Bank Deals for Digital-Design Firms Highlight New Mobile Priorities
American Banker's Mary Wisniewski says that a string of recent collaborations between banks and design firms indicates that design is becoming more and more critical to the banking industry. She says, "Once regarded by some as trivial, design is becoming central to banks' efforts to differentiate themselves on mobile and other electronic platforms."
It's Too Late, Banking Is Already Being Disrupted
JP Nicols, president of Innosect, shows that the banking industry isn't too big to disrupt and that banks should be aware of changes already underway.
"To say that banking is being disrupted does not necessarily mean that the entire industry and all of its current participants will cease to exist. Disruptive innovation simply changes the game by creating new markets and new relationships between organizations and individuals, and that is already happening."
Is Your Bank’s Marketing Department Structured for the Last Century?
Kevin Tynan, SVP/Marketing at Liberty Bank for Savings, talks about how marketing efforts at banks and credit unions need to change to meet the needs of the new century.
"Where Marketing was once a distinct, siloed group, now it must be integrated with departments throughout the bank. Every customer interaction has a marketing component. From acquisition to onboarding, product delivery to issue resolution, marketing plays a role. Not just data analysis, either. At each customer touch point, we should be asking if the messaging is consistent."
Capital One: Think More Like a Tech Company, Less Like a Bank
Bank Innovation's Philip Ryan covers the latest thinking from Capital One. He quotes their CEO, Richard Fairbank, who said, “We’re going to need to think more like technology companies and maybe a little less like banks." To meet this need, Capital One recently acquired the user experience firm Adaptive Path.
Banks on the Brink as Customer Experience Stagnates - Capgemini
Finextra summarizes results from Capgemini's World Banking Report. The results should compel banks and credit unions to act now to counter the rising competition.
"The percentage of customers who said they were likely to leave their primary bank in the next six months rose into double-digits in every region except Western Europe. ... Reasons cited include an increase in non-bank competition, growth of start-up banks which offer attractive digital products, and the ease in logistically switching banks."
Fintech Revolutionaries Storm the Barricades of Traditional Banking
The Guardian's Jon Card says that while it's been a long time coming, players in financial technology are finally starting to unsettle the industry.