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Navy Federal Named Best Overall Online Banking Leader By Javelin; BBVA Compass, Citibank, SunTrust and USAA Garner Financial Management Praise

By Jeff Meredith on Dec 1, 2016 3:06:01 PM

Navy Federal, USAA, Bank of America, Citibank, BBVA Compass, Bank of the West, BMO Harris, SunTrust and PNC lead the pack in the inaugural edition of Javelin’s Online Banking Scorecard, a competitive analysis of the nation’s top 30 retail banks and credit unions. Navy Federal Credit Union earned the 2016 Best Overall Online Banking Leader award while being awarded 67% of the total points possible. Javelin's scorecard assesses more than 200 features offered by FIs across the categories of Financial Management, Money Movement and Customer-First Banking, the latter encompassing personalized guidance from product selection to financial well-being.

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Why Are Banks Beating Credit Unions In Mobile Banking Utilization?

By Jeff Meredith on Aug 11, 2016 8:34:23 PM

Banks are beating credit unions in mobile banking utilization and it’s not even close. As a group, banks with a mobile app boast 27% enrollment whereas credit unions stand at 12.6% enrollment. In an age where mobile banking has a huge impact on overall customer satisfaction and plays a vital role in capturing the millennial and emerging affluent segments, the quality of one’s mobile offering is crucial. Moreover, increased mobile banking usage drives improved financial performance for FIs. A successful mobile banking app drives customers to a lower cost channel; Chase cites a cost of 65 cents for each teller deposit vs only 3 cents using mobile. As big bank customers have flocked to the mobile channel and become less dependent on in-person interactions, that has allowed these institutions to eliminate branches and reduce cost structure.

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Why behavioral data is critical in assessing consumer credit: An interview with Zaydoon Munir

By Jon Ogden on May 10, 2016 3:27:35 PM


This week we talked to Zaydoon Munir, the founder & CEO of RevolutionCredit, a company that uses behavioral data to help consumers and financial companies interact with each other more effectively.

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Mobile Banking Outpaces Branch For The First Time

By Jeff Meredith on Apr 22, 2016 3:55:52 PM

In the past five years the percentage of weekly mobile banking users has more than tripled — from 9% in 2010 to 30% in 2015 — while weekly branch visitors fell from 40% to 24% in the same time frame. 2015 marked the first time that weekly mobile bankers (30%) exceeded branch bankers (24%) in Javelin’s survey. “What is driving this incredible growth? Smartphones and tablets are gaining rapidly in consumer adoption but it’s also a function of the fact that mobile banking services have not only proliferated but increased in the quality and features they offer consumers,” said Javelin analyst Daniel Van Dyke during a January 27 webinar reviewing the firm’s Mobile Banking, Smartphone and Tablet Forecast.

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Primary In Name Only? "Silent Churn" Is A Profit Killer For Small FIs

By Jeff Meredith on Apr 22, 2016 3:48:22 PM

Many community banks and credit unions have become primary FIs in name only as a significant number of their customers turn to secondary FIs for credit cards, mortgages and other loans. This "silent churn" —where customers open up a checking account with their primary FI but buy other banking products elsewhere — is a profit killer that poses an "existential threat" to community banks and credit unions. Javelin presents these findings in its latest report, Bank Switching: Combating 'Silent Churn' To Maximize Primary FI Status. "In a way, it could be said that consumers are 'cheating' on their smaller FI primary relationships with secondary relationships that are transactional and commoditized," writes Javelin. "Unfortunately, this behavior is centered  on the most profitable loan products."

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The ROI of Fintech Is That You'll Survive the Next 5 Years

By Jon Ogden on Apr 22, 2016 3:43:52 PM

If history is a sign of things to come (and it is, as you’ll see below), companies that ignore fintech do so at their own peril. Luckily, there’s still time to get ahead of the curve and start innovating. Forward-looking financial institutions will reap rewards for years.

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How to Woo Your Competitors' Wavering Customers

By Danielle Stratton on Apr 22, 2016 3:43:04 PM

Technology affects nearly every aspect of our lives. Almost everyone has shopped online, found entertainment online, even dated online – shouldn’t the banking industry also be digital? As consumers we expect everything to be available digitally, providing on-the-go access to fit our busy lives. This digital shift is pressuring even slower-moving industries like banking to accommodate.

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No Country For Old Men: Innovate or Perish

By Preston Wittwer on Apr 22, 2016 3:42:21 PM

In his American Banker article “There Will Be Blood: The Era of Engagement Banking,” thought leader Bradley Leimer discusses the future of the banking industry. Leimer suggests the next big challenge facing the industry is the full-on shift to a mobile platform. He goes on to say that the economic imperative to innovate and shift has finally come to an industry not known for innovation. Inspired by signs of mobile adaptation, an entirely new financial market and business model emerged — financial technology, or fintech for short.

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Do You Let Users Add External Accounts? All Your Competitors Soon Will

By Jon Ogden on Apr 22, 2016 3:39:54 PM

Picture this:

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Adblocking In iOS 9 Is A Sign That Banks Need To Rethink Ads

By Jon Ogden on Apr 22, 2016 3:33:14 PM

Adblocking on Mobile

The newest version of Apple’s mobile operating system, iOS 9, is unnerving publishers and advertisers alike. For the first time, Apple has opened the way for content blocking on Safari, enabling developers to create “a fast and efficient way to block cookies, images, resources, pop-ups, and other content.” Just like that, paid advertising has been cut from the most widely used mobile browser in the United States. That’s a dramatic change.

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