In his American Banker article “There Will Be Blood: The Era of Engagement Banking,” thought leader Bradley Leimer discusses the future of the banking industry. Leimer suggests the next big challenge facing the industry is the full-on shift to a mobile platform. He goes on to say that the economic imperative to innovate and shift has finally come to an industry not known for innovation. Inspired by signs of mobile adaptation, an entirely new financial market and business model emerged — financial technology, or fintech for short.
In 2011 Javelin Strategy & Research quietly introduced a new way of segmenting and studying different types of account holders. This new theory of consumer segmentation was not shaped by age or income per usual, but instead broke down the general banking public by regular use of online and mobile banking. The group that represented the apex of this digital-first mentality was given a truly sexy name: Moneyhawks.
Big Announcements from the Video Industry
This week we saw extended debate about the fluctuating future of the financial industry. How is the digital age changing banks and credit unions? What should financial institutions do with their legacy systems? One proposed solution, supported numerous times in this week's stories, is for financial institutions and fintech startups to collaborate for the good of account holders.