"Ultimately, the core existence of Money20/20 has been around the rapid pace of innovation and learning from how others in the industry are evolving or helping others to evolve. Citi’s CEO of US Consumer and Commercial Banking openly discussed their plans for testing out a new operating model centered around its bank branch network. They’ve realized that branch banking today has changed and their clients expect more from their interactions with the bank through digital experiences. As a result, Citi is focusing on testing out a “branch of the future” in US test markets that brings in many aspects of the retail in-store experience with digital and mobile experiences."
Fintech Companies Attract $1 Billion in New Equity in October
Finovate's @Jim Bruene lists October's top ten biggest fintech deals.
"We have only been tracking fintech investments across all companies since Aug 1. But I'm pretty sure that even if we'd been doing it for 20 years, there would never have been a month as frenzied as October.
In just one month, 76 fintech companies worldwide attracted a combined $1 billion in new equity investments. The largest ten deals alone were worth at least $30 million each."
"The modern financial system has a fundamental problem: It’s not designed for the Internet. Even though money and transactions are becoming increasingly digitized, we keep using payments rails that were originally designed for paper checks. And, in some ways, the financial system is less than compatible with the online world people are shopping and transacting in."
"A survey from the FDIC in partnership with the U.S. Census Bureau sheds light on the demographics and needs of the un- and underbanked. But maybe retail financial institutions aren't interested?"
Digital Tools Can Improve Consultative Selling in Banking
The Financial Brand's @Jim Marous on digital tools that can help banks sell smarter.
"Visits to branches are dropping. The use of mobile channels is increasing. Therefore, there has never been a more important time for financial institutions to reestablish their relationships with consumers and improve the sales process across all channels."