And I thought Prosper was a threat

Wow. Wesabe is pretty amazing. And has all the earmarkings to become even more amazing. Thanks to Brent at Trabian for making me aware of the latest from Wesabe. I looked at Wesabe briefly before, and thought it was interesting. But now that I realize it can make your online banking interface obsolete… wow. And I thought Prosper was a competitive threat to credit unions.

So let’s see… ING Direct offers a better savings account, Prosper offers better unsecured borrowing (and investing), Wesabe offers a better online banking interface, and CapitalOne gives me a debit card that I can attach to any account. What exactly did I need a credit union for? What is my credit union the best at doing? What’s keeping me at my credit union? Inertia?

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3 Responses to “And I thought Prosper was a threat”

  1. George Says:

    Your assessment fits right up there with an article on Gonzobanker, Back to the Future of Banking.

  2. Morriss Partee Says:

    Thanks for alerting me to that article. I had seen it excerpted on another blog, but didn’t know its source. Great format that the author used to make it a little bit out of ordinary and less threatening.

  3. andermahrketing Says:

    This has been on my mind lately as well. There are a lot of really good products and services out there. As the members become more savvy, this will affect the credit unions position in the marketplace. The positive side is that credit unions (especially smaller ones) are far more flexible and adaptable to address these new technologies than the huge behemoths. Lets hope that the CEOs and board members have the foresight to move on this. Otherwise these boutique financial service providers will become serious competition for more traditional banking sources.

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