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« July 20, 2003 - July 26, 2003 | Main | August 3, 2003 - August 9, 2003 »

July 31, 2003

Edy gives cash a run for the money

Japan's Daily Yomiuri reports on bitWallet's Edy cards.
Edy uses integrated circuit cards that can transmit data simply by bringing an Edy card close to a reader, a process Miyazawa described as being much faster than that for credit cards. The same technology is used in East Japan Railway Co.'s Suica cards used to pay railway fares.

July 28, 2003

Interview: Wells Fargo's Dick Kovacevich

Sunday's San Francisco Chronicle included a great interview with Wells Fargo CEO Dick Kovacevich.
Q: How good is Wells at measuring how much money you're earning from each customer relationship? What portion of your customers is profitable?. A: About 63 percent are profitable, and the others we call potential. The average consumer has 15 financial relationships. If you can get only four of those, you are profitable. If you get 8 or 9 or 10, you are really profitable. And you can give them lower prices like Wal-Mart because you can spread your costs. In that sense, we have more in common with the Wal-Marts and Home Depots of the world than we do with other banks.

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