Consumer Expectations for a Better Money Experience
May 25, 2023 | 1 min read
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February 12, 2018 | 0 min read
Last week's news talked about banking consumers technological expectations and how clean data might mean getting more out of you digital banking technology.
Technology has changed the way people interact with their bank. They are wanting expert, poignant advice in a timely manner. Ray Wizbowski of Entrust Datacard questions whether banks can catch up with the speed of innovation: 'Technological advances have changed consumer expectations, where satisfaction is measured in a matter of seconds, minutes, or, in the worst case scenario, hours. These is an increasing culture of immediacy that has impacted how people want to engage with their financial institution.'
Read more at The Financial Brand
As we move deeper and deeper into the digital era of banking, institutions become reliant on efficient technologies to deliver a great experience for their users. Though, as Sandy Baker writes, these technologies (such as artificial intelligence) will go as a far as the data they are built on: 'For those looking to utilize AI, for example, to achieve the most bottom-line benefit from digital banking, it is critical to build a strong foundation of clean data.'
From buying cell phones to homes, there are a lot of important purchases that can require credit. For immigrants, regardless of economic status, building credit can be incredibly hard. Fintechs are seeing opportunity within this segment to help make this process easier: “You could be a billionaire in Australia, come over here and try to apply for a credit card. You're probably going to get rejected if you have no credit footprint in this country,” said Peter Renton, a founder of Lend Academy, during a podcast with Nova.
'It's now more muddy than clear,' said Richard Gottlieb, a partner at Manatt, Phelps & Phelps. 'Mulvaney may not have the authority to appoint his own replacement. It's simply an unresolved question. But for that lawsuit and [former CFPB Director Richard] Cordray's actions, Trump could do something more broadly.'
Read more at The Credit Union Journal
'Payments provider PayPalis now offering two new card readers for small and medium businesses, allowing owners to accept payments with more ease and efficiency, the company announced today.'
“Increasingly, businesses are replacing inefficient paper-based payment systems with digital tools,” Vicky Bindra, global head of products and solutions at Visa, said in a Friday press release. “This strategic acquisition allows Visa to offer a more comprehensive business solution to our corporate clients that is innovative, global, highly configurable and intuitive for their employees.”
'Today the market is implying an 84.3% chance that we will have two, three, or four rate hikes in 2018, according to Bloomberg calculations based on Fed Funds futures. That is a high degree of certainty.'
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