CHECK CASHINGTHE FUTURE IS NOW
In our industry,
question that is constantly being asked is “What is future for this business?” It’s a question that rarely gets a definitive answer. I have come to appreciate unlimited potential that it has. I have also realized that there are some stumbling blocks that must be overcome if this potential is to be realized.
When I began as a chief executive for alternative financial services market, industry had a very different outlook than most service-based companies. There was a prevailing attitude that you did not have to advertise and that good customer service was not as important as in other retail settings. I immediately took issue with those assumptions as our business is no different than any other service-based retail business. The same rules apply, even though many still disagree with that premise.
Some, on other hand, are seeing need for professional looking locations, professional looking employees and a wider range of products and services. They also understand need to market through a variety of advertising vehicles, including TV and radio, along with print. What once seemed out of norm is now being more readily accepted as vitally necessary for growth. Many operators are going beyond advertising and are understanding and embracing concept and value of branding.
Yet many do not, and this is where slippery slope begins. As long as vast majority of check cashers cling to old ways of doing business, industry will be unable to reinvent itself and transition to true alternative financial service centers. As long as operators continue to provide services that diminish their location to a sundry shop, they will continue on a downward slide. It is clear that universal change is needed. FISCA, industry’s trade association, is beginning to see need for these changes. But what they can’t do is mandate, implement and execute needed changes that individual operators must make. And that’s a big problem. As long as majority of check cashers refuse to transition their outlets into true financial service centers, industry will never progress or even feel good about itself.
At FISCA convention a few years ago, a member of association’s executive board told general session that he did not feel comfortable telling his neighbors and associates what he did for a living! Here is someone at cutting edge of industry and he’s embarrassed to talk about it in his neighborhood.
