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Zelle, Visa's Payments Ring, Pay via Siri — Essential Fintech Reading: Aug 27 - Sept 2

Sep 2, 2016 5:12:09 PM

Who will Win the Battle for Millennials - Zelle or Venmo?

Neil O'Brien, SVP Director Digital Banking at Santander, analyzes whether Zelle offers enough advantages to persuade millennials to leave Venmo behind. His analysis is consistently astute, and I agree with his conclusions — which are that it's going to be a difficult win. 

Take Millennials' Stated Banking Preferences with Grain of Salt

Kevin Tynan, SVP of marketing at Liberty Bank, shows that what millennials say they prefer and what they actually prefer are often totally at odds with each other. For instance, millennials say they support community banks, but then they choose to bank with the biggest banks. They also overwhelmingly say they're "confident in their ability to manage their finances," but then nearly 50% say their "chronically stressed" about money. The bottom line is that banks and credit unions should pay attention to data, not stated preferences, when reaching out to milllennials.

 

Send Money via Siri

Finextra reports that Square Cash is applying the SiriKit SDK so that iPhone users can request a money transfer via voice.

 

Visa-powered Payment Ring

Screen_Shot_2016-09-02_at_4.58.14_PM.pngVisa has developed a ring that, once you've set it up, allows you to automatically make payments at a store terminal. It's similar to a model that Olympic athletes used this summer.

 

Young people are tapping home equity for vacations and emergency cash

A report from Discover shows that half of millennials who've owned a home for three years have taken a home-equity loan against their home. This is risky when the loan is for short-term benefits such as vacations (which, according to the report, is the most common reason for such loans). 

Jon Ogden

Written by Jon Ogden

Jon Ogden is the Director of Content Marketing at MX.

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