This week we scan a few ways that traditional financial services are serving up new markets, new approaches and all-new technology – and how one nontraditional provider might be testing the waters with Gen Z. Although payments, lending and transactions are constants in the banking space, (r)evolution is in the air when it comes to how we deliver the goods. Happy reading!
Amazon Sees DDAs as Ticket to Teen Spending
Amazon is in conversation with banks about creating a payment product that is similar to a checking account, aimed at young people who don’t yet have a credit card. What’s in it for Amazon? Revenue, loyalty and data.
Banking Providers Must Overhaul Lending for Millennials
Millennials have contempt for credit card debt, but don’t think of them as loan-averse. They aspire to homeownership just like generations before them, and they own or lease cars at a slightly higher rate than Gen X. What does it take to lend to a Millennial? Read on.
Recurring Payments: How CUs Can Avoid Being Left Behind
Credit unions experienced 65 percent annual growth in recurring transactions between 2016 and 2017. Bad news: National banks saw gains of 80 percent – meaning they picked up market share. How do credit unions gain an edge?
Shared Branching Enters a New Era
Shared branching is undergoing a complete overhaul in order to better serve both credit unions and their members. According to CO-OP’s Dr. Kathy Herziger-Snider, the CO-OP Shared Branch Network will undergo upgrades in data analytics and reporting, fraud prevention and detection, self-service technology and integration to improve client experience.
On-Device Processing and AI Go Hand-in-Hand
“Whether operating an autonomous vehicle, using facial recognition to access your bank account, or keeping your device safe from fast-changing security threats, artificial intelligence (AI) is playing a bigger role in our lives,” begins this information-packed overview of how AI is changing our everyday experiences.
The future of financial services is anything but certain. Learn more about the trends and technologies that will revolutionize financial services this year at THINK 18 in Chandler, AZ.