Technical problems at Simple show the tricky position of the digital-only neobanks: They depend on systems (sometimes antiquated ones) run by others, yet they’re the faceless names bearing responsibility for problems.
Bank of Montreal has turned to analytics software from Novantas to aid its rate-setting process.
No longer a futurist concept, data analytics is cheaper and easier to do than ever.
Banks are using technology for a more efficient branch that better serves customers.
Interest rates are expected to rise, cash management behavior is shifting, and convenience-based behaviors are becoming more prevalent. How will banks and credit unions make their offerings more relevant to today’s checking account shoppers?
In a recent BankChoice Monitor survey, only 24% of Gen Y consumers currently shopping for checking accounts are comfortable with an account that requires they only use electronic channels like mobile banking and ATM machines, compared to 33% of Gen X consumers aged between 30 and 39.
With all the attention heaped on mobile banking apps these days, it’s easy to minimize the importance of the web-based online banking experience. But according to a recent BankChoice Monitor survey, the people who use mobile apps most frequently are also frequent users of online banking.
Using traditional gender stereotypes, financial institutions might be tempted to market mobile banking more to men. But here’s why bank and credit union marketers shouldn’t make this mistake.
The bank advisory business is in a struggle for relevance. And the problem is, many of the individuals involved don’t even realize it.
One of the most popular features that consumers look for when shopping for new banking relationships are savings accounts “linked” to their checking accounts. In Q2 2014, nearly 46% of active bank shoppers indicated that they prefer to have a free linked savings with their new checking account.