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Get Inspired by NeoBanks

In recent years there have been a number of innovations in the finance industry. Many were formed outside of the traditional banking space as a solution to the frustration of many consumers with traditional banks. Companies such as Mint.com, Moven, Simple and GoBank have responded to consumer needs left unattended by banks and do in fact potentially pose a threat to traditional banking. But, is that such a bad thing? Perhaps banks should try to cooperate and get inspired by these institutions rather than be threatened by them. It is entirely possible that these institutions could open up new revenue streams for banks thereby creating opportunities for increased profitability. Jim Marous has written an insightful article, "Challenger Brands & Disruptive Ideas: Learning From The NeoBanks", about how banks can learn from NeoBanks such as Moven, Simple and GoBank.

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Data Driven

The recent local government imposition of a cash transaction limit creates a great opportunity for financial institutions to not only increase discussions with consumers about alternative payment options but to also for each institution to start thinking about its state of readiness for the next technology wave and a new generation of cosnumers.

Many institutions are focused on launching bigger and better mobile banking apps but the fact is that mobile is already here and soon to be a thing of the past. Is your institution poised to take advantage of the next great thing? To leverage current and future technology to create new products with better margins that better satisfy customer needs? Better yet, with the vast amount of data you have gathered over the years can you move from just reacting to new technology and and changes in customer tastes, to predicting them. The Future is All About Data  is an insightful article written by Chris Skinner which talks about how financial institutions should be able to use their data for predictive and proactive marketing and the increasing importance of data security. You may also purchase his book, "Digital Bank" on Amazon.com.

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Will Branch Banking Disappear

As banks continue to move more of their business to electronic and mobile channels, the threat of competition from tech giants such as Apple and Google. Let's face it for many of us around the world Google is very intertwined in our every day lives. We probably have one or more interactions with a Google software daily. Is it then far fetched that we could also bank with Google. If you recall branchless banks have enjoyed tremendous success since their inception- they can provide all the services of a traditional bank at a fraction of the cost and few of the physical limitations.Alternative Banking is a great blog written by bankfutura.com which talks about the threat or opportunities for alternative banking options which could be offered by tech giants. It shows that if Apple and Google were to go that direction they could remove tens of millions of customers from traditional banks. Bankers beware?

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Mobile Banking is all the Rage

In the last few years, almost every bank and financial institution variant on the planet has devoted some amount of resources to developing mobile banking technology. Mobile and tablet innovations have taken the retail and corporate markets by storm promising more convenient and less expensive transaction options. Bankfutura.com recently posted a great blog "Mobile Banking Flying High" which provides some great research on how banks are reacting to mobile and tablet technology. Where does your institution fall on the pie chart? Read the article here http://www.bankfutura.com/2013/03/mobile-banking-flying-high/

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