Jim Marous reviews a study conducted by J.P. Morgan Chase & Co. in conjunction with Braun Research which dives deeply into how American consumers are interacting with financial institutions. They found that 33% of consumers are using their mobile app more often and 35% are banking online more frequently than a year ago. For more check out the article here.
USAA, FIS and other financial leaders are looking beyond just digitally connected cars and working on how to turn the car into a wallet according to Mary Wisniewski. One potential way this could happen is when someone gets to the pump at a gas station it is turned on and authorized because the vehicle is known to belong to a particular account holder.
In this article the World Economic Forum dives deeply into the Fintech revolution. It assesses the shift to highly focused products, robo-advisors, automation of products, data based decisions, new business models and partnerships between startups and banks.
TechCrunch takes a look into the disruption of money and Microfinance institutions (MFI’s). We all know in the U.S. it costs $250 and $400 per year for a bank to maintain a checking account and therefore most banks can’t avoid the maintenance costs to target low income consumers. With shifts in technology there has been an explosion in the growth of MFI’s particularly in developing nations with the rise of mobile and SMS-based banking. MFI’s have experimented with infrastructure as a result and it could pave the way for payment solutions in previously untapped markets.
That’s it from us. Have a Happy 4th weekend everyone!