A very large bank–I think it was a Well Funded bank–announced that it was launching a startup accelerator to provide up to $500,000 in capital, and offer a six-month boot camp for startups to develop tools for the financial industry, especially in the transactions, security and consumer information areas. According to the head of the…
With apologies to the Beverly Hillbillies: “Come listen to my story about a man named Ron, a real tech moron, could barely turn his PC on. And then one day he gets a message from his bank, and now he has to give up his FinTech Titan rank.”
We’re going to survey like it’s 1999. According to an article published on CBS News‘ website: “In a poll conducted for the ID security firm Intercede, 48% of U.S. consumers surveyed said they would never use bill payment apps, and 44% said they would never use mobile banking services. One in five said they did…
An academic study found that “Disruptive innovations need not lead to an incumbent’s fall. Startups introducing disruptive technologies are more likely to end up licensing to incumbents or agreeing to be acquired rather than turning into rivals.” So, maybe banks don’t need to innovate.
GoBank’s recent results suggest that the potential of the Debanked is real, and that there are consumers who are truly giving up checking accounts as their primary financial account. Not because they have to, not because they’re under-served, under-class consumers. But because they want to.
The key to improving financial literacy is providing relevant information in the right context (when consumers have a decision to make), and that the key to successful content marketing is providing relevant content in the right context (when consumers have a decision to make). Financial education IS content marketing.
Making the payment is not the part of the customer experience that consumers want a digital wallet (whatever that might be) to improve. The mobile moments of opportunity–to improve the customer experience, to add new levels of convenience to the customer experience, to help consumers make better/smarter decisions about how they manage and spend their money–occur before and after the payment.