Wal Mart into Banking, NYT June 21, 2007
Despite the protestations of potential competitors in the Financial Sector, Wal Mart will expand its range of in-store financial services. While not officially a bank, this retailer will add prepaid debit cards and eventually mortages & home equity loans to its existing services of check-cashing, bill paying, and money order services.
I feel that this is a good move for everyone. Business processes, whether those of Telcos or Financial Services enterprises, are nearly impossible to modify unless the bottom-line (or top line) is under siege.
Related, we know that Skype (VoIP) will now be sold at Wal Mart stores. This relationship brings Pay-Paland consequently eBay (and possibly eBay's customers) into the Wal Mart customer community
With the likes of Web 2.0 companies such as Wasabe.com, Prosper.com etc plus the physical presence of the likes of a Wal Mart, financial relationships will continue to manifest themselves in new and varied ways. I bet to the benefit of consumers everywhere.
Full New York Times citation at NYT.com entitled At Wal_Mart, A Back Door Into Banking; 21 June 07, section C1.