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Studies & Trends

Demand for Digital Payments Is Climbing, but Regulatory and Operational Hurdles Persist

October  19 — Digital payments are experiencing a boom, driven by developing markets, according to Capgemini and BNP Paribas’ World Payments Report 2018. However, the innovation landscape is payments is uncertain as bigtech entrants make their presence felt, and incumbents face technical and regulatory complexity in the development of new collaborative payments ecosystems between themselves and fintechs. According to the report, it will take more than bank-led initiatives to grow the new payments landscape. The broader financial services community — including public-sector organizations, regulators and third parties — must determine their new roles and work together with large payment users to ensure a smooth, balanced and robust payments ecosystem development.

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Where Do Financial Institutions’ Communications Risks Originate?

October 19 — A survey  of compliance professionals in the financial inudstry by Portland, Ore.-based Smarsh, found that organizations may not be keeping pace with their retention and supervision efforts — particularly with a growing, younger workforce that relies on expanding, mobile-friendly channels, such as social media and text messaging. As a result, evolving technologies and shifting demographics within the workforce, and within firms’ customer bases, are forcing organizations to rethink their approach to the adoption and oversight of electronic communications.

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Could Digital Disruption Put Banks’ Revenue Growth at Risk?

October 18 — New entrants to the banking market — including challenger banks, non-bank payments institutions and big tech companies — are amassing up to one-third of new revenue, which is challenging the competitiveness of traditional banks, according to new research from Accenture.

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Digital Engagement Drives Consumers to Seek Financial Services from Non-Financial Sources

October 17 — The latest quarterly consumer trends research from Fiserv Inc. shows that as the importance of digital engagements has grown, so has consumer comfort using non-financial companies to conduct financial activities. While consumers remain most comfortable with traditional financial organizations, a growing number say they would use a technology company such as Apple or Google to pay bills, take out a loan and conduct other financial activities.

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Millennials and Money: What Big Banks Can Learn from Credit Unions’ Video Banking Success

By Damien Simonneau

When it comes to courting millennials, there’s a lot banks can learn from credit unions. While banks have more overall marketing power, with bigger budgets and more branch locations than their credit union counterparts, credit unions have one major advantage over banks today: their ability to be nimble and experiment with new technologies to attract and retain members — especially the digital-savvy millennial. According to BluCurrent Credit Union, nearly half (44 percent) of all new members are millennials.

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