This economic crisis becomes more of a circus each and every day. It wasn't too many days ago that Wells Fargo, Chase, and US Bank were being lauded for avoiding the crash that had hit others such as Countrywide, WAMU, etc...
Flash forward a few short months, and they are now in similar spots, cutting dividends and reporting record losses. It tends to make you wonder what other rocks that have yet to be turned over. It is getting downright scary.
Given that ID insight sells primarily to financial services companies, I am routinely asked how this recession is impacting us. Until very shortly - my response was pretty similar. What we offer is a way for banks to save money - so we hadn't seen much of a negtive impact.
However - as of late we have seen that begin to change. Normally - when you walk in the door and tell someone that they can save them significant amounts of money - they are interested - as they should be. Increasingly - however, we are hearing more banks explain that even though they are interested that they cannot afford the time to save money. We are finding many (more every day) banks that simply are looking to keep the doors open.
When we stop making sound, rational business decisions - that's when you realize that this is some really scary stuff.
A.E>>>
2 comments:
Adam -- I just read an article by Bank Info Security with the headline, "Address Fraud: Institutions Waste $300 Million Annually -- New Study Says Confirmation Letters Too Costly, Ineffective." Have see this? It's based on a study by the Fraud Management Institute. What are your thoughts?
Yes. You can also find it on our site. We actually sponsored the study. Good catch!
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