WalMart in the news about offering financial services
June 20, 2007 – 1:05 pm
The Financial Times published an article today, "Wal-mart to open 1,000 Money Centers", providing some details into the major retail chains entry into the financial services market. Although WalMart dropped their ILC plans in March 2007, they’ve decided to utilize pre-paid money cards to get into their customers wallets. WalMart will bring a new level of competition to the marketplace for the under-served. Their in-store "branches’ will be open 7am to 9pm 7 days a week. Show me a CU or a bank that has those hours… In addition, they plan to partner with other large financial service companies to distribute their products to the WalMart consumer.
"Instead, it is working to expand its products with financial partners, including GE Money, which is issuing the pre-paid card, and ShareBuilder, which is testing online new share and money market savings accounts that can be linked to the prepaid card."
Whether good or bad, WalMart will be here for a quite a while and their MoneyCenters may cause some major changes in the financial industry.
One Response to “WalMart in the news about offering financial services”
Let the big ol’ Walmart bring on the competition! Yes, Walmart does have a history of getting in to non-traditional business arenas and doing well. There is also something that they have a history of as well: BAD SERVICE. I don’t think that too many people will get a loan or give their money to a pimple faced highschool kid with bad manners. This is the same kid that calls for a price check on a blue light special. In the end, Walmart will be competition but also a great opportunity for all of us to show why we are a better choice for financial SERVICE.
By Butch Holley on Jun 26, 2007