Perk Street CEO: Banks In Customer Acquisition “Knife Fight”

What's Next In Payments®
8:56 PM EDT May 13th, 2012

Banks are exerting maximum effort to acquire new customers, eliciting a visceral assessment from the leader at one of the space’s more innovative companies.

“It’s such a knife fight to acquire customers right now,” said Dan O’Malley, chief executive of Perk Street Financial, during his participation in a panel discussion late last week at the Card Forum and Expo.

O’Malley says financial institutions are perhaps being too generous with up-front rewards to acquire new customers, but acknowledges that building additional brick-and-mortar branch locations is an even more expensive proposition, according to American Banker.

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