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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