Bloomberg Business landed an in-depth interview with Jamie Dimon, CEO at JPMorgan Chase, and it's worth reading in full. Dimon expresses less concern about fintech than he has in the past (when he warned that "Silicon Valley is coming"). He says that alternative lenders are "nothing mystical," and he says that once fintech companies get bigger they'll be regulated just like banks. That said, Dimon is under no illusion that big banks are invincible. "We like our hand," he says. "But, you know, honestly, who owns the future? Just because you have a good hand today doesn’t mean it’s good tomorrow. And some of the things we’re doing may become very disadvantageous at some point."
Quartz's Ian Kar writes about the big bank's answer to Venmo: A service that will connect customers of Chase, Bank of America, Wells Fargo, Capital One, BB&T, PNC, and US Bank. Kar writes that "the coalition of banks will allow customers to send money to each other for free and in real-time, even if they don’t use the same bank—something they’re well-equipped to do since banks control the rails of the payment system. So, Chase customers can send money to their kids, who might use Bank of America, who in turn can pay for rent by sending money to their roommates who bank with Wells Fargo."
Chris Skinner gets blunt in his critique of incumbent banks, openly declaring that most of them will be caught flatfooted during the onset of the digital age. His main critique is that bankers simply don't understand technology at the level they need to. "Banks are still led by CEOs who arrived at the top of the heap as CFOs with financial acumen, or CROs with risk aversion," he says. "Very few CEOs were technologists or even understand technology. They don’t understand why the bank can’t deliver a simple app, and believe that blockchain is something they have to have, but have no idea why."
Jim Marous presents 10 key points from the 2016 State of Financial Marketing Report, including survey results showing the top marketing priorities for the year:
Download the full report here.
Ron Shevlin takes issue with the idea that millennials are somehow special because they want convenience and value authenticity. After all, every human being likes those things — not just millennials. To get a more accurate view on millennials, then, Shevlin says that we must look at sub-segmentation and view 18 to 24 year olds differently than 30 to 34 year olds. It's a fair point — one that could help bank marketers make sense of what will actually be effective for the different segments.
Also see our interview with Brett King, posted this week. Thanks for reading!