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Required Fintech Reading: Nov 8 - 14

Nov 14, 2014 2:58:00 PM

Digital banking must go beyond transactional to personalised
@Finextra explains why a check-the-box digital solution won't cut it anymore.

"There is a widening gap between Americans' digital expectations and what their banks are delivering, but firms that act to shape their use of technology to deliver personalised services could significantly boost their profits." 

Drive Mobile Banking Adoption by Focusing on Three Key Areas
@Finserv released a white paper that explains how user demand for robust mobile offerings is on the rise.

"Consumers are no longer content with simple functionality, such as the ability to check balances. Instead, consumers increasingly expect a wider range of mobile banking features such as mobile deposit, tablet-friendly user interfaces, P2P payments and actionable alerts."

King, of the disruptors
@Bank Exchange interviews @Brett King about the shifting financial industry.

"Over the next five years, bank’s biggest challenge will be retaining the customer and connecting to new ones. 'If I as a banker want to have a relationship with you, the branch isn’t going to be important,' says King. 'I’m going to have to be on your phone. And if you haven’t downloaded my app, I won’t have any way of having a relationship with you.' The message: Get mobile or become irrelevant."

Neo-Banking Is Just Getting Started
@Jim Bruene lists four reasons he thinks neobanks are here to stay:

1. Simple's $100-million exit to BBVA
2. Marketplace lending provides a path to profitability
3. Third-party financial watchdogs become trusted services
4. It's much, much harder to launch a real bank

Also, check out @Ron Shevlin's (positive!) response to Jim here.

Will Square Do to Banking What It's Doing to Payments?
@John Maxfield on how Square is poised to change the financial industry.

"The process works like this: Square identifies existing customers with substantial cash flows, reaches out to them, and then offers financing. But instead of charging interest, Square assesses, in essence, a one-time fee equating to between 10% and 14% of the agreed-upon advance."

The Umpqua Bank Strategy
@The Financial Brand presents the keynote address from Lani Hayward of Umpqua bank. We gave our take here, and we highly recommend watching the whole thing.

"In just over a decade, Umpqua Bank went from $140 million to $25 billion in assets. Hear first-hand how they became one of the best brands in the financial industry."

Jon Ogden

Written by Jon Ogden

Jon Ogden is the Director of Content Marketing at MX.

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