{"id":350,"date":"2020-10-02T20:08:04","date_gmt":"2020-10-02T20:08:04","guid":{"rendered":"https:\/\/market-wisdom.com\/?p=350"},"modified":"2020-10-13T18:12:50","modified_gmt":"2020-10-13T18:12:50","slug":"consumer-freedom-or-addiction-100-years-of-breakthrough-banking-innovation","status":"publish","type":"post","link":"https:\/\/market-wisdom.com\/index.php\/2020\/10\/02\/consumer-freedom-or-addiction-100-years-of-breakthrough-banking-innovation\/","title":{"rendered":"Consumer freedom or addiction?  100 years of breakthrough banking innovation"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large is-resized\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2020\/10\/100-year-analysis-update-2020.png?resize=829%2C592&#038;ssl=1\" alt=\"Visual presentation of 100 years of financial services innovation showing many examples of products that make it easier to borrow and easier to spend.\" class=\"wp-image-352\" width=\"829\" height=\"592\" srcset=\"https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2020\/10\/100-year-analysis-update-2020.png?resize=1024%2C732&amp;ssl=1 1024w, https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2020\/10\/100-year-analysis-update-2020.png?resize=300%2C214&amp;ssl=1 300w, https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2020\/10\/100-year-analysis-update-2020.png?resize=768%2C549&amp;ssl=1 768w, https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2020\/10\/100-year-analysis-update-2020.png?w=1100&amp;ssl=1 1100w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 984px) 61vw, (max-width: 1362px) 45vw, 600px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Background<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">If you have a bank account with a large institution, their website probably has a section intended to help you track spending and design a plan to save for retirement.\u00a0\u00a0At the same time, the history of financial services is 100 years of breakthrough banking innovation that makes it much easier to borrow, and to spend, money.\u00a0\u00a0People have responded by\u2026borrowing and spending more money.\u00a0\u00a0<a href=\"https:\/\/market-wisdom.com\/index.php\/category\/how-americans-spend\/\">Previous posts<\/a>\u00a0looked at the increases in household spending which have been dramatic.\u00a0\u00a0This article looks at how 100 years of breakthrough banking innovation has made it easy to borrow and spend, and the impact on household debt.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Findings<\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>100 years of encouraging borrowing:\u00a0\u00a0\u00a0<\/strong>In 1916 GMAC finance created the auto loan.\u00a0\u00a0Since then we\u2019ve seen federally guaranteed home and student loans, HELOCs, and credit cards being introduced.\u00a0\u00a0In tandem, we\u2019ve seen incentives from government to buy homes.\u00a0\u00a0Think mortgage interest deduction, and Fannie Mae ensuring a market for home loans.\u00a0\u00a0Student loans, also federally guaranteed, have jumped to\u00a0<a href=\"https:\/\/www.newyorkfed.org\/microeconomics\/hhdc.html\">$1.5 trillion<\/a>\u00a0currently owed.\u00a0\u00a0Auto loans and credit cards have become the norm for many households.<\/li><li><strong>Products that encourage more spending:\u00a0\u00a0<\/strong>Does anyone remember paying for groceries with a check, or even cash?\u00a0\u00a0A series of innovations in purchasing have created great convenience for consumers.\u00a0\u00a0ATMs let you get cash 24\/7.\u00a0Contactless payment lets you wave your phone to pay.\u00a0\u00a0New credit card policies for many issuers and merchants omit the need for signatures.\u00a0\u00a0PayPal is introducing \u201cPay in 4\u201d, the ability to buy now and pay over 4 months, essentially the modern digital version of buying on credit. <\/li><li><strong>More spending and higher debt:\u00a0\u00a0<\/strong>The aforementioned posts on this site look at the substantial increase in household\u00a0<a href=\"https:\/\/market-wisdom.com\/index.php\/category\/how-americans-spend\/\">spending<\/a>, particularly on homes, cars, and education.\u00a0\u00a0The chart below shows that\u00a0<a href=\"https:\/\/www.newyorkfed.org\/microeconomics\/hhdc.html\">household debt has doubled<\/a>\u00a0since 2003.\u00a0\u00a0<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em><a href=\"https:\/\/market-wisdom.com\/index.php\/sign-up-for-cool-weekly-insights\/\">Sign up for the weekly insights email!<\/a><\/em><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2020\/10\/100-year-analysis-update-2020-v2.png?resize=839%2C599&#038;ssl=1\" alt=\"\" class=\"wp-image-353\" width=\"839\" height=\"599\" srcset=\"https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2020\/10\/100-year-analysis-update-2020-v2.png?resize=1024%2C732&amp;ssl=1 1024w, https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2020\/10\/100-year-analysis-update-2020-v2.png?resize=300%2C214&amp;ssl=1 300w, https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2020\/10\/100-year-analysis-update-2020-v2.png?resize=768%2C549&amp;ssl=1 768w, https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2020\/10\/100-year-analysis-update-2020-v2.png?w=1100&amp;ssl=1 1100w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 984px) 61vw, (max-width: 1362px) 45vw, 600px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Implications<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">We live in a time of financial double-edged swords.&nbsp;&nbsp;The convenience of easy payment, and the ability to borrow in so many ways, enables people to do things they might have only dreamed of in the past.&nbsp;&nbsp;At the same time, this convenience leads to more spending and more borrowing.&nbsp;&nbsp;The Pandora\u2019s box of cool innovations is open and likely will generate new products as Fintech creativity continues to disrupt the industry.&nbsp;&nbsp;How do we help the customer manage their finances?<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Serious help<\/strong> \u2013 Financial institutions need to be serious about their efforts to reach out and help their customers be intentional about their plan and actions.  This means more than a tab on a website, it means talking to customers (live or virtually) and collaborating on how to reach long-term goals.<\/li><li><strong>Positive innovation<\/strong> \u2013 We\u2019ve seen Fintech services that help consumers track how they\u2019re spending and saving.&nbsp;&nbsp;Uptake and usage have been slow.&nbsp;&nbsp;There is an opening for something better \u2013 but we haven\u2019t seen it yet.<\/li><li><strong>Finding the moral balance<\/strong> \u2013 Let\u2019s face it, if you are a bank that makes money from fees, and from interest on home loans, credit cards, and other household debt, there are pressures to maximize near-term revenue.&nbsp;&nbsp; On top of this, more sophisticated banks focus on selling you the product you&#8217;re most likely to buy next.  This isn&#8217;t customer focused.  The long term approach means <span style=\"text-decoration: underline;\">not<\/span> pushing your customers to borrow or spend more, rather take a holistic view.&nbsp;&nbsp;Noble statements saying you want to help cusstomers succeed are great, but some financial institutions need a cultural reality check.&nbsp;&nbsp;If customer long term success is important, then approach them with holistic help, not product sales.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">The small print<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">To be purer in the analysis of growing spending and debt, we should also look at rises in income.&nbsp;&nbsp;&nbsp;If you make a lot more money, maybe more debt isn\u2019t so bad.&nbsp;&nbsp;If you don\u2019t adjust for inflation, the average household income rose 59% from 2003 to 2019 during a period when debt doubled.&nbsp;&nbsp;Debt rose faster than income.&nbsp;&nbsp;&nbsp;This also doesn\u2019t account for the increased income being concentrated in the most affluent households, while debt and spending have grown across most households.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Background If you have a bank account with a large institution, their website probably has a section intended to help you track spending and design a plan to save for retirement.\u00a0\u00a0At the same time, the history of financial services is 100 years of breakthrough banking innovation that makes it much easier to borrow, and to &hellip; <a href=\"https:\/\/market-wisdom.com\/index.php\/2020\/10\/02\/consumer-freedom-or-addiction-100-years-of-breakthrough-banking-innovation\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Consumer freedom or addiction?  100 years of breakthrough banking innovation&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8,1],"tags":[],"class_list":["post-350","post","type-post","status-publish","format-standard","hentry","category-how-americans-spend","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Consumer freedom or addiction? 100 years of breakthrough banking innovation<\/title>\n<meta name=\"description\" content=\"100 years of breakthrough banking innovation has made it much easier for consumers to borrow and spend. 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