Using Pay by Bank to Supercharge Your E-commerce Business #podcast #paybybank #fintech #banking
About Eric Steigerwalt
Eric Steigerwalt, President, CEO, and Director of Brighthouse Financial, has discussed the potential benefits of Pay by Bank for merchants. In a December 2024 podcast, he stated that the payment method can be "40% plus cheaper than some of the other options" for merchants and argued that as a larger share of transaction volume shifts to Pay by Bank, the cost savings become "a very big deal." He described the option as "valuable" for merchants seeking to reduce their blended payments costs. In earlier remarks from 2014 and 2018, Steigerwalt spoke about his role leading MetLife's U.S. retail division, which he said manufactured individual life, annuities, auto, home, and disability products. He stated that the division represented about 35% of the company's earnings, with roughly $2.5 billion in after-tax annual profit and over $13 billion in annual revenue. He described the relocation of the division's headquarters to Charlotte, North Carolina, as a move driven by a need for a "makeover" and a shift in focus from the "top line" to the "bottom line." He said Charlotte "exceeded our expectations in every major category" and expressed the company's intention to remain there permanently.