1) Jordan Perry posted Apr 1, 2024 8:44 AM
The news about Western Financial Group’s commitment to local communities reflects a larger trend in the world of finance where customer-centric approaches and community engagement are becoming increasingly important for businesses. This trend highlights the shift towards companies understanding the significance of supporting the communities in which they operate, as well as meeting the evolving needs and expectations of their customers.
The impact of Western Financial Group’s initiative on everyday individuals and specific communities could be positive. By focusing on accessibility, choice, and customer needs, Western is likely to enhance the insurance-buying experience for its customers in Red Deer and potentially in other areas as well. The redesigned branch with an updated layout and extended hours could make it more convenient for customers to access their services, ultimately leading to increased satisfaction and trust. Additionally, the company’s commitment to supporting local economies, employing residents, and contributing to local causes through their Foundation could have a positive impact on the community’s overall well-being and economic development.
Respectfully,
Jordan
2) Patrick Sheffield posted Apr 1, 2024 7:55 AM
Hello everyone,
After conducting some online research, I stumbled upon an article that caught my attention. It appears that Visa and Mastercard have decided to lower their processing fees after a lengthy two-decade lawsuit from merchants, who claimed that the credit card giants held an unfair monopoly and demanded that they reduce their swipe fees. The demands of the merchants have finally been met as Visa and Mastercard are set to lower processing fees by 0.04% over the next three years and 0.07% over the next five years. This move is estimated to save the merchants around $30 billion in fees over the said period. Not only will this move benefit the merchants, but it will also have a great impact on consumers as well.
Another benefit of this change is that merchants can now assist consumers in choosing the best or least expensive payment options. This will potentially decrease the costs of products sold with credit and debit cards, which will have a massive impact on everyday individuals. Moreover, it could stimulate the economy by lowering an invisible tax levied on us by credit card companies. However, one negative downside to this would be for anyone who plays the credit card points game. In the last twelve months, Visa and Mastercard combined generated almost $58 billion in revenue for swipe fees, much of which is recycled into incentive programs that will most likely take a hit.
I believe this trend is not only seen in the world of finance but is also evident in our broader culture. A lot of Americans are becoming increasingly wary of the power that large businesses hold over our lives. Companies like credit card, cell phone, and insurance providers have monopolized the market, and when there are fewer options, these companies have more control. I think many people are beginning to realize this and are starting to file lawsuits to fight back.
Patrick
Saibil, J. (2024, March 30). Visa and Mastercard Are Lowering Their Swipe Fees. Is Lower Revenue on the Way? Yahoo Finance. https://finance.yahoo.com/news/visa-mastercard-lowering-swipe-fees-120000551.html
