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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
“Banks are recognizing that there is a wealth of data and predicative analytics that can be used to curb future risks, but it’s all about how easily their teams can get access to it.”
Christian Lewis, Client Director of Financial Services, Unqork and Joe Lichtenberg, Global Head of Product and Industry Marketing, InterSystems, join Finovate Analyst David Penn to discuss how to cut down on latency in getting information and data to the right people, how to help organizations become more agile, and how to accomplish both goals while using fewer development resources than you might expect.
How do companies keep pace with rising consumer expectations in a post-COVID, digitally transformed world? What role do flexibility and adaptability play in explaining why some companies succeed in engaging their customers while other companies struggle to do so?
Our latest Finovate webinar tackled these issues and more in an hour-long conversation with a quartet of fintech and financial services professionals. Check out our panel discussion – Keep Your Friends Close and Your Data Closer– now available for free On Demand and learn how fintechs are successfully leveraging “people, process, and culture” to achieve their goals.
Here are some excerpts from the conversation:
“What’s interesting is that 60% of the marketing decision-makers say that their budgets will increase in the next six months, and this was during a time when many companies were still struggling with the previous wave of the pandemic. What’s even more interesting is that the top three areas that brands are intending to invest in are customer engagement, customer satisfaction measurement, and mobile optimization and apps.” Chye Yien, Senior Strategic Business Consultant, Braze
“We saw a major shift from people talking about things to actually doing things. And there have definitely been some very clear trends that we saw towards not only just getting an app out there – which a lot of people have done – but actually making sure that app works well. So when you talk about that dichotomy between the smaller players, the startups that are coming in, and the legacy players in fintech, what we really saw was the people that came from a digitally native position really had strong applications with greater users experiences.” Julio Bermudez, VP APAC and LATAM with Amplitude
“Brands and companies really need to kind of focus on trust and be forward-looking when it comes to permissions, which are only going to get stricter. Customers are only going to want to manage their data more and more. Personalization has been around forever, but I think it’s only getting more and more important; even if it’s in a soft advertising context like an in-app message or something like that, if it’s not relevant to you then why would you care?” Alex Bird, Product Manager, Openpay
“I think it’s very important for you to be able to marry everything together, everything sing(ing) in the same language, and that’s when the first part of collecting data gets done, that’s when you are able to get data in a clean, organized manner. The next part, which I feel is the challenging part, is taking that data into insights, that’s where the goldmine is, that’s where business or your product will be able to make or create an impact for your customers.” Alka Gupta, Director of Data & People, BukuWarung.
Upcoming webinar Date: Tuesday, August 17, 2021 Time: 1:30pm Singapore Time Duration: 1 hour
Digital identity is establishing itself as one of the most significant technology trends, and certainly one to make big waves in the financial services and fintech industry in the years to come.
As the world’s shift toward digitization has accelerated, customers expect faster and better access to virtual onboarding for new brands and services, and the financial industry must now deliver. Plus, a new and significant market demographic – Gen Z and younger Millennials – is emerging for financial services providers. Converting these prospects into customers is essential to long-term success because of the substantial lifetime value they offer your business.
This move to digital does not just open up new worlds of opportunity. Businesses have also noted increases in the volume of digital transactions and interactions, which fraudsters are quick to take advantage of. According to AITE, attacks manifested as first-party application fraud, third-party application fraud, and synthetic identity fraud, so it is becoming critical for FIs to address this trend and develop their approach before it takes a strong hold on revenues and reputations.
An effective digital identify solution can be the answer, but are FIs and banks fully embracing the technology and leveraging it effectively?
Upcoming webinar Title: Keep your friends close and your data closer: How fintech teams grow engagement and digital outcomes Date: Tuesday, July 27, 2021 Time: 2:00 PM Singapore Time Duration: 1 hour
We have moved into a new, digital era in finance and banking. For those businesses that have not pivoted and evolved with the times, it will be an uphill struggle to keep customers happy and engaged. For those businesses that embraced new digital strategies, and upgraded their marketing tech stack, now is the time to reap the rewards of increased growth and customer loyalty. And for those businesses that are somewhere in the middle, it’s becoming ever more important to be bold and experimental when testing and engaging your customers with new services and features. Your business’s future depends on it.
The art of balancing and blending product analytics and customer engagement, and why you need both in your strategy
Managing disparate data and leveraging data to inform an event-driven martech strategy
Going beyond understanding your customer, and the power of behavioural analytics
Future-proofing your finserv brand, and responding to changes in customer demands and tech trends
Featuring Alka Gupta, Director of Data & People, BukaWarung; Chye Yien, Senior Strategic Business Consultant, Braze; Julio Bermúdez, VP APAC & LATAM, Amplitude; and Alex Bird, Product Manager, Openpay. Moderated by David Penn, Research Analyst, Finovate.
Upcoming webinar Title: Biometric authentication for SCA and beyond: the art of the possible Date: Wednesday, March 03, 2021 Time: 03:00 PM Central European Time Duration: 1 hour
The PSD2 requirement for Strong Customer Authentication, combined with Mastercard’s mandate on biometrics, has led to an increase in the deployment of biometrics as one of the 2 factors of authentication. A strong preference from consumers for its ease of use is also driving adoption.
Join this webinar, with BNPP Personal Finance, Mastercard, and Fabrick, as they share their experience of deploying ID Check Mobile (IDCM), MasterCard’s biometric authentication solution for online payments.
The expert panel will tackle the topics including how the solution can help issuers meet regulatory requirements and how biometrics can deliver additional value-added services to maximize return on investment. The speakers will take time during the discussion to answer questions from the audience – so use this time to get your queries and thoughts addressed.
Featuring:
Moderated by: Julie Muhn, Analyst, Finovate
Stephanie Chlala, Project Manager, Payments, BNPP Personal Finance, France
Register for thisupcoming webinar Date: Thursday, March 04, 2021 Time: 11:00 AM Eastern Standard Time Duration: 1 hour
Traditional wealth management processes are not designed for the digital age. Firms need digital solutions that address clients’ rising expectations for digital experiences and expand service offerings while reducing operational complexity.
Going digital, however, isn’t for the faint of heart. With 85% of projects going over schedule and 70% of large-scale digital IT programs failing to even reach their stated goals, developing enterprise software can be a painfully inefficient affair. This is where Unqork’s no-code platform can be a game-changer.
Join this upcoming webinar to learn more about how the wealth and investment management industry is being disrupted, and what you can do to stay ahead of the curve. Featuring: David Penn, Research Analyst, Finovate and Matt Singleton, Client Partner, Unqork.
If digital transformation is sweeping financial services – and this trend has been accelerated by the global public health crisis, as we are often told – then what’s up with the huge and enduring demand for cash?
“I certainly would have expected, if you’d asked me prior to COVID: would COVID put a big dent in cash? I would have said “absolutely” because not only are people not going out, it has a dirty connotation to it,” Fiserv Senior Vice President David Keenan said during the Q&A portion of his recent webinar presentation, Looking Under the Hood of Today’s Payments Ecosystem.
“And yet if you look at the data,” he added, “that’s not what’s happening.”
This was one of many fascinating takeaways from Keenan’s research on payment trends in the COVID-19 era. That research was presented this week in a webinar that also looked at the rise of digital enablement in financial services and the inevitable transition to real-time payments. Keenan’s presentation is now available for viewing on an on-demand basis.
Toward the end of his discussion, which explained how and why companies need to be able to provide “the right options at the right time to create a winning payment experience,” we asked the Fiserv SVP why he began his presentation, which featured insights on digital enablement and real-time payments, with a discussion on the importance and endurance of cash.
Keenan said the decision to start with cash was deliberate – and given the program’s theme of “safe, fast, convenient payments” it is perhaps easy to understand why. For all of cash’s drawbacks – including the fact that paper money increasingly is seen as “dirty” in an ever-more touchless world – Keenan showed research from the Federal Reserve indicating that cash remains a preferred payment method in the U.S. – only trailing debit. Moreover, for about 85% of those surveyed, cash usage over the past 12 months had remained the same, or increased.
But perhaps most interestingly, this data also revealed that cash’s most passionate champions are under the age of 25. And this preference for paper money does not take away from GenZ’s appreciation of debit, which is on par with 25-to-34 year old, 35-to-44 year old, and 45-to-54 year old cohorts. Nor was credit usage impacted by GenZ’s preference for cash; GenZ credit usage was comparable with both 25-to-34 year old and 35-to-44 year old age groups. The main difference between GenZ and other cohorts was in the use of electronic payments, where its usage was typically half that of other groups surveyed.
A further note on the enduring preference for cash: while cash usage patterns have returned to trend after a brief, coronavirus-induced drop in March, the amounts of cash being used – which began increasing in March – have remained elevated.
Keenan speculated that what might blunt these accelerating cash trends could be a major response to the coronavirus – such as a vaccine. He said, “as long as we’re living in this one-step-at-a-time, back-to-the-new-normal, we believe cash is going to be an important part (of payments).”
Join us for this #FinovateWebinar, as Ondot gives an overview of what the Google Checking product is, how it compares to payment products from Apple, Facebook, and other tech giants, and what Google stands to gain.
We will be joined by Richard Crone from Crone Consulting, whose Apple Card insights have been featured in Bloomberg, Marketwatch, PaymentsSource, and The Financial Brand, to discuss what’s driving the opportunity from these tech giants and what is the opportunity or threat for banks and credit unions, as well as how financial institutions can respond.
Covered in the session:
How is this different or the same from other tech company launches such as Apple Card?
Why does Google see an opportunity and what’s in it for Google?
Along with Apple Card and other tech giants, what are industry trends and consumer demands driving this change?
What’s in it for banks and credit unions? Should financial institutions see this as an opportunity or a threat?
Featuring:
Richard K. Crone, CEO and Founder, Crone Consulting, LLC
Heidi Liebenguth, Managing Partner and Research Director, Crone Consulting, LLC
In 2020, banks will spend about $2.3 billion on core modernization just to satisfy customers and keep fintechs at bay. In the age of apps and the platform economy, do you know how to ensure your bank is ready to compete?
Watch this on-demand webinar to explore:
The future of cloud-first strategies
The future of platform-as-a-service strategies
How banks can accomplish these and achieve transformation goals more cost effectively
Is your bank keeping pace with escalating customer expectations shaped by their mobile experiences? How are you addressing the perception that all banks are the same?
It’s tough when you have a product focus and outdated technology is holding you back. You know you need to modernize to win and retain demanding, empowered, and fickle customers. Customer loyalty and company revenue are at risk if you don’t.
In this webinar, featuring OutSystems and guest speaker Alyson Clarke, Principal Analyst at Forrester, you’ll learn how leading firms like Amazon, Nordstrom, USAA, and Zappos have made the shift to customer-centricity and are delivering world-class customer experiences.
Thursday, October 17, 2019 | 2pm EDT | Register now
Technology advancements and the proliferation of consumer apps have created a new customer experience paradigm that is changing how people are using credit cards. Customers expect brand interactions to feel like a dialogue, one that is relevant, timely and personal to them; regardless of whether that’s online or offline.
Watch this webinar to learn more about:
The customer experience paradigm shift, from episodes to journeys
How to leverage the power of contextual marketing to enhance the cardholder lifecycle
How to optimize your cardholder lifecycle management
Featuring Jason Davies, VP, Enterprise Innovation, FlyBits and Rebecca Engelberg, Marketing Intelligence Manager, FlyBits.
Take a look back on the latest FinTech Futures and Finovate webinar, Digital, Data and Disinformation: Modern Banking with Jon Deutsch, from Information Builders; and Dave Birch, Global Ambassador at Consult Hyperion.
Technology and increasing competition have rendered the financial services sector very much under pressure. Banking is not what it used to be, and it’s becoming clear that new players are appearing by the minute, who will take a seemingly marginal share.
However, these changes are not as bad as they seem. If we focus on the potential of fintech disintermediation, digital transformation, and data proliferation, it’s easy to see that the industry is ripe for disruption.
Future growth and success belong to those institutions who align on strategy to marshal these forces to build and retain market share through superior products, service, and customer outcomes.
Banking and financial services industry leaders must now look to push the boundaries of innovation even further and question exactly how the implementation of emerging technology enablers can help them to truly redefine the customer experience.I
