Go Digital, but Don't Forget Banking's Human Factor
Mikkel B. Rasmussen tells why considering a user's humanity still matters in the digital age.
"If you build your bank's future on the idea that digital banking will solve everything, you are looking in the wrong direction. Instead of asking how you can digitize banking, you should ask how your bank can be relevant to the everyday life of your customers."
Millennials Driving Future of Mobile Payments and Digital Currency
@Jim Marous of The Financial Brand analyzes the rise of mobile payments.
"Consistent with other payments studies, Millennials and high-income consumers – household income of at least $150,000 – are the most avid adopters, with 52% of millennials and 55% of high-income consumers having used their phones as a mobile payment device at the point of sale."
The Best Way to Stand Out in Banking: Think Like an Account Holder
@Money Summit recaps MX's Sundance Fintech Festival by highlighting a central theme.
"Google is fond of saying, 'Focus on the user and all else will follow.' The same sentiment is true at banks and credit unions. If every decision is made with the end user in mind, then everything else — loan growth, revenue, expansion — will follow."
Banks are Facing Increased Competition from Startups
@Tom Loverro succinctly shows the state of fintech startups in the financial industry.
"Banks are facing increased competition from startups. We’re still early in the cycle but the early evidence points to major in roads by the startups, not merely a flash in the pan."
3 Things Millennials Really Care About When Switching Banks
Rob Rubin talks about what millennials want in a banking experience
"Millennials have the highest level of interest in mobile banking features compared to other age groups. In a recent survey on FindABetterBank, over 70% of Millennials said mobile banking was a “nice to have” or “must have” feature, compared to just over 50% of shoppers over 30 years old."