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COVID-19 and its Influence on Digital Banking Trends, Part 2

COVID-19 and its Influence on Digital Banking Trends, Part 2

The digital revolution in banking continues. The next couple of years will see profound changes in banking as we know it, especially driven by innovations resulting from the COVID-19 pandemic. In part 1 of this two-part blog series, we covered some of the trends we expect to see more of due to the crisis and the constant development of new technology. The areas discussed included how banks are driving new deposits and loan growth, conversational interfaces in customer interactions

Why Banks and Credit Unions Need to Rethink Their Small Business Offerings

Why Banks and Credit Unions Need to Rethink Their Small Business Offerings

Banks and credit unions that diversify their offerings have achieved great success in serving their customers and members. Some of these products are created in-house and others are offered through partnerships with third parties. By offering a full range of banking products, these firms have forged strong relationships with the consumers they serve. While banks have been successful in offering full-product menus to consumers, they have not performed as well when it comes to their small business customers. Instead, fintech firms

Digital Channels Become Critical for the Nation’s Banks in the Wake of COVID-19

As the world continues to wage its battle against the COVID-19 virus, strategic planners in every industry are assessing the most likely outcomes and making plans to ensure the delivery of necessary products and services to consumers.   While a lot of attention has been focused on essential industries such as medical, pharmacy and food, executives in the banking industry are also carefully monitoring the situation.  As American Banker reported

Ensuring an Agile Business Transformation

As we enter the next decade, industry executives are becoming more comfortable with the concept of business transformation. In fact, it is becoming clear that unless traditional businesses evolve, they won’t be able to compete with new natively digital offerings. This is particularly true in financial services where fintech firms began getting attention years ago and are now well positioned to be powerful competitors for traditional banks and credit unions. Consumers are ready for a completely digital experience, both for banking

Understanding Visa’s Acquisition of Plaid

Understanding Visa’s Acquisition of Plaid

On January 13, Visa announced via a press release that it would acquire Plaid, which the company described as “a network that makes it easy for people to securely connect their financial accounts to the apps they use to manage their financial lives.” Visa agreed to pay $5.3 billion for the fintech firm. As you might imagine, many in the financial services industry were excited by this news. Venture capitalists had another reason to invest in fintech; Visa would have a

How Will FIs Leverage Open Banking in 2020?

The open banking platform will eventually change the entire banking ecosystem – from the products and services offered, to the delivery channels and third-party partnerships.  These changes will affect and redefine customer experiences and expectations.  Third-parties will have the ability to use customer’s shared data to identify the best financial products and services for them. Additionally, FIs can utilize open banking technology to strengthen customer relationships and customer retention by better helping customers to manage their finances instead of simply

The Rise of Conversational Interfaces

Chatting with a computer through a company’s website is not really a new technology. The first chatbot was developed at MIT back in 1966. It was called ELIZA and is considered the mother of all chatbots. The tool used a decision tree to answer simple questions for users without human assistance. Eventually, the technology was adapted for use in automated telephone systems, where it quickly became universally hated by consumers. But it also saved companies a great deal of money by

5 Considerations for Lenders Going Digital

As lenders continue to digitize the lending process, they are beginning to enjoy a number of powerful benefits, including better decisions, improved customer experience, and significant cost savings. But as McKinsey Partner Gerald Chappell has pointed out, “It is also a complex and challenging project.” But that doesn’t mean it can’t be managed effectively. Lenders moving down the path to digital have been most successful when they keep 5 key points in mind as they planned their journey. Do the right

Moving to Microservices The Trend Continues

One of the biggest technology trends in 2017 and 2018 was the movement toward microservices architecture, in which complex applications can be broken down into small, independent processes that communicate with each other using standard APIs. The trend is expected to continue through 2020 and shows no signs of abating, as more and more companies seek to be as agile as possible in their development and delivery. What Are Microservices? In computing, microservices are small building blocks that focus on doing a

The Changing Face of Digital Business Banking

Traditional banks and credit unions are finding their small business customers, an important component of their businesses, are targets of aggressive competitors. With 30.2 million small businesses in the U.S., these firms account for 99.9% of all American business and create nearly half of the nation’s Gross Domestic Product. They are a valuable source of business if they are properly served. Whether it’s payment processing, small business lending or digital banking, there are now a host of competitors offering these services