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New Technologies and New Customer Experiences Drive Banking Today

Key Takeaways from American Banker’s Digital Banking Conference

June 13, 2018 By Todd Anderson 1 Comment

Views: 204

The discussion at American Banker’s annual Digital Banking Conference in Austin last week revolved around new technologies like AI and blockchain and the future of customer experience. Banks of all sizes have implemented some level of technology in recent years, almost all have mobile apps and they have begun the process of digitizing their core functions.

There were also a lot of lessons from non-banks that were on display, Starbucks mobile payments adoption and p2p payments app Venmo were popular discussion points on the keynote stage. Starbucks has seen over 40% of the 55 million U.S. smartphone users make an in-store mobile payment through the Starbucks’s app at least once in the last 6 months. Venmo’s payment volume continues to rise, even with competition from Zelle, and it was interesting to hear where the idea came from. Venmo founder Iqram Magdon-Ismail explained that he and fellow co-founder Andrew Kortina thought of the idea because paying one another back was awkward. They devised an app where you can exchange money quickly without having the awkward conversation.

[Read more…]

Filed Under: Peer to Peer Lending Tagged With: Bank of America, Celent, D3 Banking, digital banking, Fiserv, Moven, Samsung, Starbucks, TCF Financial, U.S. Bancorp, Venmo

Views: 204

Banks Going Digital – Transforming Branches, Apps and a Focus on Customer Experience

Banks know they must go digital and many are embracing new technology to improve the customer experience

June 22, 2017 By Todd Anderson 3 Comments

Views: 155

In Austin last week American Banker hosted their annual Digital Banking Conference where banks of all sizes gathered to discuss the innovation in banking today. There were a few main themes that came out of the event; banks are focused on transforming the customer experience, mobile first approaches are prevalent and technology solutions like AI and cyber security are becoming must haves within the bank.

The big banks have all started to understand that the traditional way of banking is a thing of the past. Keynote speaker Yolande Piazza, CEO, Citi Fintech talked about disrupting from within, changing how they operate to enable the customer and move to a mobile first approach. She explained how this approach is radical for a bank and the layers of compliance did not make the transition smooth. They have completely rethought how they hire, 50 percent of their fintech talent is from outside the company. They have looked towards fintech and technology companies to fill their pool, while the banking talent comes from within.

Consumer oriented experiences really drove a lot of the conversations at the event, banks and the vendors were all talking about how to best utilize the consumer’s time when they engage. Mobile apps seem to have become a bit of a competition among the banks, though some would describe it more as a competition of experience and not necessarily as a competition between different banks. No longer are banks looking to drive where the customers should go, they are looking for the customers to drive what they want in the experience.

Consumer experience is not limited to the digital channel; banks and companies like Samsung are also focused on changing the way people interact within the branch. In speaking to Reginald Jones, Director of Sales for Regulated Industries, he talked about how the consumer electronics giant is working with banks to help change the way people think and interact with their local branches. [Read more…]

Filed Under: Peer to Peer Lending Tagged With: artificial intelligence, Banks, BioCatch, Citi, cyber security, digital banking, fintech, Mobile App, Samsung, Zelle

Views: 155

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ABOUT LENDIT FINTECH NEWS

LendIt Fintech News, Powered by Lend Academy, has been bringing you all the news and information about fintech and online lending since 2010 when it was founded by Peter Renton. We not only have the industry’s most active news site, but also the largest investor forum and the first and most popular podcast.

We are a team of fintech enthusiasts who have been covering the industry for many years. With a deep knowledge of online lending, digital banking, blockchain, artificial intelligence and more our team covers the daily news and writes in-depth editorials.

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