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Essential Fintech Reading: Mar 14 - 20

Mar 20, 2015 2:44:00 PM

Facebook Introduces Free Friend-To-Friend Payments Through Messages
Techcrunch's Josh Constine dishes out the details about Facebook's entrance into the world of peer-to-peer payments. The new payments feature gives users the option to connect their debit card and send money to friends without getting dinged with fees. It's potentially a game changer since it's built on what is, for most people, their largest digital network.



Financial Health Is the New Marketing
Ron Shevlin analyzes Key Bank's recent partnership with Hello Wallet, a partnership that will give account holders the ability to see a score that helps them understand their overall financial health. Shevlin argues that this is a good move for Key Bank, though he advises this bank and others in a similar situation to make sure these tools will have a legitimate real-world impact. He asks, "In all this excitement about “safe to spend” features and financial health scores, we shouldn’t overlook the fact that if a customer’s or member’s financial health (or performance) doesn’t actually improve, what good is the feature or score?" It's a question that financial institutions and fintech companies should keep top of mind.


Why Bankers Are Leaving Finance for No-Salary Tech Jobs
Bloomberg's Christopher Langner reports on how dramatic the shift from finance to tech has become.

"North America had 212,100 fewer bond brokering jobs and other roles defined by the U.S. Bureau of Labor Statistics as credit intermediation in January, versus the start of 2008, according to the latest data available. By contrast, there are currently more than 500,000 job openings in areas such as software development and cybersecurity, many of which didn’t exist a decade ago, White House data show. An annual review of the U.S. banking system by McKinsey & Co. in December tallied more than 12,000 startups focused on banking businesses."


Bricks + Clicks: Building the Digital Branch in Banking
Jim Marous tells banks and credit unions that they need to be on their toes when it comes to making better use of branches.

"As was the case with ATMs decades ago, consumers prefer the convenience of new technologies, combined with the assurance of a local branch. Despite this affinity for branches, the economics of yesterday’s branch don’t work."

Here's a key chart from the article, showing just how much the landscape has changed.



FinTech Disruption - Finovate Europe - 2015
If you're looking for a rundown of what happened in Finovate Europe, Abhishek Chatterjee of  WIPRO Technologies wrote a summary this week.

"This year Finovate in London was full of innovative ideas and products. The topics varied from more traditional ideas like investment management tool, BPM, real time customer on-boarding (including AML, KYC etc), Cloud based identity and transaction authentications to more exciting ones like Virtual financial Advisory, Financial Gamification, Mobile Wallet, alternate payment and cryptocurrency, crowdsourced P2P lending super market etc."


From Money Summit:
This week we posted two standout interviews that have received tremendous attention on social channels:

Both offer tips that can help banks and credit unions take their offerings to the next level.


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Jon Ogden

Written by Jon Ogden

Jon Ogden is the Director of Content Marketing at MX.

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