The current health crisis has exposed businesses across the world to many risks that didn’t exist before. Many small businesses are struggling to survive while navigating how to remain relevant without the ability to typically meet customers face-to-face. Even as the country reopens and when this crisis comes to an end, it will take a signification amount of time before everyone feels comfortable returning to their normal lives. The financial services industry hasn’t been spared from the realities of this pandemic.
Until now, consumers and small businesses have provided credentials to fintech firms in order to use their applications. The firms use these credentials to collect data from the consumer’s accounts via screen scraping. And although consumers and small businesses alike have now fully embraced the functionality provided by third-party fintech firms, financial institutions are opposed to the practice of screen scraping as they
At a time where conducting business from a couch or a home office has become the norm, banks have a unique opportunity to find ways to expand their digital presence. The struggle many face is not knowing where to begin. The most successful banks are attracting new and retaining their current small business customers. So, what is the key to success with winning small business customers? Making digital
The outbreak of COVID-19 has changed the way we do business in America. Even though financial services institutions are considered essential businesses, most banks and credit unions have had to make significant changes in their operations with the majority of their staff members transitioning to home offices. The industry has performed quite well through this crisis, despite the tidal wave of work that came out of the Small
In a previous post, we addressed the need for banks and credit unions to invest in enhanced digital capabilities in order to attract and meet the needs of small businesses. Effective digital product management is a critical piece to enabling financial institutions to drive innovation forward in small business focused digital solutions and take more control over what Aha!
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
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
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
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
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