J. Tyler Haahr is Chairman of the board and Chief Executive Officer of Meta Financial Group, Inc. — “Meta Financial” — and MetaBank (NASDAQ:CASH). In this exclusive interview with the Wall Street Transcript, Tyler Haahr details the competitive advantage for his financial institution.
The company includes some interesting financial technology businesses: “…in 2004, we started our payments division, with the biggest part of the division being prepaid, but we also sponsor roughly two-thirds of the white-label ATMs in the country, meaning nonbank locations. So for convenience stores, restaurants, hotels, those kinds of locations, we sponsor roughly two-thirds of those and work with Visa, Mastercard and other banks moving the money. Then, we expanded again in December 2014 when we bought AFS/IBEX, our premium finance division. In 2015 and 2016, we bought our tax processing companies.”
The growth rate for this bank is amazing: “…all of our businesses really have been growing 20%-plus. The retail bank, the premium finance business, the payments business and the tax business have all been growing at well over 20%. ”
A company philosophy supports a lofty goal: “…our goal is financial inclusion for everyone. So since a lot of people don’t qualify for a checking account at a traditional bank, roughly 28% of the population is either unbanked or underbanked, according to a Wall Street Journal article. For products, the traditional prepaid card started with the gift card, but there are also rebate and loyalty cards. And the majority of our prepaid business and the fastest-growing part of the prepaid business is really general purpose reloadable and payroll cards. So for people that otherwise would have to take their check to a check cashier, a payroll card is a great solution…”
The competition is fierce but CEO Tyler Haahr has lot of confidence in his company’s ability to excel in their space. “A lot of people would look at Bank of Internet, Green Dot or The Bancorp particularly in the payment space. With respect to the retail banking segment, there are many small, medium, large and money center banks in our markets. And we partner with and compete with a number of companies in the fintech space as well. So there’s a variety of competitors both big and small in all of our divisions. And we just try to make sure we’re disciplined on what we do, providing the best products and services and continuing to be innovative. That’s how we’re planning to compete.”
To get the complete details on J. Tyler Haahr, Chairman and CEO of MetaBank (NASDAQ:CASH) read the entire interview in the Wall Street Transcript.
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