Collaborative Program Strives to Prepare Members for Evolving Payments Landscape.
Eleven payments associations representing more than 10,000 financial institution members, businesses and stakeholders, announced a new program to advance the payments industry through joint development of market intelligence and thought leadership. The participating payment associations — ePayResources, EPCOR, MACHA, NEACH, PaymentsFirst, Shazam, Southern Financial Exchange, The Clearing House Payments Authority, UMACHA, WACHA and WesPay — span all 50 states and U.S. territories and form a nationwide network of payments professionals.
Data from the Federal Reserve among others show a significant slowing of mobile banking adoption in recent years, falling short of online banking usage rates even as smartphones approached saturation point and financial institutions of all sizes launched app-based services. The industry has responded with a change in strategy, analysts say. There’s more interest in designing cross-channel customer journeys — hybrid experiences — now than during the years of double-digit growth in mobile user numbers. Banks continue to bring more of their traditional offerings onto their apps, but the emphasis is less on ticking boxes than on deepening engagement and moment-to-moment relevance by making the best use of channels’ particular strengths.
How New Technologies are Helping Banks Solve the Big Data Challenge
By Ryohei Fujimaki
Data science is a major area of investment for banks due to its proven impact on cybersecurity and fraud protection, risk mitigation, customer relationship management and more. When fully operationalized in production, data science enables banks to make data-driven decisions with unprecedented levels of speed, transparency and accountability, accelerating digital transformation initiatives and delivering better financial products and services that meet customers’ needs. Time-to-market to delivery data science impact is crucial to success, especially for traditional retail banks with physical branches and high overhead who must find innovative ways to compete with their online counterparts.
More than 9,850 bankers hosted financial education events across the country in celebration of Teach Children to Save day this year. Since 1997, the American Bankers Association Foundation’s financial education initiatives have reached 10.5 million young people with the help of more than 260,000 banker volunteers.
By Derek Meek
The concept of “doomsday preppers” always fascinates me, not only for the content itself, but for the internal debate it sparks. Are these people crazy, or the smartest people out there? Is a doomsday inevitable, and if so, will I wish I had paid more attention to how to filter water and can tomatoes?
Similarly, in the world of finance, it is easy to find an expert who is predicting financial doom in the near future, and usually with far less canned food and ammunition on the shelves in the background. Almost all experts agree that a downturn of some significance is coming at some point, however, no one knows for certain when it might happen and what might spark it. Here are some tips that are good to remember as the asteroid hurtles toward your own bunker: