Last week in banking we looked into the 3 crucial challenges facing banks in 2018 and more on the CFPB legal battle.
3 crucial banking challenges; CFPB legal battle isn't over; Wells Fargo partners with Fitbit: Essential Banking News
The banking industry, like many other industries, is poised to experience unprecedented change as it moves towards a digital industry. While most bankers have already begun to embrace a digital landscape, there is still a lot of challenge to come.The future of banking will include a number of new ideas and methods for accomplishing tasks on a grander scale. And, perhaps most importantly, the customer will be at the forefront of that change. Today’s average banking consumer expects more, demands it faster, and expects better results. Banks unable to compete with those meeting these demands will likely struggle to remain viable in the long term.
Tech giants in financial services, use of AI in banking, a novel approach to auto lending: Essential Banking News
This week we take a look at the tech giants in financial services competing for your customer and how AI is being used in banking today.
We’ve said it before and it bears repeating: Millennials like mobile banking. They’re comfortable with it, they like the convenience it provides, and they’re willing to switch banks to get the mobile experience they’re after.
American Express pairs with Ripple, consumer lending in 2017, 10 trends in retail banking: Essential Banking News
Blockchain-based payments have been all the rage in banking the last few weeks and last week was no difference.
Financial data aggregation has existed for decades, though many financial institutions still don't use it. In one sense, this is understandable. The problems with aggregation have historically been numerous, and in certain cases those problems still occasionally surface. However, because financial data aggregation enables users to see all of their accounts in one place, it's among the single best methods an institution can use to become their users' primary financial hub. Users want to log in, see all their finances in a single view, and log out.
Student loan crisis, Van Saun's take on banking, voice assistants in banking: Essential Banking News
This week we look into the the affect of the student loan accumulation on homeownership rates and Bruce Van Saun's take on the latest in banking.
The growth of Fintech
Despite the fact that most people associate the term “fintech” with their favorite mobile banking app, technology has been an important factor in financial services for decades. Starting as early as the 1950s with credit cards forever changing the way consumers spend money, technology has forever changed this space.
Today's financial industry is facing significant competition from rival banks, online banking options, and credit unions. What sets one apart from the next, from the Millennials' standpoint, may not be what you think. Today's Millennial is more than willing to switch banks, as they are far less loyal to using the same one they've had or the one their parents had. But, to get them to switch, financial insinuations need to offer cutting-edge technology, connectivity, and a high level of innovation. In other words, Millennials want banks that make banking easy, connected, and seamless.