In a policy document shared with the TranzactCard DBO community last week, Co-Founder Peter Rancie shed light on the company’s vision and mission for the future of its place in the community banking sector. With a career spanning forty years in financial institution boardrooms, including engagements with several of the world’s top 100 banks, Rancie offers a unique perspective on the challenges and possibilities ahead for TranzactCard.
With its own new e-commerce platform fueling bank customer acquisition, coupled with an entirely new scale of rewards, the company is poised to be a disruptive innovator in the financial sector. TranzactCard has its sights set on reshaping the consumer banking experience. The company’s slogan, “Now, banking changes forever,” suggests a paradigm shift in how people perceive and interact with community banks.
In his policy document, Rancie underscored the stark reality facing the U.S. banking sector. The number of FDIC insured U.S. banks has dwindled from nearly 20,000 twenty five years ago to less than 5,000 today. This decline is indicative of a banking system in flux, grappling with modern challenges. Rancie highlighted that banks have primarily prioritized shareholder profits, often at the cost of consumer benefit. Fees, particularly punitive ones like overdraft charges, have become a sore point, disproportionately affecting vulnerable sections of society, including the needy, unbanked, underbanked, and minority communities.
Yet, in this backdrop, Rancie emphasized that TranzactCard envisions itself as a beacon of hope for at least one sector of the banking community. He shared five principles guiding the company’s path: Flexibility, Compliance, Redundancy, Continuity, and Change. Following is a brief summary of those principles. A complete overview can be found in Rancie’s document here
Flexibility: TranzactCard will modify, upgrade, and add to its partner banking relationships, at need, in order to continuously enhance benefits to its members.
Compliance: Respecting the rich history of the banking sector, the company aims to work hand-in-hand with the system, leveraging its strengths while circumventing its limitations.
Redundancy: Avoiding over-reliance on any single banking entity or regulator, TranzactCard aspires to cultivate multiple partnerships, diversifying its operational base.
Continuity: Ensuring consistent service quality.
Change: TranzactCard is a company that believes that change is good and that change is inevitable . Early adopters are lauded as pioneers, and all members are encouraged to anticipate, embrace, and benefit from regular system and banking partnership updates.
Rancie’s policy document, unveiled ahead of the company’s official launch later this fall, charts the course for TranzactCard’s future. With over 20,000 members already enlisted during its pre-launch phase and aligned with Rancie’s distinctive vision for the company, TranzactCard stands poised to redefine America’s community banking sector.