“Consumer expectations are being set by highly innovative, fast-moving organizations. And the bar is high: Instagram, Facebook, Snapchat, and the thousands of mobile-friendly utilities have set a high standard for ease-of-use. Admittedly, many of these companies do not have the same regulatory and procedural expectations that banks have, but consumers don’t care.”
Don’t Underestimate The Millennial Banking Opportunity
The Financial Brand’s @Jim Marous on recognizing the millennial generation as the most culturally and ethnically diverse in history and how they'll drive the future of the industry.
“As expected, the best way to reach Millennials is through digital channels. Thirty-five hours of a Millennial’s average week is devoted to digital channels, equaling more than 50% of overall media usage based on the Experian research. More specifically, the mobile channel is the center of the Millennial world, with this segment open to brand and marketing efforts on their phone.”
Big Banks Continue to Rack Up Mobile Banking Users
Bank Innovation’s @Philip Ryan on the increasing and consistent growth of mobile banking users.
“The challenge for the banks is to exploit the potential of digital to develop deeper relationships with their customers, and to use the wealth of data available to them to offer far more targeted and personalised services. Indeed, there is probably no other industry where the need is so great – or the opportunity so significant – to put the customer at the heart of the business.”
Watch out banks, Alibaba is after your business
Finextra reporters speak with Ant Financial CFO Eric Jing about Alibaba's financial services subsidiaries.
“In the future, the financial ecosystem will be characterised by collaboration rather than competition. Like Alibaba's ecosystem in the e-commerce industry, a similar ecosystem will emerge in the financial industry. This ecosystem will be supported by cloud computing, big data and credit systems that enable payment, financing, wealth management, insurance and banking platforms and services.”
“Banks often come to us for advice on how to tweak their business case to show increasing revenues, # of customers, etc. if they move forward with a new UX and design. Many banks resort to creative accounting in order to get their business cases approved. We often point them in the direction of customer retention metrics since it’s about delighting your customer. Happy customers are loyal customers. I’m looking forward to the day when UX becomes part of banking culture and isn’t just another metric in a business case. Sounds like Capital One is on the right track.”