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Nationwide Wins Retail Banking Security Innovation of the Year

May 27 – Nationwide Building Society has been awarded the Retail Banking Security Innovation of the Year award for a behavioral biometrics prototype it developed with Unisys and BehavioSec to improve security and user experience for mobile banking customers.

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LCNB National Bank Selects Cachet Mobile Deposit

May 27 – Cachet Financial Solutions (CAFN), a leading mobile fintech provider, has announced that LCNB National Bank has selected Cachet’s Select Mobile™ Deposit solution to power the bank’s new mobile deposit solution.

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Bank of Internet USA’s New Website Awarded Two Best in Class Honors

May 27 – Bank of Internet USA, the nationwide subsidiary of BofI Holding, Inc. (NASDAQ: BOFI), was named Best In Class website in the Banking and Financial Services categories by the Interactive Media Awards (IMA) for its redesigned website, BankofInternet.com.

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Digital Roadmap Offers Tactics for Capturing Digital Banking Market

May 24 – $405.3 Billion. That’s the “digital value at stake” retail banks have the potential to realize from 2015 to 2017. Yet, in 2015, financial services as a whole captured just 29 percent of that opportunity. Of the challenges slowing growth and innovation, cybersecurity weakness is certainly at the forefront. Cybersecurity concerns have prevented retail banks from adopting digital technologies and business models. And this has contributed to them missing out on more than 70 percent of the potential revenue opportunity. (more…)

Florida Community Bank Promotes Money-Saving for Education

May 24 – Florida Community Bank has announced a partnership with the Women’s Foundation of Southwest Florida, Inc. and United Way of Collier County, to launch a pilot program designed to empower women in Southwest Florida through education – Becoming Economically Successful Together (B.E.S.T.). The pilot program is funded by a $100,000 federal grant from U.S. Department of Health & Human Services’ Assets for Independence Program. The federal funds will be matched by $100,000 in non-federal funds pledged by donors and corporate underwriters. As part of the Bank’s commitment to this program, FCB has pledged $20,000 in support of the required match.

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From Banking to Living: FIS Annual PACE Index Showcases Consumer Insights about Banking

May 24 – FIS, a global leader in financial services technology, is releasing its 2016 Performance Against Customer Expectations (PACE) Index, an in-depth, global research study on consumer expectations of financial institution performance. It surveyed more than 10,000 banked consumers in 10 countries, including Australia, Brazil, Canada, Germany, India, Philippines, Poland, Switzerland, the United Kingdom, and the United States.

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Top Banks Meet Customer Expectations For Mobile Banking Channel

May 23 – Half of the U.S. adult population now banks using smartphones and tablets, which is 29 million more than last year. This dramatic shift in consumers’ channel preferences puts pressure on financial institutions to innovate in the space to meet increased demand for mobile functionality. Today, JAVELIN released, 2016 Mobile Banking Financial Institution Scorecard: Mobile Becomes the Remote Control for Banking, which assesses the evolution of FI mobile banking offerings and recent trends in mobile account management and transactional functionality.

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Farm Credit System Has Strayed from Mission, Banking Groups Tell Congress

May 23 – Representatives of two banking groups testified about the lack of oversight of the Farm Credit System before the Senate Agriculture, Nutrition and Forestry Committee. The banking industry’s perspective was presented on credit conditions in rural America and what it describes as the unwarranted risk to taxpayers posed by the FCS and its expansive mission creep and lack of support for young, beginning and small farmers. (more…)

The Future of Banking: Digital Banking Superstores

May 23 – By 2025 leading banks will be operating as digital financial superstores that blur the line between technology companies and banks, according to a new report from Greenwich Associates.

 

The Future of Banking: 2025 – Rise of Digital Banking Superstores traces the changes in the banking industry since the global finance crisis and projects the course of its evolution.

The influence of the digital consumer experience is quickly and dramatically reshaping expectations across all banking interactions. With tech and retail sites setting new standards, customers increasingly expect interactions with their banks to be easy, fast, transparent, and done on their own terms.

Enter the NonBanks

Banks’ troubles have created an opening for nonbank lenders and fintech providers that leverage cutting-edge technology and their largely unregulated status to deliver the type of service and experience consumers have come to expect from the best Internet and mobile sites.

“These pressures are pushing banks inexorably toward a new model,” says Don Raftery, Greenwich Associates Managing Director and author of the report. “Today banks feel analog in an increasingly digital world. Within the next decade, the leading banks will feel and operate more like tech companies with banking licenses.”

Digital Banking Superstores

That new model will take shape by, if not before, 2025, when the industry arrives in what Greenwich Associates dubs “The Age of the Digital Banking Superstore.” Stripped of their technology advantage (and their regulatory advantage as well, assuming regulators act appropriately):

  • Nonbanks will cede clients and share of wallet to the banks, and clients will rediscover the benefits of one-stop shopping with large banks.
  • These benefits will not be just marketing hyperbole, but real advisory driven insights to help clients by better leveraging technology and data.
  • Many major fintech and nonbank providers will be acquired by banks in the coming years, further enhancing and accelerating banks’ technology prowess.
  • Regional banks will struggle to keep up with mounting costs of IT investments for client benefit instead of regulatory/risk mitigation, while small and community banks attempt to leverage white-labeled technology from third-party providers to maintain their own value propositions.

“Even in more developed and heavily regulated markets like the U.S. and Europe, virtually the only thing standing between banks and giants like Google and the telecom providers will be a banking license,” says Don Raftery.

Bankers Prepare for Scenario Building to Comply with FASB

May 11, 2016 – A recent Sageworks poll of professionals from banks and credit unions found that 66 percent of respondents do not currently practice scenario building as part of their institutions’ risk management processes. However, 59 percent indicated that they plan to begin scenario building in preparation for implementation of the FASB’s CECL model. (more…)

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