M&F Bank NC’s Post

Last week, we celebrated the 40-year legacy of Fiserv innovation and excellence, which also marked five years of industry-leading growth since the transformative combination with First Data. That's probably why the release of the latest Fiserv Small Business Index results feel like something extra special to celebrate! It's another reminder of the many ways Fiserv helps #smallbusinesses grow. So, what do the results show? Small business sales regain footing in July, with all retail subsectors showing positive growth. See the latest Fiserv Small Business Index results: https://lnkd.in/gRPi_PNi

🚀 Big news in payments! 📈 Tomorrow at 9:30 AM EST, the stock exchange is launching the Fiserv Business Index, a game-changer for assessing small business performance in the US. 🌐 Get ready for a fresh perspective on the state of small businesses nationwide! 🚀 #SMB #business #PaymentsInnovation

Life begins at 40!!

BIG NEWS IN PAYMENTS...Fiserv is making a move to eliminate its requirement to have a sponsor bank to process credit cards by seeking its own bank charter. This will allow Fiserv to vertically integrate the sponsor bank fee into its revenue stream. It will also eliminate the need for a sponsor bank to approve its processing segments, which would allow Fiserv to potentially expand into higher risk areas than its sponsor bank permits. Fiserv is being very careful to indicate to the financial institutions market that it will not be competing with them for traditional banking. This PR play is very important based on the importance of banks and credit unions to Fiserv's business model. On paper the differentiated limited purpose charter supports aligns with their PR positioning, but only time will tell whether they expand to a full bank charter. It will be very interesting to see if other large processor pursue the same strategy. #payments #fiserv #firstdata #sponsorbank #bankcharter

Another example of "Unpaid Customer Labor." What is "Unpaid Customer Labor"? The unwilling amount of time, money and frustration repeatedly necessary from a customer to try to get a product, service or technology delivered, working or resolve an issue related to it. Companies are seemingly oblivious to how bad customer experiences are and how untenable the costs are to customers, employees, and ultimately to the company. - Customers do leave - Remaining customers are unreceptive new sales and marketing efforts - Employees get stuck in the middle trying to appease customers It doesn't have to be this way. Learn more in my new book: "Today is the Perfect Day to Improve Customer Experiences" https://lnkd.in/epPh5sNW

Is Chase going to be opening a branch near you? For what it's worth, the two closest branches to me in suburban Philadelphia are new outposts of Chase. Here's Jamie Dimon's explanation why-- and why community bank sales leaders need to pay attention. “Think of a small business; You got to drop off your currency, pick up checks, get a certified check, pay your vendor, get a wire transfer done,” Dimon said. “It’s easy to go to a branch, and believe it or not private banking clients, middle-market clients, they all use branches. So we look at the data. It's not about what we want — it's about what you the client wants. And we find them quite successful.” (Philadelphia Business Journal February 22, 2024) #bankingindustry #banksales

JPMorgan Chase has announced plans to expand its branch network by adding more than 500 branches by 2027, with a particular focus on underrepresented areas such as Boston and Charlotte. The bank aims to provide personalized service by including consultation areas in the new branches, shifting away from the traditional teller line setup, according to statements made to Reuters and The Wall Street Journal. Despite not disclosing the specific investment amount, JPMorgan plans to renovate approximately 1,700 existing branches across the country and hire around 3,500 employees for its branch network. Currently holding less than a 5% branch share in 17 top markets, the bank's CEO of consumer and community banking, Marianne Lake, highlighted the importance of expanding their footprint. Contact Ryan Wolf and Luke Sullivan for the latest banking news. Ryan Wolf 📞 (972) 755-5207 Ryan.Wolf@marcusmillichap.com Luke Sullivan 📞 (972) 755-5198 Luke.Sullivan@marcusmillichap.com #NNN #retail #realestate #investment #investing #commercialrealestate #property #passiveincome #cre #investor #realestateinvesting #commercialproperty #netlease #retailrealestate #comerica #banking

First Republic Account holders gripe after bumpy early experiences with the bank’s new owner, JPMorgan Chase & Co. Customer loyalty is a metric I advise lead directors and board committee chairs to be laser focused for the sustained value creation. Learn more here from my LinkedIn Article (https://lnkd.in/eMrpkxw5). As Fred Reichheld from Bain & Company emphasizes, the essential metric is the Earned Growth Rate—quantifying how much of your financial growth comes from customer loyalty. It’s a great proxy for outperforming financially without adding increased risk. Two key numbers to figure out: ✅ Net Revenue Retention: Recurring revenue from existing customers. ✅ Earned New Customer Revenue: Revenues from new customers earned through recommendations and referrals. I advise Boards to prioritize this as part of their oversight for sustained growth and profitability. #CustomerLoyalty #EarningsGrowthRate #CEO #Boardroom #BoardGovernance #CIO #CTO #CISO https://lnkd.in/etXfazxq

A great initiative by JPMorganChase to open close to 100 new bank branches in underserved communities across the U.S. Unfortunately, we have too many neighborhoods across the whole country that are food and health service deserts but lot of them are lacking essential financial services, too. This initiative of opening new branches in low-income areas around the country, called community centers come with the usual service offerings—teller windows, ATMs, and bankers’ offices—but also have spaces where the bank will host small businesses and financial literacy workshops, open to the public. After five years of piloting these concepts across the country including on the South side of Chicago, the bank has decided to expand across the whole nation. As JPMorganChase CEO Jamie Dimon says in the press release, this effort is on the powerful intersection of making the right business decision with doing the right thing. We need both, more equal financial services across all our neighborhoods AND increased financial literary across all demographic segments.