If you didn’t already think of yourself as competing with digital giants like Apple, Google and Amazon, here are five good reasons to think again. Tech’s big players – and not just fintech startups – are increasingly head to head with credit unions, even as they continue to expand the field with service innovations and even forays into brick-and-mortar. Game on!
Tech Giants like Amazon Are a Bigger Threat than Fintech
A World Economic Forum report finds that digital giants like Amazon and Facebook pose a greater threat to financial services than fintech companies. Areas of concern: big data, cloud computing and artificial intelligence.
Amazon Launches Instant Pickup in Five Cities
Because fast free shipping isn’t always fast enough, Amazon is launching Instant Pickup in five cities. Prime and Prime Student will choose from a curated selection of “essentials – including snack food, drinks, electronics and popular Amazon devices – available for pickup in two to five minutes.
Banks Already Sprinting with New iOS Imminent
Each time Apple or Google releases a new operating system, financial institutions must plan for updates and upgrades. The result: Traditionally slow-moving financial institutions must become nimble players to keep pace with an increasingly mobile-dependent market.
Mobile-Payments Processor Square Opens Brick-and-Mortar Store
While big banks continue rolling back their branch networks, one fintech player is moving into brick-and-mortar territory. Mobile payments company Square is opening a store that will offer live support to users of its payments processing technology.
Here’s How Apple’s P2P Payments Will Work
Get a peek at how Apple’s soon-to-be-released P2P payments will work in this video post with demo.