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Essential Fintech Reading: Oct 23 - 30

Bank Boardrooms Lack Technology Experience
Accenture published a study this week showing that global bank executives are generally ill prepared to lead out when it comes to digital. They show that "only 6 percent of board members and 3 percent of CEOs at the world’s largest banks have professional technology experience.  In addition, more than two-fifths (43 percent) of the banks have no board members – and nearly one-third (30 percent) have only one board member – with professional technology experience."

Here's the breakdown by country:

Millennials' banking habits suggest deeper branch cuts are coming
BI Intelligence surveyed 1,500 millennials and found that most respondents visit a bank branch once or less per month.



Banking Is Fintech, Like It or Not
Pascal Bouvier outlines 6 views on the current state of the banking industry and talks about how he disagrees with all of them because, he says, "To me finserv = fintech." He continues, "All participants in the finserv industry, be they incumbent service providers, startup service providers, disrupting startups competing against incumbents, incumbents, small, medium or large, old or new ... All of them will have to become fintech organizations."

Payments Industry, We Have a Problem
Jim Marous summarizes key points from an Accenture survey and outlines 5 trends to note in payments:

  1. The evolution in ways to pay continues – with no end in sight.
  2. Mobile payments awareness is higher than ever.
  3. Rewards can speed mobile payments adoption.
  4. Peer-to-peer payments are on the move.
  5. Connected commerce and the Internet-of-Things is worth watching.


Source: http://bit.ly/1Rj8viM