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Old 17-08-2013, 10:47   #16
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Re: Cruiser's Credit Union?

zboss, sure a bank could be run by "whatever" but BOATUS services mainly the small powerboater who is skiing or fishing in the US, and not the international cruiser. There's no reason to think they'd want to open a bank, even if their articles of incorporation allowed them to.

But let's assume you twist their arm and convince them to open it. OK, since you've got relevant experience, tell us what ARE the costs of the dozen employees, the compliance, the IT system, the ongoing operations, to charter a bank for international business and currency exchange. In real dollars and cents.

Is it a million per year? A half million?

And you are going to cover that overhead by servicing a thousand international cruisers? Two thousand? Five?

No matter how I do the math, I don't see it working, but I don't have the actual experience with banking operations and costs to have your confidence that it can work. Please, do share those numbers with me.
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Old 17-08-2013, 10:55   #17
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Re: Cruiser's Credit Union?

I also don't think the numbers are there to make it worthwhile (in punters and profits).

The secret to lending is the folks borrowing knowing you will come after them (keeps them honest!). When they think they won't have to repay they won't - that same at all levels........whether main street or back street. With the intended market enforcement will be impractical for cost reasons. Even selling debts onto those willing and able to deal direct won't work as most of that is simply about "Pour encourager les autres" and that only works when les autres know ......and for that being local is the key, and even then .
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Old 17-08-2013, 11:24   #18
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Re: Cruiser's Credit Union?

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I also don't think the numbers are there to make it worthwhile (in punters and profits).

The secret to lending is the folks borrowing knowing you will come after them (keeps them honest!). When they think they won't have to repay they won't - that same at all levels........whether main street or back street. With the intended market enforcement will be impractical for cost reasons. Even selling debts onto those willing and able to deal direct won't work as most of that is simply about "Pour encourager les autres" and that only works when les autres know ......and for that being local is the key, and even then .
It would have to be a bank of partnerships.

We are probably thinking too small in regards to the cruising community. It could be a community bank for overseas adventure seekers, expats, and international travellers - it doesn't have to be limited to cruisers only. Pretty much anyone that travels a lot overseas and needs similar services as cruisers.

Another example, in Africa phone banking via M-Pesa has taken the place of regular banks. You could easily integrate your new bank into these types of partnerships.
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Old 17-08-2013, 11:56   #19
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Re: Cruiser's Credit Union?

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Originally Posted by zboss View Post
It would have to be a bank of partnerships.

We are probably thinking too small in regards to the cruising community. It could be a community bank for overseas adventure seekers, expats, and international travellers - it doesn't have to be limited to cruisers only. Pretty much anyone that travels a lot overseas and needs similar services as cruisers.

Another example, in Africa phone banking via M-Pesa has taken the place of regular banks. You could easily integrate your new bank into these types of partnerships.
I like new - for sure a bigger market, but my gut says that 30 years ago there would have been a market for those folks travelling abroad - albeit not the technology to do it on the cheap......whereas nowadays the Global Banks (HSBC etc) have both the reach and the products to cover wayyy more than a single small scale worldwide "bank" could achieve.

Perhaps something like an AMEX (gold card?) style service which piggy backs on whatever existing banking arrangements folks have (or own "white label" products / a mix of products from existing providers) - of course that would likely involve folks paying for it in transparent ways (and folks don't seem to like doing that), but perhaps scope for transaction charging or via commissions.........am thinking the angle is more on when things go wrong ("events" on the ground or simply with own bank playing silly buggers), and for that insurance would be the sell........

.........but would drop a large chunk of the Compliance / regulatory costs, loans would be a challenge but I guess being a broker who understood the risks for the market would make it possible to access funding, even if had to set up own separate vehicle for that.

Could even be an APP on the phone .

BTW although not following Africa closely, I love the snippets of info I do pick up - especially on how mobiles are revolutionising the place. Next step is the internet en masse (already happening)......which will be a great soical driver for change, not from organising folks (a double edged sword) but simply by the drip drip effect of folks realising from simple dull day to day contact with others internationally that a) they don't have stuff they could do and b) they don't have to call it rain when pissed upon!......ooops, I am off on another one .
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Old 17-08-2013, 12:32   #20
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Re: Cruiser's Credit Union?

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BTW although not following Africa closely, I love the snippets of info I do pick up - especially on how mobiles are revolutionising the place. Next step is the internet en masse (already happening)......which will be a great soical driver for change, not from organising folks (a double edged sword) but simply by the drip drip effect of folks realising from simple dull day to day contact with others internationally that a) they don't have stuff they could do and b) they don't have to call it rain when pissed upon!......ooops, I am off on another one .
I was blown away at the quality of the mobile data phone service in Africa. They have all new telecom technology and very little legacy technology. 4g/LTE pretty much everywhere I went in West Africa. Can't speak about east africa - I believe the technology there is a lot less refined.
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