The Future of Fintech and Banking: Digitally disrupted or reimagined?
This white paper from Accenture details the state of banking as it relates to fintech. In one of their surveys Accenture interviewed 25 banks and found that these financial institutions only feel minimally equipped to face the digital revolution:
"Despite these complications which the incumbent players in the industry are facing, three-fifths of respondents to the survey felt that established financial services players would survive and thrive in the digital future - either because new and existing banks would find ways to grow and enrich the market overall, or because the established banks would simply acquire the new players."
Mobile First: Banking Innovation in the Age of the Smartphone
Alex Johnson of Zoot Blog writes about how having to work within the digital constraints of mobile banking is forcing financial institutions to invent better experiences for end users.
"An unintended, yet welcome, consequence is that many of these mobile investments are paying dividends in areas that financial institutions did not originally intend. Just as Apple discovered with the touchscreen, leading banks are finding that the solutions they are developing for mobile-specific challenges are actually superior to the legacy processes and technologies currently in place in their other channels."
Differentiation in Banking Requires Better Data Insights
Jim Marous showcases a series of surveys that illustrate how important data is to banks.
"As consumers demand more from their user experiences across industries, banks and credit unions need to develop strategies that will leverage data to better understand and serve customers at all stages of their financial lifecycle and in all channels. The result will be lower costs to serve, increased product sales and greater loyalty."
7 reasons why fintech is white hot right now
Rob Findlay, customer experience leader at a Singapore bank, outlines exactly why so many startups are interested in fintech.
"Unlike almost any previous category of new business, fewer have gathered more attention or than that of the recent fintech wave, currently being experienced on a global scale. Wind back the clock just 3 years, and it would have been hard to get even the most excitable futurist interested in the boring world of banking."
LearnVest, one of New York's fastest-growing startups, just got acquired by Northwestern Mutual for more than $250 million
Perhaps the biggest news in fintech this week is that LearnVest, the PFM and investment education company, was acquired by Northwestern Mutual. LearnVest started 6 years ago.
Google preps Gmail bill payment feature
In other news, according to an internal Google document, the company plans to offer a feature that will let users pay bills directly in Gmail.