BANKING: FUTURES

A research blog on the current and future state of fintech.

[bankingfutures]

Shopify launches a free, in-house-designed card reader

Shopify has designed its own hardware for the first time, building out a design team and coming up with a unique approach to the simple card reader, that most..

[bankingfutures]

by Center for Financial Services Innovation

Some key takeaways reading this:

- A successful savings feature needs to present timely opportunities (messaging, proactive outreach), and effective motivation. Consumers value a service more when a savings component is well-integrated because they understand how much this affects financial health.

 - Consumers are more willing to engage with others who are in similar financial situations.

- Consumers are more willing to share positive financial behaviors rather than negative financial challenges (ex. building credit vs. paying off debt)

- Social components in financial services need to be tailored to integrate social networks successfully.

- Engaging youth as they enter the workforce is an opportune time to present financial services in context. A youth-focus design must be made to sustain engagement. Making financial health social also helps reinforce good behavior.

- Tech solutions for financial health need to be continuously iterated on to ensure they meet customer needs. 

[bankingfutures]

Starling Bank - See your money in a new way with our new mobile app

Feel free to leave your old ideas about spending, saving and budgeting behind – you won’t be needing them anymore thanks to our new mobile app. Now in beta.

A mobile banking app geared towards millennials. Branding is bold and vibrant; purposefully moving far away from current mobile banking solutions. As usual, the UK is up there in bringing the world the latest fintech startups. 

[bankingfutures]

Designing a personal finance tool: Lessons learned

Designing a personal finance tool doesn't mean you have to create a boring experience. Here's how the Uncommon design team designed a truly fun fintech app.

[bankingfutures]

Designing a Chatbot Conversation: UX Design Process Case Study

The design strategy and process used to architect and develop a conversational, chatbot experience for a mobile app.

[bankingfutures]

Bot Trends 2017: A full report on today's messaging growth and an in-depth look into global bot trends

The 2017 edition of David Pichsenmeister's annual Bot Trends report covers today's messaging growth and an in-depth look at the following topics: Global Messaging Trends, Global Bot Trends, Conversational Interface, Structured Input and Webviews, Canonical Interfaces, Group Messaging, Human Supervision, Bot Discovery '

Covers: global messaging trends, bot trends, conversational interfaces, group messaging, etc. 

[bankingfutures]

GOOD Money

Small but meaningful financial solutions for your daily life that help you make the most of your money to both live well and do good.

GOOD announced the other day that they want to bring some financial insights to their readers. I love this! Hopefully this becomes a trend with media/brand/tech/social/lifestyle publications. Financial literacy is important and needs to be surfaced more in everyone’s lives. 

[bankingfutures]

Ask Google Home to run a Square transaction with this elaborate hack

What’s the point of having a voice assistant if you can’t ask it to charge your customers’ credit cards? A software engineer at Square understands our needs and dedicated himself to figuring out...

[bankingfutures]

Ask Google Home to run a Square transaction with this elaborate hack

What’s the point of having a voice assistant if you can’t ask it to charge your customers’ credit cards? A software engineer at Square understands our needs and dedicated himself to figuring out...

[bankingfutures]

Wells Fargo’s Mission to Make Banking More Human

As I began my conversation with Robin Beers, I had to address Wells Fargo’s recent issues, and their need to rebuild trust. Robin is Head of Custo...

[bankingfutures]

Reinvent your finances

Check out this article from Capital One! It’ll spark new ways to think about your money.

[worldofbanking]

World of Banking

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What Do Millennials Really Think About Mobile Banking?

Webinar was recorded here. 

Some notes I’ve taken from this webinar:

A survey with 700 millennials (age 19-29) showed that 93% use mobile from traditional banks for checking current accounts and 14% for credit cards. 

Traditional banks and financial institutions have the opportunity to reach millennials through mobile banking, especially through account opening process.

93.% of millennials have abandoned a transaction on mobile, whether it’s opening an account, which makes getting the user experience pleasant and quick the first time very important. 

Jumio asks: can millennials be verified in under two minutes? 

Large majority of respondents abandoned a transaction because they couldn’t remember their password. How can the UX be as frictionless as possible while still being secure? Other reasons for abandonment was the difficulty of filing out forms on mobile, authentication was too time consuming, or the process was too complicated/long. 

Conversely, millennials still are concerned about data breaches (93.5%). How do banks ensure mobile security and transparency?

94% want to see digital ID scanning as a way of authentication.

Less concerned about gamification than what they get out of a service. 

[bankingfutures]

'Divestment is our goal': Seattle City Council to vote on pulling $3 billion from Wells Fargo over Dakota Access Pipeline

The Seattle City Council is being urged to pull $3 billion from Wells Fargo for its role as a Dakota Access Pipeline lender.

Finances are personal. Politics are personal. Finances are political.

[bankingfutures]

Revolut - Simply Revolutionary

The new fair way to instantly send and spend money globally

Banking card allows you to exchange currencies at interbank rates so that you can bypass foreign exchange fees normally found with traditional banks. 

Transfer money onto your Revolut card and then send it in another currency. P2P transfer ability here is pretty important, considering Square and Venmo are only available in the US. 

Definitely aimed towards the avid-traveling millennial. 

You can also now split bills with Revolut contacts without having to calculate anything yourself. 

[bankingfutures]

Getting U.S. Dollars for Less: What the Banks Aren't Telling Canadians

The first thing many Canadians do before crossing the border is visit the local bank and exchange their hard-earned loonies for a handful of US greenback...

Knightsbridge is a foreign exchange company offers lump sum online exchanges at a lower rate than traditional banks. It’s integrated with all Canadian banks so account-to-account transfer is free. 

This service would be particularly useful for those who transfer exchange their Canadian dollars to USD often.

[bankingfutures]

Simple onboarding

Interesting... while going through Simple’s desktop onboarding flow, they asked for identity verification. Apparently “Photo of you standing in front of your residence” is enough is enough to verify your application?