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Essential Fintech Reading: Aug 8 - 14

Aug 14, 2015 3:12:00 PM

Why Fintech Is One of the Most Promising Industries of 2015
Maria Aspan writes about how much the fintech industry has skyrocketed lately — especially the subset of peer-to-peer lending. The essential quote for bankers to pay attention to comes from Kabbage CEO Rob Frohwein. "We're just at the beginning of this renaissance in alternative lending," he says, "and I look forward to the day it's not called alternative." That's the attitude of these rival fintech players, and it's an attitude bankers need to treat seriously.

Goldman Sachs Is Now a Consumer Lender
Speaking of peer-to-peer lending, Goldman Sachs is starting to feel the pressure — or perhaps they just know an opportunity when they see one. Jonathan Marino covers the news that the investment bank has entered the consumer loan business, a project that will be completely digital. "Goldman isn't going to start opening up branches on Main Street," Marino writes.

Mobile Banking Usage to Double
Jim Marous summarizes reports from Juniper Research and KPMG that show just how quickly mobile banking is set to grow over the next 5-10 years. While the U.S. is currently behind countries like China and India when it comes to mobile banking adoption, that gap is expected to lessen as younger people — by the far the highest adopters of mobile banking — become the biggest target demographic for banks and credit unions.

Satisfaction Scores Doubling For Banks That Get Personal
The Financial Brand shows that financial institutions that want to stand out in the digital age must get personal. It's not enough to simply put up a generalized digital ad and call it good. Those ads must make use of data to truly satisfy the customer. A study from GfK and Personetics found that when consumers receive personal help, their likelihood of promoting the brand more than doubles.

Envestnet to Buy Yodlee
This week, the data aggregation company Yodlee was bought by Envestnet, a company that provides software to independent wealth advisors. This change represents a pivot for Yodlee's offerings, which previously focused on retail banking. Jud Bergman, CEO of Envestnet, said that they plan to use Yodlee's product line to “enable investors and the advisors who serve them to access and make better sense out of their disparate and complicated financial data." Their press release mentioned nothing about continuing Yodlee's prior efforts to serve banks and credit unions.


Source: http://bit.ly/1hCu3uW 

Jon Ogden

Written by Jon Ogden

Jon Ogden is the Director of Content Marketing at MX.

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