This is a roundup of industry news and links for the week of June 12th that have informed, entertained, and inspired us.
Here’s our weekly roundup of industry news:
AI’s Biggest Promise Is Simplicity, Experts Say – Innovation is all well and good, so long as it keeps banking simple. Most financial institutions are now at the stage where “anticipating the customer’s need” is a critical step towards creating that simplicity, whether it’s for mobile banking, payments, or other daily banking tasks, according to Andy Hernandez, executive vice president and head of e-business for Regions Bank.
Don’t underestimate fintech’s value to older Americans – With fintech’s appeal to the young and tech-savvy, one might assume, wrongly, that the successful entrepreneurs are millennials who focus on creating lifestyle apps for their age bracket. Another possible misperception is that baby boomers and even older consumers are not the right target audience for fintech.
Banks Must Disrupt Themselves, Not Consumers, Citi Fintech CEO Says – Better customer service comes from disruption within, not from trying to change consumer behavior, according to Yolande Piazza, CEO of Citi Fintech.
An online loan in five minutes? This startup says it’s possible – Dan O’Malley, who until very recently ran the fintech incubator at Eastern Bank (and before that was at Capital One), now has a startup called Numerated Growth Technologies and software that he says can process loans in five minutes. O’Malley explains how it all works in this podcast.
Here’s How Easy It Is to Switch to a Credit Union – There are a few ways credit unions differ from big banks, which might make them a more attractive option. The problem is, switching over seems like a huge pain. We’ve told you how to do it, but here’s the thing: most credit unions come with “switch kits” that make it dead simple to move your money.
Preparing for AI and IoT’s coming collision – One hallmark of the Age of Technology that we find ourselves in now is the tendency of disparate technologies to intersect with each other and produce new hybrid uses.