money on PayPal. People keep money in all kinds of apps. We talked to, we interviewed a guy in the podcast called Pocketbook. And Pocketbook enabled has an app and they’re connected to a bunch of those services, and you could just take their app, go up to an ATM, and then take your money out of that app into the ATM.

Pretty slick. So, there is, there’s stuff going on. The movement of the moving money out of those apps to spend it and other stuff is a bit choppy. And that’s why if you haven’t been doing it for sure. But I’m saying that you have to move it, put it in your bank account sometimes because you want to spend it because you can’t spend Robin Hood somewhere.

You can’t. PayPal you could spend, but PayPal is a physical credit card! Robin Hood sent you a card, didn’t they? Huh? Doesn’t Robin Hood have a card now? They’re getting a card. Yeah, they’re getting a card. So, a lot of these companies, these FinTech, are getting cards so people can get money out of the place by using the card. That’s why banks need to get ahead of the curve. Right!

Banks got to get ahead of the curve with everything. Merchant services, loans, opening accounts, car loans. They need to get better at it. I buy Honda. I’ve had a lot of Hondas, so it’s easy Honda, the actual Honda has Honda American, Honda Finance. The bank can’t even, my bank said to me, oh, why didn’t you finance either?

I’m like, you guys are 3%. They’re at 0.0, 0.9% like it’s a no-brainer! Yeah. To finance with Honda. So obviously Honda can do it because it’s their car, so they can make less interest. They can. Oh, your bank said that to you? No, my bank wanted to know why I didn’t get the loan through them. That’s what I’m saying. Yeah, and I said. Why would I get a loan for you?

I’d be paying 3.9% more than I would be. Also, you must look at car loans too to ensure you get a simple interest car loan. And people don’t understand that either, because sometimes you buy a car loan, you’re not paying any interest, you’re paying all the money on interest, and you’re going zero towards the principal.

That’s because you’re going to pay all the interest. And you’re not going to, there’s no opportunity to save the interest even if you pay more because of the way the loan is structured. So, you always want to get a simple interest car loan. It’s terrible, I was just in that little position. Yep. But I’m saying you got a note.

I literally was in there like me, I bought that white Toyota for my wife. Yeah. For a whole year. I’m sitting there like, how is this loan not going anywhere? Right! Anywhere. And that’s when I yeah, that’s the exact kind of loan I had! Yeah, because you got to know the difference between, that’s why I talking about financial education is important.

Yeah. So that’s the roundup on the Financial Brand Conference and banking. So, all in all, what do you have to say? Banks! Banks need to get digitized and get your bank digitized. Talk to us, and let’s see how we can partner with you. I think it’s important to digitize and offer digital services to your customers, but I don’t think we’ll see a bank ever partner with Square, because at some point if somebody wants to talk to somebody, I think it’s important that the bank has services where there is that human interaction.

And digitize. And that’s what we did with GoDaddy, is we took a digitized product and then matched it up with regular customer service, to give that balance of the best of both things. Got it. The things that our customers like are used to having customer service.

But give people the easy button on the ramp end. The ramp end easy button. Onboarding. The onboarding is frictionless, seamless, easy, and quick, fast, and press the easy button. Boom, 10 questions get approved! Justin did it to test it out and it worked. Very simple! So that’s what you have to understand, in your business is how to, what service.

To match up. And we’re looking at adding other services onto our website that are going to offer that same seamless, frictionless experience to our clientele so that they can get other products in the same way that they’re getting the merchant account! Indeed. So, they can get customer financing, loans, and all kinds of different types of products.

Like everybody, “the Rage” didn’t even talk about it much at the show, but there’s a lot of buzz going on about, Fed Now and bank. Bank-to-bank payments. And I think we’re going to hear more about that. That might be one of the big things that are talked about in 2023, and we’ll do another by December last year we did the payment predictions for 2023.

Yeah. Now we’re going to have to go back and listen to that podcast. Definitely. And see how my predictions did. My predictions in 2021 for 2022. How did my predictions do? Because we taught, I made some predictions, and then we’ll make our predictions for 2023. So, we got to have to pull that podcast and sit down and see what we predicted.

What’s going to happen in 2022? I think most of it did happen. I wouldn’t doubt it. Because I have a pre, I’ve been doing this long enough and I think we’re going to see. I think this is, right now, I think there’s a huge opportunity for Credit Unions, small banks, and community banks to make a big move in, in the digital space.

Digitizing, making it easier for people to get loans, open bank accounts, merchant accounts, etcetera, etcetera, etcetera. Down the road, they can make a big move and get, and make a big move and, Make and take business away from the big banks because the big banks, they’re going to take a long time to make decisions and make, to make their move.

Could take years. A smaller bank can make decisions. And move a lot quicker, faster. You can integrate this technology into what you’re already doing. Various integrate, yeah. Integrate technology into what you’re doing. But what I’m saying is, as a smaller company it can make moves a lot quicker. Like us, we make, we can make moves quicker. So that’s the podcast for today. Peace out, Carpe Diem. Where out! Thank you. Peace out.

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