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Essential Fintech Reading: May 16 - 22


Banking Needs To Put Emotion Into Customer Experience
Duena Blomstrom asserts that when banks and credit unions focus on products instead of emotional needs, they miss the point. Consumers want something that will help them on an emotional level. She says, "People don’t ‘need’ products. They don’t have a checking or current account ‘need’. Consumers have Physiological and Safety needs that these products satisfy. Consumers also don’t have loan ‘needs’, but instead have Belonging, Esteem and Self Actualization needs that a loan would satisfy."

Photo Bill Pay Drives Mobile Banking Engagement
Sicily Axton from StrategyCorps writes about a new product called photo bill pay, which lets users pay a bill by taking a picture of it. She finds that the financial institutions who have launched the product are already seeing higher mobile engagement as a result. For instance, she writes that "customers of First Financial Bank who use Picture Pay log in to their bank app 20% more often than those who don’t use the product."

Banking Rebundled: How?
Trey Reeme, Cofounder and COO of Trabian, says that credit unions need to embrace entreprise API solutions to bring the user experience to the next level. He says, "Regrettably, credit unions routinely sacrifice innovation on the altar of caution. It’s time to stop." And he adds, "For Pete Drucker’s sake, realize that your user-tech — the interfaces on an ever-changing variety of devices — must be now held to a bar that Amazon, Facebook, Uber, Pinterest, and MX set and continue to raise higher and higher."

BBVA Compass Takes Emulating Startups to Another Level
American Banker's Penny Crossman covers the news of BBVA Compass's new software development center in Birmingham, Alabama. With this development center, the bank takes on the flavor of a fintech company. Crossman writes, "As it has done in its partnership with the payments firm Dwolla, BBVA Compass plans to open up application development interfaces to the Innovation Depot startups, to let them build apps that would work with the bank's proprietary programs and data."

Mobile Banking: What Consumers Really Want
Will Jones, managing director EMEA and AP at Monitise, spells out six things that consumers want in a mobile banking app, including balancing security with simplicity. He says, "The possibilities are vast, but the need for banks to act fast and act smart is greater than ever. This means putting themselves in their customers’ shoes and truly understanding the medium of mobile and how it can be best deployed."