Here are some links and recent content to get you up to speed on what is catching my interest early in 2014.
I had a chance to review the material for the Technological Future of Money along with some of my friends in fintech and finsvcs. This presentation comes from Envisioning. They describe themselves as an independent technology research foundation based in Brazil that has a mission to raise understanding about the implications of accelerating change. They study emerging tech using research, technology and design. The content is very well done so I wanted to pass it on. As it relates to changes impacting financial services, it just reminds me that big changes are happening to financial services in every corner of the globe – especially in how we interact with financial institutions and view the role of money in our lives. When you view it, hit that full screen button on the bottom right or go out to Slideshare and download the deck.
Banks have struggled with the reputational and regulatory risks around social media. For the most part, they have decided that the risks are worth the effort. That’s why they keep launching those crummy Facebook Fan Pages.
Like any business, banks want to go where their customers are. In 2014, bank customers are increasingly online, not in the branches, which is why banks have expanded their social media and other digital marketing efforts.
Oddly, these same banks have shown a remarkable disinterest in the online cultivation of their most affluent and profitable clients. This is not because high net worth and affluent clients (defined here as having greater than $1 million in investable assets) don’t use social media; they do. It’s just that private banks and wealth managers have been slow to grasp the potential.
Do the underbanked really need bank accounts anymore? With the introduction of mobile financial options, more and more people are opting out of traditional bank accounts and turning to the myriad of financial options that are becoming available as an alternative to traditional checking accounts. Between pre-paid debit cards, gift cards, Western Union accounts, Paypal, pre-paid cell phones, mobile wallets available, social payment systems, the PayNearMe service, and Peer 2 Peer lending taking off, people can avail themselves of all the benefits of banking without having to enter a bank branch or deal with fussy application procedures and small print fees. Join Breaking Bank$ to discuss the way that people are turning to these options with Rachel Schneider with the Center of Financial Services Innovation and Danny Shader, the CEO of PayNearMe, which allows those that have opted out pay for rent, utilities and bills in cash from convenient locations they visit every day.