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Rate Hike Looms & Banks Ponder Charging For Mobile Apps: Essential Fintech Reading Aug 20-26

By Jeff Meredith on Aug 26, 2016 5:40:10 PM

Could Your Bank Charge For Its Mobile App?

According to an S&P Global Market Intelligence Survey of 4,000 U.S. bank app users, 21% would pay as much as $3 a month for their banking app and 40% would be willing to pay $1 a month. Telis Demos of the Wall Street Journal reports that banks could generate as much as $500 million more in revenue, with the bulk going to Bank of America, Wells Fargo and J.P. Morgan Chase. 26% of Bank of America's users indicated they would be willing to pay $3 a month. Demos writes that banks may still hesitate because younger consumers often cite fees as a reason they switch banks.

Topics: fintech
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Opti-Channel and the Future of Banking: Interview with Susan Wolfe of Mintel

By Jon Ogden on Aug 25, 2016 11:18:40 AM

Topics: fintech
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Why Banks Should Use APIs from Fintech Partners

By Kenneth Dabkowski on Aug 22, 2016 10:00:59 AM

Have you ever tried to build a Tesla automobile using parts from a 1974 Datsun?

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Mobile Banking Trends, Millennial Debt, Wall Street Revolution: Essential Fintech Reading: Aug 13-19

By Jon Ogden on Aug 19, 2016 5:28:39 PM

This week we look at the latest mobile banking numbers from the Federal Reserve, the latest trends from millennials and debt, and changes on Wall Street.

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Build the Banking Experience You Would Want For Yourself

By Jon Ogden on Aug 18, 2016 9:10:55 AM

In an interview with MoneySummit, CarrieAnne Cormier of Avidia Bank told us about a negative experience she once had while banking.

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3 Ways Retail Bank Customer Service Is Changing (and How To Keep Up)

By Kenneth Dabkowski on Aug 15, 2016 7:00:00 AM

In 2014, TD Bank produced a commercial showing off its new concept ATM, also known as an “Automated Thanking Machine.” In the commercial, the ATM technology understands everything about particular customers and offers the customers “thank you” gifts based on their needs and life situations. While large U.S. banks have improved customer service over the last year, TD Bank’s customer service technology concept is not particularly scalable or cost effective industry wide. That being said, this commercial does highlight an important point. Customer service, whether in-person or digital, can be enhanced by developing empathy with customers.

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Machine Learning And Blockchain Key To Banks' Future: Essential Fintech Reading Aug 6-12

By Jeff Meredith on Aug 12, 2016 6:16:27 PM

Blockchain And Machine Learning Key To Banks' Future

Writing for American Banker, Paul Schaus makes the case that banks must tap the power of blockchain technology and machine learning or "risk losing millennials to fintech companies that aren't bogged down with old technology."
Topics: fintech
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Why Are Banks Beating Credit Unions In Mobile Banking Utilization?

By Jeff Meredith on Aug 11, 2016 8:34:23 PM

Banks are beating credit unions in mobile banking utilization and it’s not even close. As a group, banks with a mobile app boast 27% enrollment whereas credit unions stand at 12.6% enrollment. In an age where mobile banking has a huge impact on overall customer satisfaction and plays a vital role in capturing the millennial and emerging affluent segments, the quality of one’s mobile offering is crucial. Moreover, increased mobile banking usage drives improved financial performance for FIs. A successful mobile banking app drives customers to a lower cost channel; Chase cites a cost of 65 cents for each teller deposit vs only 3 cents using mobile. As big bank customers have flocked to the mobile channel and become less dependent on in-person interactions, that has allowed these institutions to eliminate branches and reduce cost structure.

Topics: Technology
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Banks Should Focus on Feeling and Fintech Partnerships: An Interview with Joe Sullivan

By Jon Ogden on Aug 9, 2016 5:31:37 PM

We interviewed Joe Sullivan, CEO of MarketInsights. Sullivan outlines what has changed in financial services marketing as well as examples of how to best navigate the change. Ultimately, he says, banks and credit unions must think about how consumers feel in order to win their business loyalty.

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The Underbanked, Millennials, and Mobile Payments: Essential Fintech Reading Aug 1 - 5

By Jon Ogden on Aug 5, 2016 9:00:00 AM

 
 
In their must-read 48-page white paper, PwC writes about the need to appeal to the unbanked and the underbanked. They say it's an opportunity that could bring $360 billion in "unmet banking deposit demand" globally, with the biggest opportunities in the Middle East, Africa, and South Asia.
 
The white paper also looks extensively at how to appeal to millennials, a demographic that is more interested in saving up for travel than saving up for retirement. Millennials are also digital natives, which makes them far more comfortable with  and more vocal in their demand for solid mobile solutions.
 
In their white paper, PwC includes a list of challenges financial institutions must overcome to reach millennials:
 
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