Even in FIs with a strong analytics presence, and years of experience in data-driven marketing techniques, the analytics group itself is viewed as a bunch of statistical nerds, relegated to some remote section of a floor in headquarters that none of the executive team has ever been on–or would want to be seen on.
The cost of driving adoption and use of MCX’s mobile wallet–recently named CurrentC–will offset any reduction in interchange fees the merchants realized. My take:MCX’s mobile wallet is doomed to fail.
The American Bankers Association released the findings of its 2014 survey regarding bank channel preferences. A pymnts.com article titled Mobile’s Impact on Bank Branches reported that 21% of those polled selected the branch as their most preferred banking method, up from 18% in 2013. My take: The title of the article is wacky, and the ABA’s explanation of what’s going on is incorrect.
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.