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Required Fintech Reading: Feb 1 - 6

Feb 6, 2015 11:10:00 AM

Half of the world's banks set to fall by the digital wayside - BBVA
BBVA CEO Francisco Gonzalez predicts sweeping changes in the banking industry with the rise of digital technology.

"Gonzalez is banking on a collapse in costs as BBVA moves more customers to online and smartphone banking, noting a 104% growth rate in mobile banking customers over the past year. He says banks are entering a new world, as tried and trusted marketing methods are replaced by more precise data and analytical insights on customer behaviour and trigger points for buying financial products."

Millennials Seduced By Big Banks
Rob Rubin shows that the typical Millennial who switches financial institutions places a premium on digital products and convenience.

"The largest banks have been able to extend the notion of convenience beyond physical branches through advertising and messaging. For example, Chase and Bank of America have recently been advertising about ApplePay, with a focus on convenience."

US Bank enlists millennial advisors to find out what young customers want
The group of millennials US Bank hired — called the "Dynamic Dozen" — has been included in projects related to digital banking as well as company panels. In doing this, US Bank hopes to learn exactly what it is that millennials want in a bank.

Banks Can’t Have Innovation Because False Certainty Kills It
Simon Taylor says that banks and credit unions are slow to innovate because every decision has to run through a series of committees for approval. This process gives financial institutions the false sense that they're making the right decision, when in reality the final result is often terrible and too late.

What you should know about fintech and its positive powers
The Guardian's Hannah Gould highlights three reasons fintech is a force for good: 1. Greater financial inclusion for those who are currently unbanked 2. More transparency 3. Greater access to funds. She also talks about the enormous rise in fintech investment.

Adapting to digital consumer decision journeys in banking
McKinsey & Company predict radical changes ahead for the industry.

"Many banking executives are feeling immense pressure to devise the perfect customer experience—an experience that takes advantage of digitization to provide customers with cross-channel, targeted, just-in-time product or service information in an effective and seamless way. This pressure is justified. During the next three to five years, we’re likely to see a radical integration of the banking experience across physical and virtual environments."

 

Source: http://bit.ly/1Fg4jur 

Jon Ogden

Written by Jon Ogden

Jon Ogden is the Director of Content Marketing at MX.

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