The Financial Brand

Pandemic Gives Traditional Banks a Rare Chance to Catch Up Digitally

Pandemic Gives Traditional Banks a Rare Chance to Catch Up Digitally

While the economic impact of the coronavirus pandemic is expected to sharply curtail banking profits, its ripple effects could enable incumbent institutions to reduce the innovation gap with fintechs and the largest banks.

Read More
COVID-19 Impact on the Future of Fintech

COVID-19 Impact on the Future of Fintech

While a great deal of attention has been given to the impact of COVID-19 on traditional banking institutions, there is also a significant impact being felt in the fintech marketplace. This is best evidenced by the slowdowns in funding, drop in establishment of new fintech firms and the reduced revenues of most organizations already in […]

Read More
post thumbnail

COVID-19 Related Shifts in Digital Banking Behavior Favor Big Banks

The COVID-19 pandemic thrust the retail banking industry into embracing a digital-first mindset. With consumers forced to use online or mobile banking alternatives, or face long lines at drive-up teller windows, the use of non-branch banking solutions has increased dramatically.

Read More
Over the COVID Horizon, Mobile Banking Demands Strategic Clarity

Over the COVID Horizon, Mobile Banking Demands Strategic Clarity

Over the past decade, both consumers and business owners have adopted mobile as a key component to how they interact with their financial services provider. In 2018, a Citi Financial study found that 31% of respondent used their mobile banking app the most, behind only apps for social media (55%) and weather (33%).

Read More
How Digital Banking Can Be a Gateway to Deeper Consumer Engagement

How Digital Banking Can Be a Gateway to Deeper Consumer Engagement

Bankers are consumers, too, so they should be familiar with the impact that social media and the increasing use of personal data has had on the shopping experience — in-person, online or mobile. Digital technologies have caused a seismic shift in retail interactions and expectations.

Read More
Why Facebook Still Wants to Invade the Payments Space

Why Facebook Still Wants to Invade the Payments Space

While Facebook has taken some PR lumps over its Libra cryptocurrency concept, it’s not as if the company was a payments newbie. Facebook has a longstanding interest in payments, and has already made a considerable amount of money from its payments activities.

Read More
Why Banks Should Care About Mobile Wallets (Even if Consumers Don’t)

Why Banks Should Care About Mobile Wallets (Even if Consumers Don’t)

When Pew surveyed 1,200 American adults in 2018 it found most were still hesitant to adopt mobile payments. Many remained skeptical of the technology, had concerns about security, and were more likely to trust traditional payment methods like credit and debit cards.

Read More
These 5 Pivotal Payment Developments May Be Redefining Banking

These 5 Pivotal Payment Developments May Be Redefining Banking

Some in the banking industry may think that lending is the defining essence of banking. But the people running the payment systems think otherwise. Lending is important, they know, but payments is the foundation of the relationship between financial institutions and their customers.

Read More
Top 5 Digital Banking Transformation Trends Shaping 2020

Top 5 Digital Banking Transformation Trends Shaping 2020

Nobody will disagree that the banking industry is going through massive changes unlike anything seen in decades. New technologies are impacting legacy banking models and consumer expectations, as well as the competitors in the marketplace.

Read More
4 Out of 5 People Who Use Digital Banks Would Switch to Amazon

4 Out of 5 People Who Use Digital Banks Would Switch to Amazon

Nearly two-thirds of U.S. consumers are thinking about opening a new savings account, and about half of them (47) say they would be comfortable with an online-only provider like Ally, Discover or Synchrony, according to a survey conducted by the Consumer Bankers Association and Novantas.

Read More
Can Smaller Financial Institutions Win the Mobile Banking Arms Race?

Can Smaller Financial Institutions Win the Mobile Banking Arms Race?

The banking industry continues to struggle with issues around reputation, trust and loyalty, failing to completely recover from pre-crisis issues that have resulted in new competitors and consumer backlash.

Read More
Digital Banking Growth Is No Longer Guaranteed

Digital Banking Growth Is No Longer Guaranteed

Subscribe to The Financial Brand via email for FREEWith an expansion of smartphone usage and enhanced digital applications across industries, it is not surprising that the majority of consumers prefer to interact with their primary financial organization via online and mobile channels.

Read More