J.P. Morgan says mobile banking jumps 23% in second quarter
Wall Street Journal Market Watch's @Sital S. Patel on the most visited banking portal in the U.S.
“Experts are not surprised J.P. Morgan is seeing a surge in mobile activity. ‘It’s the perfect storm, users are clamoring for it and banks are spending more on technology,’ said Chris Psaltos, vice president of product management at Scivantage, a provider of technology solutions to the financial services sector. ‘It’s happening across the industry.’”
"Most big banks believe they have to be responsible for everything across all parts of the map. They have to manufacture, process and deliver all financial products and services in all markets: retail, commercial and investment banking. That model was broken years ago and is hemorrhaging today, as more and more players nibble at the pieces of the map. The new players specialize in each area and do it better."
Here’s Why Smartphones and Account Aggregation Are the Future of Omnichannel Banking
Money Summit's @Jon Ogden on the rising wave of mobile banking users.
“What does all of this mean for financial institutions? Well, for one thing, it means that if you’re not pursuing mobile banking aggressively, you’re not prepared for the future. It also means you need to start thinking about mobile as the keystone of the banking experience. Your users now expect to start interacting with your products via a smartphone and then be able to continue the process exactly where they left off when they use a desktop or visit a branch. This mobile-first concept is a core part of any omnichannel experience.”
Mobile Banking Customers Are Untapped Sales Opportunity
The Financial Brand's @Jim Marous on the mobile channel's ability to increase revenue and drive organic growth.
“The mobile device (both smartphones and tablets) provide an open canvas for financial marketers to use their creativity and knowledge of the digital customer to build sales solutions within the mobile banking app that provide value without interrupting the ease of transacting. The key is to make sure that each offer is contextually hyper-targeted and engaging without impacting the requirement for simplicity and speed. To succeed, there must be a viable transfer of value from the bank for the interruption of the mobile banking process.”
The Rise of the Digital Bank
McKinsey & Company's 'Tunde Olanrewaju on European account holders' growing dependence on digital banks.
“Neither customers nor digital upstarts are likely to wait for retail banks to catch up. Recent analysis shows that over the next five years, more than two-thirds of banking customers in Europe are likely to be 'self-directed' and highly adapted to the online world. In fact, these same consumers already take great advantage of digital technologies in other industries—booking flights and holidays, buying books and music, and increasingly shopping for groceries and other goods via digital channels. Once a credible digital-banking proposition exists, customer adoption will be breathtakingly fast and digital laggards will be left exposed.”
How Millennials And Digital-Savvy Consumers Are Pushing A Huge Shift In The Retail Banking Industry
Business Insider's @John Heggestuen on the industry race to provide the newest mobile features.
"Mobile is already the preferred channel for checking balances among those who are already mobile banking consumers. Among millennials, checking balances, paying bills, and transferring money, were the top digital banking activities, TD Bank finds. More than half of millennials are already transferring money via digital channels."
7 Illustrator Presets All UI Fintech Designers Should Consider
Money Summit's @Dave Crow on how MoneyDesktop designers optimize their workflow.
“Instead of limiting ourselves to patterns in a style guide, we created a totally new library of presets (which did away with the useless ones Illustrator comes with out of the box). This new library of presets makes it easy for us to adhere to our design patterns by making those patterns easily accessible. By doing this, we’ve built a dynamic style guide that grows and changes as we use it.”