Weekly Coffee Break: Roundup of Industry News
Every week, we’ll share a roundup of industry news links because these resources have informed and inspired us. Here’s our weekly roundup of industry news:
Is Mobile Account-Opening Safe? – The next step in the evolution of digital banking has begun: mobile onboarding, or letting consumers open accounts entirely through their smartphones. ABN Amro and Radius Bank have been doing so for several months, and a large U.S. bank is rumored to be on the verge of taking the leap.
Own, share or subscribe: Car ownership in the self-driving era – Fast-forward 20 years. Driverless cars coast around every street in the country without a human driver behind the wheel. They’ve reached market saturation — the technology is as commonplace as cruise control is today.
The rise of self-driving cars leads to a host of questions, of course, but for the moment let’s focus on just one: Will you still be able own a car? Would you even want to? I mean, why buy when you can take an autonomous pod everywhere for far less?
Fidelity to Launch Robo-Advising This Summer – Fidelity Investments is launching its digital wealth management tool, a.k.a. robo-adviser, later this summer, a company spokesman told Bank Innovation today. The new product, Fidelity Go, has been in customer pilot for the past two months, and, based on customer feedback, will be ready to go live soon.
Consumers Prefer Their Own Banks for Services, but Want Them Today: FIS Index – Germany and the United States received the top two scores in the FIS “2016 Performance Against Customer Expectations (PACE) Index,” an in-depth, global research study on consumer expectations of bank performance.
The Jacksonville, Fla.-based fintech firm’s PACE index 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. Brazil made strong gains; while the United Kingdom showed a three-point drop from the global average compared to last year’s results.
How your credit union can build trust with millennials – Millennial consumers (age 18-34) are willing to forgo traditional banking relationships in favor of non-traditional providers such as retail, telecom and technology firms. Consider the fact that almost three-quarters are likely to use at least one alternative financial services provider, such as Apple, PayPal, or Square (Accenture, 2014). In addition, almost half (45%) are willing to switch banks, credit cards, or brokerage accounts in a heartbeat when a better option comes along (Facebook, 2016).
Digital wallets are secure – but you can do more to keep member data safe – As discussed in Part 1 of this series, digital wallet usage is expected to rise dramatically in the near term, giving consumers a host of faster, more convenient payment options at checkout. While experts regard technologies such as Apple Pay, Samsung Pay and Android Pay as highly secure, there are added steps credit unions and their members can take to further protect account data.