Digital Banking Growth Strategies for 2023
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December 06, 2022
The banking industry is facing an onslaught of competitive pressures — from revenues and profit margins to market share and adoption rates. Banking executives have been forced to reevaluate long held assumptions as they completely rethink their acquisition and growth strategies.
What is needed to
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Tags: FinTech
The Global Potential for Banking and Fintech Collaboration
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November 29, 2022
Fintech has transformed the financial sector landscape rapidly and has blured the boundaries of both financial firms and the financial sector. This has created opportunities to build more inclusive and efficient financial services and promote economic development worldwide.
Countries must embrace th
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Tags: FinTech
Ally Bank: Breaking Through the Noise with Innovation and Relevance
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November 22, 2022
As one of the early digital banking leaders, Ally has leveraged product innovation and highly relevant marketing campaigns to drive awareness and growth. Focusing on being an ally to consumers in their financial journey, Ally has tried to differentiate itself from traditional banks and credit unions
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Tags: FinTech
Fighting Fraud has Become a CX Differentiator
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November 15, 2022
Marketers and product teams spend heavily on acquiring a customer, only to churn them with a bad first experience. Fraud is becoming an increasing problem with customer experiences, with research finding that payment fraud increased by as much as 70% in 2021.
More than ever, we need a new way of loo
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Tags: FinTech
An Innovation Mindset is Needed in Payments
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November 10, 2022
We continue to see the rise of digital commerce based on customer adoption of innovations like digital wallets, buy now pay later (BNPL), instant payments, and cryptocurrency. It is expected that the payments industry is primed for even more innovation over the next 5 years.
The bottom line is inves
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Tags: FinTech
How the CBA Will Support Banks During Industry Transformation
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November 08, 2022
In July of this year, Lindsey Johnson took the helm of the Consumer Bankers Association, replacing Richard Hunt, who had guided the organization for the previous 13 years.
This is an important time for the CBA, as economic uncertainty, new legislative initiatives, the introduction of modern technolo
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Tags: FinTech
Using AI to Maximize Customer Personalization
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November 03, 2022
Financial institutions must accelerate their use of data and insights to improve customer satisfaction. By harnessing the power of AI-based personalization, banks can deliver the most relevant information, advice, offers and products … at scale and in compliance.
It’s time to understand what eac
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Tags: FinTech
The Future of Banking: Where Everyone Creates Their Own Bank
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November 01, 2022
Finance is quickly moving from digital platforms into an era of hyper-personalization, where every user will have ultimate control over their data, their devices, and the value propositions created. This will have a profound effect on the entire banking ecosystem ... and society.
Financial instituti
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Tags: FinTech
Now’s the Time to Pick Battles with Fintech Challengers
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October 27, 2022
Traditional banks and credit unions continue to face competition from challenger and online-only banks willing to offer higher yields for savings and deposits. However, now may be the perfect time to use market instability to build new banking relationships with innovative deposit and lending produc
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Tags: FinTech
Chase and 10X Banking: Building a Digital Platform for the Future
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October 25, 2022
Chase, the digital banking app launched by JPMorgan, has reached one million UK customers after launching in September of last year with a 1% cashback deal and fee-free overseas card use. This growth exceeds the growth of both Monzo and Starling … two other UK neobanks.
10x Banking, the UK-based c
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Tags: FinTech
Debbie: An Innovative Rewards Platform for Managing Debt
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October 18, 2022
Americans’ total credit card balance reached $887 billion in the second quarter of 2022, with close to a $50B jump since the first quarter of 2022. The 13% increase since 2021 is the largest year-over-year jump in more than 20 years.
Unfortunately, most people with an active credit card account ar
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Tags: FinTech
Conquering the ‘Last Mile’ of Data and Analytics Transformation
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October 13, 2022
Banks are making significant investments in their data and analytics initiatives. Unfortunately, most organizations struggle moving from the data preparation and analytics process to the “last mile” of data utilization, where insights are translated into process changes and customer outcomes tha
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Tags: FinTech
Betterment: Using a Challenger Mindset for Market-Leading Growth
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October 11, 2022
Launched shortly after the 2008 financial crash, Betterment pioneered robo-advisory services and opened the door for individuals to manage their money without the engagement of traditional financial advisors.
Despite tremendous growth, a valuation of $1.3 billion in 2021, and a customer base of more
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Tags: FinTech
Humanized Digital Engagement Propels Growth in Banking
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October 06, 2022
The demand for fast, humanized digital engagement has reached new heights, and is changing the financial services landscape. More than ever, customers have switched from wanting to visit a branch to connecting with a human representative via digital channel.
Financial Institutions that aren’t prep
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Tags: FinTech
The Future of Open and Embedded Banking at Truist
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October 04, 2022
In the past, consumers relied almost exclusively on legacy banking institutions for their financial interactions. Today, businesses across all industries have access to embedded banking products enabled by Open Banking policies and powered by Banking-as-a-Service (BaaS) providers.
Embedded financial
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Tags: FinTech
Your Back Office: The Missing Piece of Great CX
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September 29, 2022
An Aberdeen Research report shows that improving operational efficiencies is now taking a back seat to customer experience in back-office operations. This should not be a surprise, especially in financial services.
Companies that create greater synergies between service and back-office are more succ
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Tags: FinTech
MX: The Next Frontier of Money Experiences
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September 27, 2022
Utah-based open finance solution provider MX Technologies has named several PayPal veterans to lead the firm’s next phase of growth. This growth will include the continuation of using data to deliver intelligent and personalized money experiences, while connecting technology partners to financial
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Tags: FinTech
Accelerating Innovation for Financial Institutions of All Sizes
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September 20, 2022
Banks and credit unions are challenged to satisfy consumers with the traditional services they have used for decades, while also delivering the latest offerings that a growing portion of consumers desire.
More than ever, consumers are willing to take their business to other financial institutions to
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Tags: FinTech
FedNow: The Future of Instant Payments
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September 15, 2022
Nearly two-thirds of consumers indicate they manage their financial relationships predominantly online or via their mobile device. In addition, nearly 70% of consumers feel faster payment capabilities from their current financial institution is an important driver of satisfaction.
To address these
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Tags: FinTech
BMO Harris: Promoting Gender Diversity in FinTech
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September 13, 2022
While the fintech industry is growing rapidly, it is still rare to see women as fintech founders or women holding leadership roles. More concerning is the fact that women fintech founders are lower in North America than other regions of the world.
In August, a collaboration between BMO Harris Bank a
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Tags: FinTech
Ways Technology Can Positively Impact Costs, Efficiency and Reporting
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September 08, 2022
As new players continue to expand market share with data and customer-centric business models, incumbent banks face an urgent need to modernize systems to remain competitive in the payments landscape.
By investing in emerging digital technologies, banks can address evolving customer preferences, mit
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Tags: FinTech
Turning Information Overload into a Personal Superpower
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September 06, 2022
Despite the benefits of easy information access, the amount of information each human needs to process is overwhelming, creating a reduction in comprehension and decision quality. The question most leaders have is, “How do I keep on top of so much information?”
Those who can absorb and convert t
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Tags: FinTech
The Best Customer Experiences Start with Identity Protection
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September 01, 2022
Trust in banking hinges on the ability of financial institutions to safeguard identities and keep consumer and business data private, particularly during online account opening and onboarding.
Unfortunately, traditional Know Your Customer (KYC) and Know Your Business (KYB) verifications is often syn
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Tags: FinTech
How AI is Transforming the Banking Industry
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August 30, 2022
The banking sector has always been data intensive. Today, AI technology has the capability to improve efficiency, increase innovation, boost differentiation, manage risk and regulatory needs, and positively impact the customer experience.
While more than 80% of financial services AI adopters say th
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Tags: FinTech
Using Behavioral Science for Financial Marketing Success
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August 25, 2022
More than ever, financial marketers can trigger automatic action by applying behavioral science principles in marketing strategy and creative execution. If you have a behavioral understanding of your customer, they will find you, refer business, and share insights that will help your efforts succeed
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Tags: FinTech
Reaching Digital Maturity with Continuous Product Design
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August 18, 2022
Customer expectations are changing faster than ever. Unfortunately, most banks and credit unions are playing catch-up, with siloed data, back-office technology that was built decades ago, and processes that move too slow.
Continuous Product Design, supported by real-time data, can help organizations
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Tags: FinTech
Leadership During Times of Uncertainty
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August 16, 2022
More than ever, creating an organization that responds to customer’s needs, cares for and inspires employees, embraces purpose, emphasizes diversity, equity, and inclusion, and helps a firm become future-ready — all boil down to one thing: leadership.
While conversations about the importance of
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Tags: FinTech, Leadership
How All Banks Can Now Offer Industry-Leading Digital Mortgages
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August 11, 2022
Most mortgage experiences are overwhelming and full of friction, with outdated processes that includes a stack of paper forms and multiple in-person meetings. And, while many financial institutions would like to provide a better experience, resources are scarce.
New mortgage-as-a-service (MaaS) solu
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Tags: FinTech
Locality Bank: Using Modern Technology to Serve Small Businesses
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August 09, 2022
Small businesses are the foundation of the American economy, with 30.2 million small businesses making up 99.9% of American businesses and employing 47.5% of American employees.
Despite the size of this segment, small businesses have unique challenges such as funding, payment processing, money tran
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Tags: FinTech
Embedded Finance and BaaS: The Future of Banking
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August 04, 2022
Embedded finance integrates financial services, such as payments, lending, insurance, etc. within a non-financial business’ infrastructure. This provides a seamless bridge between a brand, the consumer, and a financial solutions provider.
The expansion of embedded finance solutions on the B2C side
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Tags: FinTech
Daylight: Meeting the Unique Needs of the LGBTQ+ Community
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August 02, 2022
Close to 30 million Americans self-identify as lesbian, gay, bisexual, transgender, queer, intersex or asexual according to recent polls, with a collective spending power of $1 trillion a year. Despite the size of the market, 44% of LGBTQ+ people consistently struggle to maintain regular savings.
Th
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Tags: FinTech, Diversity and Inclusion
Synovus Bank: The Journey to Become a Digital Bank
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July 26, 2022
Becoming adept at digital banking is not simply about technology. It’s about the way banking leaders adapt to the pace of change and continually rethink how they can create and deliver value in a digital economy.
Most importantly, it is understanding that the digital banking transformation process
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Tags: FinTech
Is Your Data Strategy Future-Ready?
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July 21, 2022
Consumers expect their financial institution to use data and insights collected over time to deliver personalized recommendations based on transactions and behavior in the past.
Fortunately, banks and credit unions have access to solutions that can drive insight discovery, outcome predictions, and t
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Tags: FinTech
How to Think Like a Brand and Not a Bank
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July 19, 2022
As consumers get exposed to new financial brands every day, it has never been more important to think like a brand and not a bank. Investing in creating a strong brand allows a banking organization to get and keep people’s attention – directly impacting the bottom line.
With the right branding,
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Tags: FinTech
Modernizing Payments for an Embedded Banking Future
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July 14, 2022
Embedded payments have become the norm in our personal lives. In fact, a report from IDC predicts that 74% of digital consumer payments globally will be conducted via platforms owned by nonfinancial institutions by 2030.
Unfortunately, IDC also found that 73% of financial institutions globally have
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Tags: FinTech
Are Big Banks Hurting Competition, Innovation and Equality?
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July 12, 2022
Competition in banking has expanded in the past twenty years, yet banking and technology giants are increasingly using proprietary technology and data-driven insights to tilt the playing field.
When smaller financial firms can’t reach the scale needed to compete effectively, there is potential for
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Tags: FinTech
Identity Fraud is a Customer Experience Opportunity
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July 07, 2022
Identity fraud is an increasing challenge for financial institutions, impacting consumer trust and costing billions of dollars a year in losses. To combat this threat, financial institutions must streamline the authentication process while improving the overall client experience.
When fraud or ident
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Tags: FinTech
Essentials to Transformation Success in Banking
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July 05, 2022
Transformation is both an overused word and an underdeveloped concept at most financial institutions. Successfully embraced, transformation can help a financial institution achieve its full potential.
Transformation is also not a project or a destination, but a continuous process of adapting to a vo
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Tags: FinTech
Be Prepared for the Engagement Banking Revolution
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June 28, 2022
Data, analytics, and new technologies are transforming the art and science of personalized customer experiences. Customer engagement of the future is holistic, predictive, precise, and clearly tied to business outcomes.
Winning organizations are building the capabilities, talent, and organizational
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Tags: FinTech
From Personalization to Profits in Banking
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June 23, 2022
Consumers want their financial providers to provide integrated experiences that leverage insights to create intuitive engagements. To accomplish this, banks and credit unions need to build the data infrastructure and analytics capabilities that can be applied across the entire customer journey.
Pers
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Tags: FinTech
An Inside Look into Morgan Stanley’s Evolving Brand Strategy
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June 21, 2022
With a long history of leading marketing efforts at various financial organizations, Alice Milligan was named the chief marketing officer of Morgan Stanley in May 2021 in conjunction with the acquisition of E-Trade by Morgan Stanley.
With an evolving brand strategy to meet the needs of a more expans
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Tags: FinTech
WeBank: A Model for the Future of Digital Banking
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June 14, 2022
WeBank is considered by many to be the most progressive digital bank in the world. Launched in 2014, WeBank provides financial services to over 300 million individuals and 2.7 small businesses.
Recently, WeBank has been expanded the use of blockchain as one of the key technologies to improve efficie
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Tags: FinTech
Delivering Financial Education to Customers and Communities
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June 09, 2022
Providing trust through personal financial education is an imperative for the entire finance services sector. It is also a cornerstone to building engagement across the entire customer journey.
The need for financial education extends across every socio-economic segment and every age category. Advan
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Tags: FinTech
Banking Strategies to Withstand an Economic Downturn
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June 07, 2022
The banking industry has a once-in-a-generation opportunity to transform legacy business models to become more competitive and more resilient during economic downturns.
By integrating data, analytics, advanced technologies, automation, and an upskilled workforce, banks and credit unions can become m
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Tags: FinTech
The Unique App That Makes Financial Education Rewarding
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May 31, 2022
Capturing the attention of GenZ and digital-first consumers is an ongoing challenge. Financial well-being is a major goal for these segments … but engagement is elusive.
Zogo is an award-winning app that gamifies financial literacy for younger consumers. Created by a Chinese immigrant, at the age
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Tags: FinTech
How Economic Instability Will Impact the Banking Industry
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May 26, 2022
The economic outlook for 2022 is being impacted by rapid inflation, geopolitical shocks, rising interest rates, and unemployment numbers that loom as headwinds. While rapid post-pandemic growth and a strong labor market have been big wins, the benefits of the recovery could be diminished as price ri
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Tags: FinTech
How to Make ESG a Cornerstone of Your Bank’s Business Model
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May 24, 2022
More than ever, consumers want to associate with companies that are committed to environmental, social, and governance issues. This includes where they do their banking.
But, while almost every financial institution is jumping on the bandwagon saying they are committed to doing what is good for soc
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Tags: FinTech
How Banking Can Win Big in the Subscription Economy
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May 19, 2022
Old revenue models are dead. Financial institutions must rethink their business models and create new growth levers to be future-ready.
Subscriptions make our customers’ lives easier with the touch of a button, a recurring purchase or even a reminder about content of interest. Helping customers p
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Tags: FinTech
How Banking-as-a-Service has Made Webster Bank Future-Ready
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May 17, 2022
Banking-as-a-service (BaaS) provides a great opportunity for existing financial institutions to reach a greater number of customers at a lower cost by teaming up with non-traditional financial and non-financial businesses.
It is expected the BaaS model will become a new battleground for both establ
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Tags: FinTech
Reimagining Customer Engagement with Intelligent Texts
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May 12, 2022
Many financial institutions struggle when it comes to building engagement with customers in a timely and impactful manner. More than ever, there is a need for ongoing dialogue that assists customers in better managing their finances.
One way to improve the effectiveness and efficiency of customer co
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Tags: FinTech
Banking on the Metaverse
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May 10, 2022
It’s been 30 years since the term Metaverse was coined, but big money and big hype is now making its way into daily conversations in banking and beyond.
With the convergence of hundreds of millions of people with computer capacity at their fingertips, high-speed and high-capacity internet capabil
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Tags: FinTech, Metaverse
Why New Banks are Taking Over the World
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May 03, 2022
While we are not seeing the end of banking, we are observing a changing of the guard in financial services. Powered by a deluge of funding, fintech firms are altering the battlefield for customers and relationships.
Without quick and decisive action, legacy financial institutions could become invis
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Tags: Digital Transformation, FinTech
7 Steps to Building a Winning Content Marketing Strategy in Banking
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April 28, 2022
Content marketing is an important part of creating a powerful experience in banking. Done well, it can help attract, inform, and engage your target audience.
Content marketing has become popular in banking because it’s a way to provide insight without selling, building trust and loyalty that rein
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Tags: FinTech
Marcus Acquires Fintech Firms to Become Dominant Banking Power
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April 26, 2022
In the past six years, Marcus has used an acquisition strategy to create a digital platform for consumer loans, credit cards, high-yield savings, automated investing, as well as providing tools to help consumers manage their finances.
Most recently, Goldman Sachs completed the acquisition of GreenS
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Tags: FinTech
Low-Code/No-Code Fuels Agile Digital Banking Transformation
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April 21, 2022
Keeping pace with an increasingly changing marketplace has never been so difficult. No place is this more evident than in creating the IT solutions required for digital banking transformation.
One way to resolve this dilemma is with low-code and no-code platforms. These platforms provide opportunit
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Tags: Digital Transformation, FinTech
Should Bankers Fear Apple’s Future Growth Strategy?
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April 20, 2022
Bloomberg reported that Apple is launching an initiative code-named “Breakout” to bring more financial services capabilities in-house.
It is believed that Apple wants to own the entire payments supply chain, minimizing external vendors, reducing costs, and reinforcing the use of consumer data t
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Tags: FinTech
Reimagining The Future of Digital Delivery at Capital One
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April 19, 2022
The pandemic greatly accelerated the consumer desire to adopt digital-first banking experiences. That said, consumer preference for how to do banking has also become increasingly hybrid.
Few financial institutions have innovated the customer experience across multiple platforms more than Capital On
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Tags: Customer Experience, FinTech
Using Data to Acquire, Engage and Retain Banking Customers
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April 14, 2022
More than ever, delivering banking experiences rooted in personalized engagement is an expectation from every customer. More than just a requirement for communication, financial institutions must also develop personalized, tailored products for the customer segment that they’re going after.
Consum
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Tags: FinTech
Simplifying Bank Marketing in the Age of Complexity
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April 12, 2022
Financial marketing has become increasingly complex as data and technology provides the opportunity for instant, personalized engagement. As consumer attention spans shorten, and the world becomes cluttered with noise, bank marketing must adjust accordingly.
Choice proliferation and the exponential
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Tags: FinTech
How Sofi Intends to Become the Center of the Financial Universe
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April 05, 2022
SoFi is on a mission to move beyond its roots as a direct-to-consumer fintech organization, to become a financial services platform that will enable banks and fintech firms to build best-of-breed financial solutions.
The recent acquisition of the Technisys’ platform, combined with their banking-a
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Tags: FinTech
Customer Identity: Balancing Security and Seamless Experiences
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March 31, 2022
In a digital world where convenience, time savings and instant access reign supreme, a physical-first banking experience is no longer the preferred option for most consumers. But how can you verify the identity of someone wanting to do business with you?
Banks should not have to make compromises be
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Tags: FinTech
Can Traditional Banks Keep Up With Payments Transformation?
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March 29, 2022
The increasing scale and pace of change has been a constant characteristic of the payments landscape, driven by rapidly changing customer expectations and new technologies. The ability to deliver on these expectations, however, is still very much work in progress.
Payments is an important element o
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Tags: FinTech
How Bank of America Personalizes Financial Wellness for 67 Million Customers
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March 22, 2022
Financial institutions have struggled engaging consumers with budgeting and financial health tools. Bank of America's approach has been to address financial wellness by building an omnichannel platform that allows consumers to set goals, track progress, and get answers to financial questions easily.
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Tags: FinTech
Financial Institutions Can No Longer Ignore Cryptocurrencies
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March 17, 2022
According to a report by J.P. Morgan, close to 300 banks are planning to roll out Bitcoin trading on mobile apps in the first half of 2022. Another study finds that 44% of regional and global banks will offer crypto support by the end of the year.
More than ever, the share of a consumer’s wallet
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Tags: FinTech
Reimagining Money Experiences in Banking
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March 15, 2022
Over the past several years, my team at the Digital Banking Report has asked financial institutions globally what their primary objective was. Overwhelmingly, it has been to create better customer experiences.
The problem is that creating a great experience is no longer enough. Consumers are lookin
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Tags: FinTech
How to Make Banking Better in 2022
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March 08, 2022
The banking industry has never been under more pressure to change. The challenge is not whether digital transformation will occur, but whether the right priorities will be set and whether the speed of change will be fast enough.
Winning organizations will combine new tech with legacy values and exp
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Tags: FinTech
KeyBank: Leveraging Targeted Scale for Differentiation and Growth
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March 07, 2022
Situated on the asset spectrum between large national banks and community financial institutions, regional banks face the challenge of scale to make the technology investments needed to modernize legacy operations. To meet changing customer expectations, regional banks need to develop innovative ide
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Tags: FinTech
The Future of Commerce Includes Digital Currency
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March 03, 2022
Recently, NCR increased their ability to deliver a complete digital currency solution to its customers, including the ability to buy and sell cryptocurrency, conduct cross-border remittance, and accept digital currency payments across digital and physical channels.
Beyond offering financial institu
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Tags: FinTech
Blockchain, NFTs, Web 3.0, and Technologies Enabling the Metaverse
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March 01, 2022
If there was any doubt about the mainstream acceptance of cryptocurrency, you didn’t need to look any further than the ads during this year’s SuperBowl, where three of the top five apps whose ads delivered the strongest download growth were crypto ads.
At the same time, the recent NFT boom has
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Tags: Blockchain, FinTech, NFT
Why AI and Machine Learning is The Future of Bank Differentiation
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February 17, 2022
Data and advanced analytics lie at the core of every financial institution wanting to build stronger engagement capabilities. Unfortunately, many organizations continue to struggle to apply data that will improve the customer journey.
To succeed, banks and credit unions have to understand and take
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Tags: FinTech
OakNorth: A Blueprint for Future Bank Success
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February 15, 2022
Businesses are becoming big business in banking. Unfortunately, most businesses have trouble getting fast and flexible financing.
Founded in 2013, OakNorth is a fintech bank that focuses on making loans to small- to medium-sized businesses in the U.K. Beyond launching a neobank, OakNorth has also cr
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Tags: FinTech
Retail Banking Trends to Watch in 2022
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February 08, 2022
The pandemic represented a tipping point for financial institutions, forcing them to accelerate digital transformation, rethink business models, and illustrate a level of empathy for employees, customers, and communities.
Innovation has taken center stage, with an imperative for enhanced customer e
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Tags: FinTech
How Banks Can Create a White Label Response to BNPL Threat
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February 04, 2022
The need for quick innovation is greater than ever, with advanced, cost-effective solutions needed by legacy banking organizations to keep pace with a fast-moving digital landscape.
One option is to deploy white label banking solutions in partnerships with third parties. By using application progra
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Tags: FinTech
Improving Financial Health for All Requires Unprecedented Action
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February 01, 2022
While government intervention in response to the COVID-19 pandemic helped many people improve their financial situations, most people in the United States continue to struggle with their financial health.
The question becomes whether policymakers, financial services providers, employers, healthcare
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Tags: FinTech
In-House Incubator Creates Innovation Within Legacy Provider
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January 27, 2022
Digital payment adoption and use has surged around the world. As a result, prioritizing payments innovation is a critical area of focus for banks, credit unions, merchants and those organizations that provide core systems support.
Consumers want to choose how they transact, making it critical for f
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Tags: FinTech
Nova Credit: Helping Immigrants Realize the American Dream
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January 25, 2022
More than one million immigrants arrive in the U.S. every year, and it is predicted that immigration will drive 82% of new population growth by 2050. Yet, the lack of domestic credit history limits access to financial services, housing and even employment.
Award-winning fintech Nova Credit helps ne
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Tags: FinTech
Payments Innovation Drives Growth at American Express
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January 18, 2022
The future of payments includes a world where consumers and businesses can move funds to anywhere in the world, instantaneously, 24/7/365, with full transparency, privacy, and security.
While there is agreement on the desired outcome, there are multiple paths to achieve this goal, leveraging varied
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Tags: FinTech
Technology Drives the Customer Experience at Chase
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January 11, 2022
There has never been a more exciting time to leverage customer insight, technology, and an innovation culture to drive improved customer experiences in banking. But how does one of the largest financial institutions in the world combine strategy and execution at a time of massive industry disruption
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Tags: FinTech
Open Banking is the Foundation for Digital Transformation
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December 28, 2021
During the holidays, we are sharing our most popular podcasts we did in 2021 that set the stage for 2022. In this Banking Transformed podcast from last February, we interviewed Pinar Ozcan. Pinar is the Professor of Entrepreneurship and Innovation at the Saïd Business School at Oxford University. S
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Tags: FinTech
U.S. Bank: A Case Study in Digital Banking Transformation Success
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December 21, 2021
As we enter the holidays, we are sharing our most popular podcasts we did in 2021 that do a great job of setting the stage for 2022. In this Banking Transformed podcast from last April, we interviewed Dominic Venturo, senior executive vice president and chief digital officer at U.S. Bank.
Dom shares
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Tags: FinTech
Contextual Engagement Requires Better Use of Data and AI
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December 16, 2021
The importance of using data, analytics and advanced marketing technologies has never been greater. Consumers expect their financial institutions to know them, look out for them and reward them.
Unfortunately, few organizations are adept at using data for contextual engagement. Now, more than ever
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Tags: FinTech
Looking to 2022 and Beyond: New Rules for a New World
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December 14, 2021
Over the past 20 months, we have experienced personal and business transformation that has impacted every aspect of our lives. With change happening faster than ever, we are about to experience a radical new future that we have yet to fully understand.
In financial services, successful firms will b
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Tags: FinTech
Banking Differentiation Through Relentless Innovation
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December 07, 2021
As the competitive marketplace in financial services expands and diversifies globally, it is more critical than ever for organizations to drive innovation and differentiation.
But, innovation and differentiation requires an openness to change, a high level of engagement from all levels, and the use
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Tags: FinTech
Designing a Future-Ready Branch Network
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December 02, 2021
To differentiate product and service offerings going forward, legacy financial institutions must focus on building a distribution network that combines the qualities of human interaction with the power of new technologies.
The design and utilization of physical branch spaces must also be rethought
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Tags: FinTech
The X1 Credit Card: A Unique Option for Younger Consumers
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November 30, 2021
The X1 credit card harnesses the power of technology to offer higher credit limits, an aggressive rewards program, and unique automated features driven by a mobile app.
Created by Twitter alums Deepak Rao and Siddharth Batra, and supported by PayPal co-founder Max Levchin and Instagram’s former h
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A Solution to Future-Proof Legacy Banking Platforms
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November 24, 2021
The importance of a digital banking platform that is flexible, powerful and affordable has never been more important. Banking organizations of all sizes are partnering with solution providers that can help them catch up with a marketplace that has never moved faster.
Financial institutions must fin
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Tags: FinTech
Square: An Increasingly Strong Player in Financial Services
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November 23, 2021
In March of 2021, Square Financial Services officially launched its bank after receiving its Industrial Loan Company license from the FDIC a year prior. The Salt Lake City-based bank, is owned by Square, a fintech worth more than all but four US banks according to the KBW Bank Index.
Square Financia
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Masterclass in Innovation, Transformation and the Future of Banking
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November 16, 2021
Every financial institution must evaluate how to adapt technology strategies to support business change, operational resiliency and digital response. More than ever, the ability to innovate at speed and scale has become a core competitive requirement.
In this year’s Digital Banking Report, 'Innova
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Digital Core Transformation as a Catalyst for Success
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November 11, 2021
Most core banking operations run on aging platforms that were deployed in the 1980s and 1990s. These platforms are either homegrown or heavily customized since their origination.
The needs of the digital consumer and functionality required by banks going forward require solutions that enable and sup
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The Business Case for Financial Inclusion in Banking
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November 09, 2021
Recent events have put a spotlight on the urgent need for financial institutions to advance financial inclusion initiatives. Beyond responding to recent regulatory developments to provide economic opportunities to underserved and unserved sectors, there also a strong business case for banks and cred
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How Data, Speed and Simplicity Can Drive Loan Growth
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November 04, 2021
In lending, the best offer usually wins. While some consumers still make the decision based on rate, an increasing number base their borrowing decision on the speed and simplicity of the process.
S&P Global Market Intelligence expects U.S. digital lender origination volumes to grow at a compound ann
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The Power of Data, Analytics and the Cloud in Bank Marketing
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November 03, 2021
The banking industry is in the midst of an exciting revolution in which power has shifted from the financial institution to the consumer. Consumers are impacting the entire customer journey, from the buying process, through customer engagement, and on to loyalty.
At the core of this marketing revol
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Tags: Analytics, Big Data, FinTech
Building an Emotional Connection in Banking
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October 26, 2021
With consumers spending an average of 7.5 hours a day on various media platforms, ‘convenience’ in banking must now expand beyond store-centric factors to delivering digital convenience, with speed, simplicity, and empathy.
Increasingly. consumers and employees expect a greater value proposition
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Modernizing Complex Banking Customer Engagements
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October 21, 2021
An important component of digital banking transformation is to be able to improve efficiency and productivity in your organization while also helping employees to serve customers better.
With complex customer engagements, you need to ensure that the right people are engaged at the right part of the
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The Rise of Technosocialism: An Opportunity of a Lifetime
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October 19, 2021
The premise of the book, The Rise of Technosocialism, is that mankind is coming to a fork in the road. Climate change, emerging artificial intelligence, social and economic upheaval, and the clash between patriotic nationalism and the inevitability of globalism are coalescing into a crucible.
The r
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5 Keys to a Successful Data-Driven Strategy in Banking
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October 14, 2021
As a financial institution is preparing to engage in a data-driven strategy, where do they begin? First, it’s important to understand that data transformation is a marathon, not a sprint.
Successful financial institutions must align themselves around five critical keys that will lead them through
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Smaller Banks Risk Losing Digital Customers
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October 12, 2021
According to a recent Harris Poll, 40% of respondents said they are likely to leave their primary financial institution for digital banking that compares to an online shopping experience.
New benchmarks have been set as to what is acceptable regarding digital experiences at financial institutions. W
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The Need to Create Differentiated Digital Banking Experiences
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October 07, 2021
Capco recently published research offering insights into how banks can modernize their digital banking experience to include the personalization customers expect and prefer.
The study finds that regardless of age, over 70% of customers rank personalization as highly important to their banking experi
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Buy Now, Pay Later: A Digital Solution to an Age Old Problem
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October 06, 2021
With consumers strapped for cash during these turbulent times, traditional and non-traditional financial firms are expanding financing options to support consumer and merchant needs.
One of the newest solutions modernizes the old-school layaway or retail installment loan offering for the digital wo
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The Great Banking Debate Rewind
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October 05, 2021
Recently, I had the opportunity to join Ron Shevlin in a unique debate on the future of financial services. Refereed by Jason Henrichs, the CEO at Alloy Labs Alliance, this debate was done in the style of championship title fight, complete with silk robes, a debate timer and an enthusiastic audience
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Mastering Quantum Marketing in Banking
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September 28, 2021
Marketing is at the center of a massive transformation, driven new technologies, real-time data analytics, and major scientific advances that will power the future of the banking industry.
More than ever, we need a new framework for communication, engagement and loyalty. Financial marketers need to
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Digital Banking Pioneer Shares Secrets of Success
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September 21, 2021
What can legacy financial institutions learn from the first online-only bank? Founded in 1999, First Internet Bank reimagined the traditional banking model as the first state-chartered, FDIC-insured institution to operate entirely online.
What makes First Internet Bank different than other competit
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How to Create an Inclusive Digital Experience
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September 16, 2021
Inclusive and accessible digital experiences are more important now than ever before.
61 million adults in the US live with a disability and the average American reads to a 7th/8th grade level. Are your digital platforms, content, campaigns and social media posts easily accessed and understood by al
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The Importance of a Challenger Mindset
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September 14, 2021
What makes a fintech firm or challenger bank different from a legacy financial institution? Is it the products offered or the digital platform? Or is it deeper than that?
In discussions with dozens of fintech organizations as part of this podcast, I believe there is a completely different mindset a
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The Increasing Need for Talent, Inclusion and Diversity in Banking
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August 31, 2021
As more companies navigate the return-to-office movement, management teams are faced with an increased urgency of finding, training and retaining quality talent while also creating an inclusive environment for hybrid working.
It is increasingly clear that the path to long-term relevance is through
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Creating Lovable Experiences Through Innovation Simplicity
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August 24, 2021
Historically, the banking industry viewed innovation as a way to add more to a product or service. The focus was often on technology, competitive offerings and ecosystems and not often enough about the customer.
The world has changed … in an instant. More than ever, consumers want ways to transac
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What Happens When Every Brand is a Bank?
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August 17, 2021
Embedded finance enables businesses to seamlessly integrate financial services into their business models, providing banking, credit, payments, or other services — efficiently and at the consumer’s point of need.
According to Accenture, 47% of non-financial companies said their companies have a
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Bitcoin: The Next Battlefield for Retail Banking Customers
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August 10, 2021
Bitcoin is taking another step toward mainstream adoption, as customers of some U.S. banks will soon be able to buy, hold and sell bitcoin through their existing accounts.
According to research by Cornerstone Advisors, 60% of crypto owners would use their bank to invest in cryptocurrencies. Even th
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How Innovation Can Accelerate Digital Transformation
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August 04, 2021
Leveraging modern technology, data, analytics and digital distribution, market leaders can use innovation to support new business models and create improved experiences.
Despite these opportunities, new research by the Digital Banking Report has found that most organizations consider themselves to
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Digital Transformation: Not Just for Big Banks
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July 29, 2021
Research shows that the biggest banks and fintech firms are doing best at delivering digital experiences, while smaller banks and credit unions often struggle.
How can mid-tier organizations keep pace with consumer and small business expectations? Where should an organization start? How can you pr
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Winning the Battle for Trust Against Fintech Firms
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July 27, 2021
According to a recent study from Ernst & Young, 37% of consumers now say a FinTech firm is their most-trusted financial services brand, compared with 33% who name a bank as their most-trusted brand. More concerning is that Among U.S. consumers, 31% name a FinTech as their primary financial relations
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Differentiation Requires Personalized Digital Banking Experiences
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July 20, 2021
Consumers have grown to expect personalized digital experiences across all channels and throughout the entire customer journey. Much more than just good targeting for offers, organizations need to engage contextually, in real time, helping consumers reach their financial goals.
Achieving personaliz
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LendingClub is Well Positioned for Future Growth
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July 13, 2021
In February of this year, LendingClub closed the acquisition of Radius Bank, becoming a full-spectrum fintech marketplace bank and among the first fintech companies to buy a bank.
LendingClub’s long-term vision is to pursue a platform strategy expanding the use of a variety of financial products a
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Why a Big Bank Executive Jumped to a Digital Credit Union
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July 06, 2021
Founded in 1935, Alliant Credit Union was created to serve the employees of United Airlines. With most members traveling across the globe, the top 10 credit union had far fewer branches than other firms its size. Today, it has transformed itself into a digital-first financial institution with no bra
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Bad Data Sells, Better Data Serves
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July 01, 2021
More than ever in the past, data and applied analytics is being used to transform business models and create more personalized, streamlined experiences tailored to the needs and preferences of consumers and businesses alike.
To compete in the future, banks and credit unions must be at the center of
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How Microsoft Embraced Data Transformation
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June 29, 2021
Data is the foundation for the entire digital transformation process, allowing organizations to make better real-time decisions and enable the movement from being product-led to being experience-led organizations.
Firms that have invested in data transformation have seen tangible results through i
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Keys to Success for Community Banking
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June 22, 2021
At a time when the competitiveness in the banking industry is more intense than ever, and the need for digital transformation has never been greater, is the viability of smaller community organizations at risk? Is there a way for community banks and credit unions to stand out in a world of digital g
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Turning Market Disruption Into Innovation Opportunity
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June 15, 2021
McKinsey found that 90% of executives “believe that the COVID-19 crisis will fundamentally change the way they do business over the next five years.” Unfortunately, only 21% “feel confident that they are prepared to capture new growth opportunities.”
At a time when technology solutions are
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How Banking Can Thrive in a Post-Pandemic Reality
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June 08, 2021
The pandemic disrupted the entire planet, changing consumer behavior, altering business and government assumptions, and dramatically impacting business plans. The future is still unclear, but the opportunities (and risks) are immense.
What lies ahead will define winners and losers. From adoption of
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Driving Digital Sales in Financial Services
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June 01, 2021
The way people and businesses shop for and buy financial services has been altered dramatically since the pandemic. No longer needing to go to a physical location, consumers can do their research, purchasing and ongoing engagement on their phone.
But just because banks and credit unions have enable
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The Importance of a Modern Banking Platform
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May 27, 2021
Modern technology is providing institutions with opportunities that expand well beyond traditional financial services. As part of digital banking transformation, financial institutions can process data and engage with consumers in ways never before possible. Tools such as open banking, cloud computi
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The Evolution of the Branch Strategy at Citi
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May 25, 2021
The pandemic has caused many banks to rethink their branch network strategy. For banks to be positioned for a future that includes greater reliance on digital delivery, organizations must explore ways that technology can enable stronger human interactions as well.
It is clear that the role of the b
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Using Data and Insights to Drive Growth in Banking
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May 18, 2021
What is the foundation used to drive growth in an financial institution? If it's not data - it should be. Banks and credit unions have a wealth of insights that live within their account holder data. But, managing all of this data, and the accelerated speed at which it flows into the ecosystem can c
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The Future of Payments is Fast, Seamless, Safe and Embedded
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May 13, 2021
Before the rise of PayPal, Venmo, and dozens of other new payment solutions, banks didn't look at the payments function as an epicenter for innovation. Times have changed.
Digitization of front, middle, and back office processes, plus an explosion of fintech experimentation around the world, have t
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What Defines a Digital Banking Winner?
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May 11, 2021
Despite increased investment in digital initiatives, financial institutions continue to be concerned that they are falling behind with digital transformation efforts that are needed to build real, long-term competitive advantages.
Enabling digital engagement is not enough. Banks and credit unions m
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The History of Fintech Transformation
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May 04, 2021
In 2009, Shamir Karkal and several colleagues created the first digital-only bank of its kind in the U.S. Struggling to describe the benefits of a bank without branches, getting funding was a difficult process. As it turned out, Simple not only grew, but was one of the first neobanks to be acquired
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The Importance of Global Payments Functionality
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April 29, 2021
Competition in the financial services sector has never been more intense. Banking boundaries, that once were defined geographically, have expanded globally as a result of digital functionality. While neighborhood financial institutions built their businesses on domestic transactions, today’s consu
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Improving Customer Experiences With Alternative Data
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April 27, 2021
In order to survive in an increasingly competitive market, financial organizations must be able to correctly identify consumers to streamline the account opening and credit application processes. This includes those with limited profiles, which has long been a shortcoming of the banking industry.
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Is the Future of Community Banks at Risk?
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April 20, 2021
Some experts predict the demise of community banking organizations, that are challenged by changed consumer behavior, outdated infrastructure, an evolving competitive landscape, and the high cost of digital transformation.
Is there a viable niche for community banks and credit unions in an industry
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Winning in a World of Digital Giants
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April 13, 2021
The marketplace is being disrupted by firms that were built on digital platforms. Their agility, foundation of data, analytics and modern technology position these firms advantageously in a world that wants personalization, speed and simplicity of engagement.
Which companies will thrive and which w
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Secrets of a Rockstar Chief Digital Banking Officer
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April 06, 2021
More than at any time in the past, the largest banks in the U.S. have capitalized on their customers’ increased willingness to use digital financial services. U.S. Bank, the sixth largest bank in the country, has been one of the leaders in going beyond the basics in digital banking transformation.
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Innovation in Digital Account Opening and Onboarding
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April 01, 2021
Consumers are shopping for products and services, opening accounts, and building relationships using the channels they prefer. More than ever before, this is done on a mobile phone or online.
The only way to support new account opening and deepen existing relationships is by seamlessly aligning you
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Digital Banking Transformation During Uncertain Times
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March 30, 2021
Companies that use disruption as an opportunity for innovation emerge from it stronger, while companies that merely attempt to 'weather the storm' until things go back to normal miss an opportunity to thrive.
Transformation is not a project or a destination, but a continuous process of adapting to
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Rethinking the Future of Distribution
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March 25, 2021
Banks and credit unions are rethinking their distribution strategies as more people than ever are using digital channels. Despite this shift, closing all branches is not the best alternative. Neither is keeping them all open.
Forward-thinking banks are adopting alternative models, including self-se
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Speed, Simplicity and Empathy Drive CX in Banking
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March 23, 2021
The majority of financial institutions rank improving customer experience as their top mission, but few organizations get rave reviews. In fact, since the pandemic, it could be argued that the banking industry is doing a worse job in meeting consumer expectations.
On this episode, we discuss how fi
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The Business Case for Sustainability and Doing Good
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March 16, 2021
Doing good for the community, employees and customers goes well beyond philanthropy. Organizations need to look within to embed sustainability and social responsibility strategies into their business model, their culture and the people and organizations they interact with.
Now more than ever, busin
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How to Compete for Buy Now, Pay Later (BNPL) Customers
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March 09, 2021
Buy now, pay later (BNPL) solutions have grown in prominence as new players and payments incumbents are battling for market share. This includes firms like Affirm, Afterpay, Klarna, QuadPay, Sezzle, and Splitit, as well as legacy payment firms like Mastercard, Visa, PayPal, and Amex.
How will these
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The Rise of Big Tech Platforms in Banking
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March 02, 2021
The pandemic has served to accelerate the relevance and importance of open banking as consumers become more willing to try alternative banking providers to get their digital banking needs met. At the same time, there has been a rise in contactless payments, as consumers replace cash at the point of
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The Product Expansion Strategy of Marcus by Goldman Sachs
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February 23, 2021
Over the past year, Marcus by Goldman Sachs has continued to expand offerings, including teaming up with Amazon and Walmart to offer loans to sellers on their marketplaces, buying the General Motors credit card business, launching Marcus Insights smart tools and trackers, and most recently, announci
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The Power of a Data-Driven Culture at TD Bank
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February 16, 2021
One of the biggest problems facing legacy banking organizations today is leveraging data and advanced analytics to drive digital transformation, creating hyper-personalized experiences, supporting an innovative culture, and solving consumer challenges with appropriate technology.
One organization t
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Digital Transformation Success at a $60 Billion Bank
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February 09, 2021
According to the Digital Banking Report, the top priority of the majority of financial institutions is to advance digital transformation. But what is the best way to proceed? And, where should organizations start?
People’s United Bank, a regional bank based in Connecticut started by forming a “
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Google: Friend or Foe to Legacy Banks?
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February 02, 2021
Late last year, it was announced that Google Pay will partner with legacy financial institutions in the development and distribution of checking accounts through a new service called Google Plex. In addition, Google announced a partnership with Deutsch Bank for cloud implementation and co-innovation
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Personalized Videos: The Future of Customer Engagement
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January 26, 2021
As a result of the pandemic, people were forced to adopt digital alternatives to their traditional way of doing banking. This shift was not always smooth for the customer or the financial institution. Many consumers still wanted personalized interaction to learn about services.
Financial institutio
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How to Win in the Experience Economy
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January 19, 2021
How can organizations compete for customers, time, attention and money in an increasingly digital world where time is limited, attention is scarce and the ability to genuinely engage with consumers has become more difficult than ever?
One of the few brand differentiators available today is to build
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What's Next: 2021 Banking and Fintech Trends to Watch
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January 12, 2021
The pandemic changed the business landscape for all industries … possibly none more dramatically than financial services. Already being impacted by non-traditional players, financial institutions needed to shift in an instant to satisfy customers no longer able to conduct business in traditional w
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How to Build the Best Mobile Banking App
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January 05, 2021
Mobile banking usage is rising quicker than ever as a result of the pandemic. With close to 50% of consumers stating that mobile is a top-three factor that determines their choice of financial institutions (after fees), it is imperative that banks offer mobile features that consumers value most.
Ho
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Keys to Successful Leadership in the Future
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December 29, 2020
Research from the Digital Banking Report has found that the biggest barrier to successful digital transformation is legacy leadership and culture that is unable to embrace the skills and mindsets needed for the future of banking.
The future of banking and the future of work has made it clear that a
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Digital Banking Transformation Never Stops at Chase
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December 22, 2020
As the largest U.S. bank, Chase is committed to a strong multichannel strategy, building new branches while also being a leader in digital banking innovation. With 55 million digitally active customers, representing close to 70% of the Chase customer base, Chase continues to provide consumers with t
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Tinkoff: Russia’s Challenger Bank of the Future
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December 15, 2020
Founded in 2006, Tinkoff is Russia’s largest online challenger bank offering a huge range of services, including mobile personal and business accounts, investment and insurance products, as well as being Russia’s second-largest issuer of credit cards.
Tinkoff has also diversified into non-finan
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Starling: Not Your Typical Challenger Bank
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December 08, 2020
We have had the opportunity to interview many fintech start-ups and challenger banks on the Banking Transformed podcast. None are like Starling Bank.
First of all, Starling was founded by a woman with a legacy banking background. Not just any woman, but an extraordinarily tenacious, middle-aged, sh
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How Will Banking Evolve as We Enter 2021?
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December 01, 2020
When COVID-19 hit, the banking industry was caught off-guard, needing to provide financial services without physical structures, deliver relief to consumers and small businesses in ways never imagined, accelerate digital transformation and innovation efforts, and perform all of these in a remote wor
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Closing the Gender Gap in Banking and Fintech
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November 24, 2020
Banking has historically been an industry founded by men, run by men, with products created for men. Recently, progress has been made, but the gender bias in banking still runs deep. Surprisingly, this same bias exists in fintech, where there are far too few female fintech founders and too few women
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Delighting Customers by Removing Friction from Banking
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November 17, 2020
The best way to increase sales, loyalty and customer satisfaction is to reduce the effort needed to proceed along the customer journey. Jeff Bezos said, “When you reduce friction – make something easy – people do more of it.”
Customers have been trained by companies like Amazon, Google, Ube
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Building a Culture of Innovation in Times of Crisis
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November 10, 2020
The outbreak of the COVID-19 posed great challenges to the global economy and people’s daily lives, and has had far-reaching consequences beyond the spread of the disease. It has changed the way consumers perform transactions and engage with friends, family and organizations.
At the same time, th
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Banking Can't Ignore The GenZ Potential
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November 03, 2020
While almost every financial institutions wants to market to, and build relationships with, the Gen Z consumer, few organizations understand who the Gen Z consumer is, what they want from a brand, how to market to them, or how to make them loyal customers. Just as importantly, few organizations unde
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The Future of Banking Starts Now
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October 27, 2020
Before the pandemic, digital transformation was optional for many organizations. When COVID-19 took hold, necessity dictated that all organizations ‘become digital’. Remote work became the norm, and the agenda for technology investment changed as consumers and businesses expected experiences sim
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WeBank: The Most Advanced Digital Bank in the World
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October 20, 2020
When you think of global leaders in digital banking, the conversation must start with Tencent-backed WeBank, the first digital-only bank in China. Launched at the end of 2014, WeBank has experienced astounding growth, with digital technology that is considered an industry best. Today, WeBank has ove
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The Role of Banking in the Future of Digital Identity
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October 13, 2020
According to a recent survey by Deloitte, nearly two-thirds of respondents said that global digital identity will be very important in the future despite the fact that digital IDs are still largely underused in the world today.
Newer digital identity verification methods, like biometrics, could pro
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Can Two Legacy Banks Become a Digital Banking Leader?
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October 07, 2020
In late 2019, BB&T and SunTrust combined to become the 6th largest bank in the country, serving 10 million households. Looking at the strategic and financial benefits of the merger, the mission was to preserve the strong cultures of the legacy organizations, while using the combined scale and cost s
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OCC Provides Path For Banking Revolution
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October 06, 2020
In May of this year, Brian Brooks took office as Acting Comptroller of the Currency (OCC). During his short tenure, Brooks has already made statements regarding the role of banking organizations in supporting communities, approved the first national charter to a fintech organization and suggested a
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Jumpstarting Your Career During a Pandemic
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September 29, 2020
There has never been a more important time for executives to evaluate their position in the marketplace and to determine their future path to personal and professional success. No matter what your position in an organization, you can’t be successful without loving what you do and being recognized
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Most Digital Lending Not Ready for Prime Time
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September 25, 2020
In a post-COVID world, financial institutions must deliver innovative credit options, on-demand, in an almost instantaneous manner. To accomplish this feat – which had previously only been offered by fintech firms – traditional financial institutions will need to rethink back-office processes th
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How to Build a Digital Banking Lifestyle ‘Super App’
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September 22, 2020
Dubai-headquartered Emirates NBD has the distinction of being a legacy bank fully committed to innovation, digital transformation and customer-centricity. Rather than moving in baby steps, Emirates has made major efforts to build unique digital solutions for select segments.
In 2017, Emirates NBD i
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Dave: A Digital Banking Platform for the Underserved
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September 15, 2020
Even before the pandemic, there was a financial crisis where many consumers had difficulty making ends meet, causing missed monthly payments or overdrafts with fees that quickly added up.
Initially created as a budgeting tool to help consumers avoid overdraft fees, the Mark Cuban-backed fintech na
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BankMobile: From Fintech Bank to TechFin Platform
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September 08, 2020
In 2014, BankMobile was launched as a division of Customers Bank. As opposed to relying only on organic growth, BankMobile quickly grew with a B2B2C strategy, acquiring college student checking platform HigherOne. They also used a white-label strategy with telecom disruptor Sprint Mobile.
Recently
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Varo: The First Nationally Chartered Fintech Bank
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September 01, 2020
Until recently, fintech firms have usually partnered with traditional banks to provide banking services as opposed to going through the lengthy and costly process of getting their own bank charters.
Breaking away from that model, Varo Money became the first challenger bank to receive a national ba
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Wealthfront: Transforming From a Robo-Advisor to a Digital Bank
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August 25, 2020
The battle to become the primary financial relationship for consumers continues to intensify, with the lines blurring between traditional banks, digital banks, robo-advisors and tech firms offering financial services.
With the COVID-19 crisis driving consumers to digital banking options, the desir
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Financial Marketing Takes Center Stage
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August 18, 2020
The Digital Banking Report has just completed research on the impact of the pandemic on financial marketing. We found that changes in almost every area of financial marketing were more dramatic than in any of the previous 7 years. This is primarily because consumer adoption of digital alternatives a
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How COVID-19 Redefined Consumer Expectations in Banking
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August 11, 2020
While COVID-19 forced people into a digital-only lifestyle, there was still a desire for humanized experiences. Some banks and credit unions were prepared to deliver these personalized digital engagements, while others fell short of expectations at the worst possible time.
More than ever, consumers
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The Power of Social Media Influencers in Banking
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August 04, 2020
In a world impacted by COVID-19, brand recognition and authenticity have never been more important, while the reach of traditional marketing channels continue to erode. This is where influencer marketing can help.
With social media becoming more entrenched in people's daily lives, the use of influen
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COVID-19 Provides Wake-Up Call for Cloud Banking
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July 28, 2020
The COVID-19 crisis has put a spotlight on the outdated tech infrastructures of many traditional financial services companies. As cloud computing has matured, banks and credit unions have hesitated to embrace the technology, worried about security, unsure of the benefits and unwilling to hand over c
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Tags: FinTech
What Makes Navy Federal a Perennial CX Leader?
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July 21, 2020
With an immediate shift to a work-at-home reality and increased use of digital channels, organizations need to think beyond immediate operational challenges, anticipating consumer’s need for increased emotional engagements, improved personalization and a new focus on experiences beyond daily trans
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Challenger Bank Grows by Supporting Financial Inclusion
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July 14, 2020
Most traditional banks were unprepared for the flight to digital that occurred due to COVID-19. Mobile-only challenger bank Current has seen customer growth skyrocket during the pandemic, appealing to lower-wage earners who don’t want to worry about minimum balances or overdraft fees.
Serving ove
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Tags: FinTech
CaixaBank: Innovation Drives Digital Transformation
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July 07, 2020
At no time has the importance of innovation and the deployment of advanced technologies in banking been more evident than today. With more consumers embracing digital banking, banks are being challenged to replicate the level of engagement of bigtech and new tech organizations such as Amazon, Google
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Tags: FinTech
How Citi Maintains Customer Loyalty During a Pandemic
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June 30, 2020
COVID-19 has had an immediate impact on loyalty and reward programs due to the unprecedented period of low travel and entertainment. As people stopped flying, staying in hotels, and eating out, loyalty programs had to respond quickly.
Organizations that can identify, communicate, and act upon a bra
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Tags: FinTech
Marcus by Goldman Sachs: Digital Banking Built for the Consumer
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June 23, 2020
Many fintech firms struggle to gain scale, funding and brand recognition in an increasingly crowded banking ecosystem. Leveraging the power of digital technology and over a century’s worth of brand expertise, Goldman Sachs introduced its consumer banking platform, Marcus in 2016.
Through acqu
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Tags: FinTech
Four Seismic Shifts That Are Changing Banking
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June 16, 2020
The banking industry had been warned for decades to become more innovative, transform to digital, embrace new technologies and become more aware of consumer and societal needs. Rather than moving forward, many organizations hesitated due to cost, the desire to stay the course, or even ‘intentional
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Tags: FinTech
Banking Must Move Beyond Rhetoric On Social Issues
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June 09, 2020
The world is faced with uncertain times caused by the global pandemic combined with demands for increased equality, diversity and inclusion. Beyond empty posturing, the banking industry must make a meaningful difference locally and globally on important social issues.
This includes stronger lea
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Tags: FinTech
Is There a Fintech Fallout on the Horizon?
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June 02, 2020
In the past decade, the marketplace has seen the development of more banking competitors than in the previous hundred years. From solution specific fintech firms like Stripe and Robinhood to digital-first neo banks like Revolut and Monzo, the marketplace has been seen entries of all types and sizes.
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Why COVID-19 Will Stimulate Innovation in Banking
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May 26, 2020
The COVID-19 crisis has impacted both humanity and business in an instantaneous and dramatic way. But, while each pandemic throughout history has been unique, each has brought about massive changes in the way we live, the priorities we set, how we interact and the businesses that emerge. Survival is
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Data and Advanced Analytics: A Key to Survival
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May 19, 2020
Data and advanced analytics are the foundation of every organization. Beyond improving efficiency and understanding business success, the power of data and predictive modeling can improve the understanding of consumer needs and personalize experiences.
Bottom line, the survival of financial org
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Leadership Excellence in Crisis: An Interview with Tom Peters
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May 12, 2020
The best and most respected leaders shine the brightest during times of crisis. Not relying on a crisis management plan, the best managers surround themselves with the best people and provide a platform for growth for those within the organization.
As a result, moving to a work from home enviro
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Tags: FinTech
How Fintech Unicorn Lemonade is Disrupting Insurance
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May 05, 2020
The financial services industry is known for century-old institutions with rules and policies that are often outdated, yet preserved by regulations. Whether we are talking about banking, insurance or investment services, transformation is often slow and outside competition is met with significant re
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Tags: FinTech
COVID-19 Impact on Future of Retail Banking
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April 29, 2020
The COVID-19 pandemic is the most serious challenge to retail banking in almost a century. Retail banks have had to rethink distribution, support government relief programs and manage remote workforces, all while trying to meet consumer expectations during a period of household-level economic uncert
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Tags: FinTech
The Digital Banking Tipping Point
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April 28, 2020
According to Malcolm Gladwell, a ‘tipping point’ is the moment of critical mass, when an idea, trend or behavior crosses a threshold and spreads like wildfire. The COVID-19 crisis is an example of such a phenomenon and so has been the instantaneous impact of this crisis on the digital transforma
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COVID-19 is Fast-Tracking Digital Transformation
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April 21, 2020
In the book, 'Disrupt Yourself', by Whitney Johnson, it is suggested that the disruptions and changes that matter most start with personal disruptions and change. There is no doubt that the COVID-19 crisis has disrupted every person’s life and every organization’s business model.
The crisis
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Tags: FinTech
The Future of Work Post COVID-19
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April 15, 2020
After COVID-19, the world around us will be changed forever. In a matter of weeks, working from home has become the norm, not the exception. The virus has forced a reckoning of how we view work, travel, engagement with others and the technologies that make these possible.
Before the pandemic, d
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Tags: FinTech
Financial Irrationality During COVID-19 Crisis
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April 14, 2020
Despite the best intentions, consumers do not always act rationally with regards to money management. While we all know that we should limit debt and increase savings, many people live day-to-day, and have far less set aside for financial emergencies than needed.
Unfortunately, most people’s
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Tags: FinTech
Building a Culture-Driven Virtual Bank
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April 07, 2020
I had the unique opportunity to visit WeLab as part of my visit to China in early January. WeLab uses proprietary risk management technology and advanced AI to analyze mobile data within seconds, providing financial solutions to over 42 million customers across Asia. WeLab is also one of the first i
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Tags: FinTech
Banking Must Improve Financial Wellness For All
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March 31, 2020
According to the 2019 U.S. Financial Health Pulse report, less than 30% of Americans could be considered financially healthy, with millions of households not having enough money in savings to get through a month. These are the people who are the most at risk given today’s COVID-19 crisis.
The
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Tags: FinTech
COVID-19 Will Change the Way Consumers Bank Forever
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March 26, 2020
The number of bank branches and the number of people visiting bank branches has been decreasing for years. As a result of recent events, many organizations have closed branches completely, while others have reverted to auto teller operations.
Could the Coronavirus create a shift in attitude, as
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Tags: FinTech
Organizations Should Double Down on Innovation Now
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March 25, 2020
The push for digital banking amid the growing emphasis on social distancing has put a spotlight on those organizations that have lagged behind the marketplace with digital delivery and digital transformation. But, can laggard organizations pick up the pace when the rest of the world grinds to a halt
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Tags: FinTech
Marketing During Times of Disruptive Change
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March 24, 2020
The marketing profession has moved from art to science, with the use of new technologies powered by artificial intelligence (AI), with a level of personalization and real-time communication only dreamed of in the past. But, how does marketing change during a time of economic crisis?
As opposed
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Tags: FinTech
How AI Can Revolutionize Banking
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March 17, 2020
Financial institutions that are leaders in the use of data and AI are quickly differentiating themselves in a marketplace that puts a premium on data-backed decisions and intelligent interactions.
AI brings the potential for disruption and transformation due to its ability to make decisions and
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Tags: FinTech
Globalization of Fintech and Banking in the Age of Disruption
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March 10, 2020
The marketplace is in a state of confusion and disruption as the coronavirus outbreak impacts the banking ecosystem and all industries worldwide. Changing valuations and funding options for legacy and non-traditional financial firms are creating the need for new business models as well as opportunit
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Tags: FinTech
Transforming Customer Experiences with Personalization
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March 03, 2020
In a digital world, consumers want experiences that are highly personalized and contextual. From the way they search to the way they shop, view content or do banking, consumers expect organizations to know them, look out for them and reward them. Unfortunately, the majority organizations are only de
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Tags: FinTech
The Importance of Attracting Rebel Talent
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February 25, 2020
Traditional organizations find rebels to be disruptive troublemakers who make processes and decisions more difficult. Legacy organizations that are embracing digital transformation find these same 'misfits' to be a positive influence on innovation, creativity, growth and cultural change.
We are
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Tags: FinTech
Why Digital Transformations Fail
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February 18, 2020
Digital transformations have an exceeding high failure rate despite being one of the most important components of a firm's long-term survival. Digital transformation requires must more than just a flashy mobile app or new technology.
To understand the dynamics of how to succeed with digital tra
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Tags: FinTech
Cultivating a Disruption Mindset
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February 11, 2020
We have often discussed the correlation between innovation and digital transformation, and the positive impact on consumer satisfaction, investment in advanced technology, the presence of top management support and the positive impact on revenues. But, while technology may enable the disruption requ
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Tags: FinTech
China: Emergence of a Tech and Innovation Superpower
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February 04, 2020
The debate about what city is the fintech capital of the world continues, as more players enter the market and more money is invested into the very active fintech ecosystem. Is the fintech capital London, New York, the Silicon Valley or elsewhere? Should the title go to the city with the most player
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Tags: FinTech
The Chinese Fintech Revolution
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January 28, 2020
China is quickly becoming home to the largest fintech ecosystem in the world, benefiting from historically low use of traditional banking, high smartphone penetration, a changing demographic and a consumer acceptance of banking without traditional infrastructure. Dominated by giants like Baidu, Ant,
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Tags: FinTech
Current State of Digital Banking Transformation
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January 21, 2020
Digital Banking Report has just released a study on the current state of digital transformation in the banking industry. This research not only looks at the digital transformation maturity of banking today, but also the components of digital transformation leader organizations.
The research fou
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Tags: FinTech
The Technology Fallacy
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January 14, 2020
A great deal of recent research finds that simply buying the best or newest technology will not create digital transformation success. Beyond technology, it is imperative to have the right people, processes and organizational dynamics that will allow companies to be more agile, risk tolerant and exp
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Tags: FinTech
Banking Distribution Strategies for the Next Decade
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January 07, 2020
The ability to compete in the future will require new systems, new processes and a new culture. One option is to build a successor bank that would be a network of only a few branches or a completely branchless offering separate from the legacy organization.
The future will require differentiation
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Tags: FinTech
How to Win Tomorrow's Digital Consumer
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December 31, 2019
Consumers insist on experiences that are personalized, friction-free and that make their lives easier. It’s no longer enough for organizations to state they are making improved customer experiences a priority. The consumer needs to feel that the companies they buy from know them, look out for them
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Tags: FinTech
Biggest Fintech Winners of 2019
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December 24, 2019
Automation and digital technology aimed at improving financial services continues to impact the banking ecosystem. From mobile payments to digital lending and budgeting services, fintech and big tech providers are revolutionizing how consumers and businesses handle manage their financial relationshi
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Tags: FinTech
The Future of Fintech Investments
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December 17, 2019
After a record-breaking 2018, fintech investment activity continues strong in 2019, as new start-ups take aim at traditional banks and credit unions that are slow to update back offices, change outdated business models, embrace advanced analytics and keep up with consumer expectations.
For a persp
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Tags: FinTech
The Importance of Customer Success Management
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December 10, 2019
Buying the right technology solution is only the beginning of the digital transformation journey. Organizations need onboarding support from solution providers to ensure the intended benefits of new technologies are realized. This entails looking beyond the technology, to include the vast human and
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Tags: FinTech
Keys to Becoming a Digital Bank
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December 03, 2019
Digital transformation in banking cannot occur without rewiring back-office processes, including streamlining operations and integrating data sets. But the most important transformation that must occur is with the culture and leadership at traditional financial institutions.
A digital culture i
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Tags: FinTech
Reinventing the Customer Experience in a Digital World
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November 26, 2019
Organizations in all industries need a new operating model that puts the customer’s needs at the center of all digital transformation strategies. This can be achieved by redesigned customer journeys, new products and services, and the agile delivery of insights and contextual solutions across chan
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Tags: FinTech
The Power of Design in Digital Transformation
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November 19, 2019
Digital transformation is a challenge for organizations due to legacy infrastructure, internal silos, lack of a clear vision and resistance to change. Design thinking can help firms overcome many of these challenges, accelerating the transformation timeline. Done well, design thinking is a consumer-
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Tags: FinTech
AI and the VoiceFirst Revolution
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November 12, 2019
The power of voice-based interactions has grown exponentially with the addition of always-on systems, combined with advanced analytics (AI), cloud-based computing and optimized multichannel delivery of insights. The voice-first paradigm will move beyond providing answers to questions – using data
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Tags: FinTech
One-on-One With Steve Wozniak
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November 07, 2019
A Silicon Valley icon and philanthropist, Steve Wozniak helped shape the computing industry by co-founding Apple Computer with Steve Jobs in 1976. Since leaving Apple in 1985, Wozniak has been involved in various business and philanthropic ventures, focusing primarily on computer and technology educ
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Personal Growth During Times of Digital Disruption
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November 05, 2019
Digital disruption is impacting today's worker more than ever, with sociologists believing that today's worker will need to 'reinvent themselves' several times during a career in the future. While maintaining the status quo provides a temporary comfort zone, personal disruption can dramatically impr
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Tags: FinTech
Principles of Becoming an Algorithmic Leader
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October 29, 2019
Digital transformation is not as much about technology as it is about the leadership and cultural changes that are required to respond to a new business paradigm. In his latest book, The Algorithmic Leader, Mike Walsh shares insights and actionable strategies for leaders to make better decisions at
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Tags: FinTech
The Power of Open Innovation Platforms
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October 22, 2019
Every financial institution is looking for the next ‘big idea’ or ‘next generation’ digital app that will differentiate an organization by making banking easier and deployment of products and services less costly. With most banks and credit unions unable to build this type of digital capabil
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Tags: FinTech
A Practitioner’s Guide to Digital Transformation
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October 15, 2019
Many people talk about digital transformation in financial services, but few have actually built a digital banking organization from the bottom up. What are the strategies and components of success? What are the challenges and barriers that can derail a digital transformation journey? And, why are s
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Tags: FinTech
How Mobile Drives Digital Transformation
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October 08, 2019
Mobile initiatives are aligning with emerging technologies to become the centerpiece of most enterprise-wide digital transformation efforts at banks and credit unions. The proliferation of mobile devices has moved mobile apps beyond a transactional entry point, with an increased emphasis being place
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Tags: FinTech
Building One to One Digital Relationships
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October 01, 2019
It is imperative to build and maintain a customer-centric business during periods of digital transformation. To accomplish this, firms must focus on the customer experience, leveraging corporate culture, strategy, technology, and data analytics. Which firms are the best at being able to accomplish t
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Tags: FinTech
A Futurist's View of Banking and Technology
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September 24, 2019
Digital disruption is occurring globally, impacting not only the way products and services are consumed, but how they are marketed and delivered using modern technologies. The impact is felt in all industries, but especially in banking, where legacy systems and culture work counter to most transform
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It's Time to Rethink the Innovation Process
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September 17, 2019
The future of innovation is not defined by technology. Innovation is defined by doing something new and different that works. Organizations hoping to succeed in their digital transformation journey must avoid simply adding something new, and consider the elimination of old paradigms.
In this epis
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The Magic of Digital Transformation at Disney
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September 11, 2019
Disney is a great example of an organization that has changed tremendously through the years, leveraging data and new technology without forgetting their legacy or relinquishing their brand. At a time when financial institutions are caught between legacy cultures and the demands of a digital consume
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Contextual Data is Changing the Future of Banking
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September 03, 2019
The financial services industry has seen a great deal of disruption from digital-based alternatives. Many of these challengers use advanced technology and expanded data sets to offer apps that provide financial solutions at a lower cost, with less friction and greater personalization than traditiona
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Tags: FinTech
How to Humanize Digital Experiences in Banking
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August 13, 2019
In a digital world, consumers can acquire enough information about a product or service on a smartphone or online to make a purchase decision without ever asking a question of a customer service representative or walking into a physical store (branch). Whether a consumer wants to buy a protein bar
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Tags: FinTech
Status Quo is Not an Option
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August 13, 2019
Gary Vaynerchuk (Gary Vee) is a serial innovator, social media icon, chairman of VaynerX, and the active CEO of VaynerMedia. He wants you to have a proactive approach to marketing and be willing to disrupt yourself to avoid obsolescence. In this interview, Gary discusses the use of social media, the
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Leadership Lessons for Bankers from the Former CMO of Kodak
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June 10, 2019
In this exclusive interview, Jeffrey Hayzlett, the former CMO of Kodak, discusses the importance of strong leadership, the need for a well-defined culture, and the risk of being passive when your industry is facing massive disruption.
Hayzlett challenges bank and credit union executives to exam
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How Will The Coronavirus Impact The Banking Ecosystem?
Innovation in Banking Demands Supportive Culture from Top Down
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Consumers Prefer Digital Banking Capabilities Over Branch Proximity
Banking Industry Fails to Meet Personalization Expectations
Voice Payments Take Center Stage as Google and Walmart Partner to Compete with Amazon
Get the Latest in Retail Banking Research
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The Rise of the Digital-Only Banking Customer
AI is the New UI
Top #Fintech Influencer Interview with Jax Finance
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Closing the Digital Divide Between Banks and Customers
Lemonade: The Mobile-Based, AI-Fueled Insurance Industry Disruptor
Needs Identification and Transparency Results in Sales Success
Marketers Unprepared for Data-Driven Future
Conversational Banking Will Change Financial Services Forever
10 User Experience (UX) Design Trends for Banking in 2017
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108 Banking Influencers to Follow
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The Future of Mobile Banking: Market Shift or Market Growth?
Thank You
Why Fintech Firms Are Winning the Battle for Digital Consumers
Jim Marous
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“In the future, the [banking] interface will not be a branch, a computer, or even a phone”
Jim Marous Interview: 2016 Banking Trends Recap
Banking with Apple? Millennials prefer Google, Amazon
