Chris Barlow, Vice President of Mobile Banking at Webster Bank, presented on the myth that millennials lead digital banking. While millennials are early adopters of new technologies, behaviors are more shaped by life stage than generation. Overall, 70% of banking interactions are digital regardless of age. Mobile banking has become an expectation for customers of all generations. However, behaviors vary across generations, with millennials primarily using mobile but needing more help managing finances, while older customers are less tolerant of app issues but better at digital security. So the idea that millennials alone lead digital banking is a myth.
January 2016 Wisconsin Banker - Cyber ArticleJeff Otteson
The document discusses strategic planning for banks. It emphasizes that the first step is defining the bank's mission and goals for both the short and long term. It advises creating a short term plan to maximize current performance and a long term plan to clarify future changes. Overall it stresses the importance of determining a destination before embarking on strategic planning.
Bank of America was founded in 1904 and is now the largest bank in the US. It is headquartered in Charlotte, North Carolina and operates in over 40 countries. The bank provides various services to individuals, businesses, institutions and employees. These include checking and savings accounts, loans, credit cards, investment banking and health benefits. Bank of America aims to help customers improve their financial lives through connections and building better money habits. Its mission is to support the communities it serves.
Bank of America analyzed expanding their mobile banking services. They had success with early mobile banking adoption but faced challenges from the financial crisis and strong competitors. The document recommends: 1) Developing new banking apps and expanding into peer-to-peer payments, 2) Expanding mobile banking internationally using SMS, and 3) Improving their marketing strategy to build trust in mobile services. This would help differentiate them while gaining new customers abroad and in emerging markets.
Bank of America is one of the largest financial institutions in the world. Through a series of mergers and acquisitions since the 1990s, it grew from its origins as Bank of Italy in 1904. It has over $2 trillion in assets and serves clients in more than 150 countries. Bank of America focuses on innovative products and services, and has a global reach through its operations in Asia, the US & Canada, and Europe/Middle East/Africa. The company is committed to corporate social responsibility initiatives in areas like the environment, health, and disadvantaged communities.
Bank of America is one of the largest financial institutions in the world serving individual consumers, small businesses, and large corporations. It has over 142,000 employees and $621.7 billion in total assets. Some of Bank of America's stakeholders include customers, investors, regulators, community organizations, and employees. It faces challenges such as lawsuits over alleged discriminatory lending practices and environmental impact of continuing to invest in coal. Bank of America aims to engage with stakeholders, pursue corporate social responsibility and environmental sustainability initiatives, and empower women leaders through financing.
Lessons Learned from Haiti — Part 2: The Mobile Giving RevolutionBlackbaud
This session discusses mobile advocacy trends and examines the unprecedented response to mobile donation appeals after the Haiti earthquake. You will learn how to acquire, retain, and cultivate mobile donors.
January 2016 Wisconsin Banker - Cyber ArticleJeff Otteson
The document discusses strategic planning for banks. It emphasizes that the first step is defining the bank's mission and goals for both the short and long term. It advises creating a short term plan to maximize current performance and a long term plan to clarify future changes. Overall it stresses the importance of determining a destination before embarking on strategic planning.
Bank of America was founded in 1904 and is now the largest bank in the US. It is headquartered in Charlotte, North Carolina and operates in over 40 countries. The bank provides various services to individuals, businesses, institutions and employees. These include checking and savings accounts, loans, credit cards, investment banking and health benefits. Bank of America aims to help customers improve their financial lives through connections and building better money habits. Its mission is to support the communities it serves.
Bank of America analyzed expanding their mobile banking services. They had success with early mobile banking adoption but faced challenges from the financial crisis and strong competitors. The document recommends: 1) Developing new banking apps and expanding into peer-to-peer payments, 2) Expanding mobile banking internationally using SMS, and 3) Improving their marketing strategy to build trust in mobile services. This would help differentiate them while gaining new customers abroad and in emerging markets.
Bank of America is one of the largest financial institutions in the world. Through a series of mergers and acquisitions since the 1990s, it grew from its origins as Bank of Italy in 1904. It has over $2 trillion in assets and serves clients in more than 150 countries. Bank of America focuses on innovative products and services, and has a global reach through its operations in Asia, the US & Canada, and Europe/Middle East/Africa. The company is committed to corporate social responsibility initiatives in areas like the environment, health, and disadvantaged communities.
Bank of America is one of the largest financial institutions in the world serving individual consumers, small businesses, and large corporations. It has over 142,000 employees and $621.7 billion in total assets. Some of Bank of America's stakeholders include customers, investors, regulators, community organizations, and employees. It faces challenges such as lawsuits over alleged discriminatory lending practices and environmental impact of continuing to invest in coal. Bank of America aims to engage with stakeholders, pursue corporate social responsibility and environmental sustainability initiatives, and empower women leaders through financing.
Lessons Learned from Haiti — Part 2: The Mobile Giving RevolutionBlackbaud
This session discusses mobile advocacy trends and examines the unprecedented response to mobile donation appeals after the Haiti earthquake. You will learn how to acquire, retain, and cultivate mobile donors.
This document discusses marketing strategies for reaching Millennials. Millennials spend significant time on mobile devices and social media. They are more brand conscious than older generations and want authentic relationships with brands. The document recommends that marketers provide entertaining, educational, and shareable content while respecting Millennials' desire for transparency regarding data use and marketing tactics. It also explores prepaid cards as a financial product popular with Millennials.
Engaging millenials for financial servicesJason Dea
Webinar sponsored by Empathica discussing how the financial services industry can leverage great experiences to better engage with the Millennial generation
Find a great Infographic summary of some of the research here http://forewardsapp.com/blog/influence-millenials-drive-customer-referrals/
Financial Services: Insight and TrendsNadya Powell
What do customers think of Financial Services brands? What cultural trends should Financial Services brands take note of. This deck hopefully gives you everything you need to know. Thanks to Zoe Decool for research help.
The Millennial Generation: Banking's Big Problem- Opportunities in Digital Fi...George Samuel Samman
This document discusses the opportunities in banking presented by the millennial generation. It notes that millennials, the largest generation, dislike traditional banks and are open to switching to alternatives. Studies show millennials believe banks offer little differentiation and will be disrupted by innovative startups. They prefer low-fee digital offerings and want services tailored to their preferences for connectivity, access over ownership, and impact investing. Banks risk being left behind if they do not adapt to the demands of this emerging demographic, leaving a major opportunity for fintech companies to acquire millennial customers and transform banking.
Microfinance refers to financial services like savings accounts, loans, and investments targeted at poor populations. There is a market failure for these services in poor countries as conventional banks are reluctant to provide small loans due to the higher risks involved in lending to the poor. While informal credit systems have existed for centuries, microfinance emerged in the 1970s with organizations like Grameen Bank and BRAC providing small, low-interest group loans mostly to women. Today microfinance is a multibillion dollar industry, with non-profits focusing on social missions through subsidized lending and additional services, while for-profits charge higher interest rates but aim to scale up more rapidly to meet large funding needs. However, there is ongoing debate around
Find out how your brand can create the right emotional connection for Millennials
Millennials are entering an important life stage for banks, as this segment of the population is starting to build wealth while driving potential sales growth in financial products and services. This segment tends to use more primary banking products than Baby Boomers and carry a higher minimum balance in their checking accounts. An additional reason for the increased focus on this segment is based on the rapid growth in size versus other cohorts such as Baby Boomers. This study will translate the many research documents into an ideal Millennial Experience (MX) for the banking industry through our Omni Experience Model and will help define the role of physical branches versus online. http://www.sld.com
The oliver twists among women microcredit borrowers, intra household decision...Alexander Decker
This document summarizes a study that investigated factors motivating women microcredit borrowers in Ghana to take multiple loans. The study found:
1) Factors impacting the decision to borrow initially were different than those impacting the decision to take multiple loans, though some variables like household size impacted both decisions.
2) Women who relinquished control of loans to spouses or needed spouse's permission were less likely to take multiple loans.
3) Poorer respondents were also less likely to take multiple loans than wealthier counterparts.
4) The conclusion was that intra-household power dynamics in male-dominated households prevented some women from accessing the full benefits of multiple loans.
This document discusses whether virtual currencies like bitcoin could compete with nation-state currencies. It analyzes 5 dynamics that could impact this: 1) global recognition, 2) high transaction volume, 3) being stress tested, 4) trusted institutions backing it, and 5) whether nation-states will remain in control of currencies. The document questions if bitcoin will be a passing fad or achieve long-term mainstream use and acceptance.
“Uniquely Gen Z,” the first in a three-part global study, explores Gen Zers’ technology preferences, “cyber-savviness” and economic influence. The rest of the series will look at ways to build strong brand relationships — both in growth and mature markets — and to create authentic omni-channel shopping experiences with Gen Zers. This study, co-sponsored by the IBM Institute of Business Value and the National Retail Federation, is one of the largest studies to date of the post-Millennial generation, surveying 15,600 members of Gen Z on six continents.
A Trillion Dollar Market By the People, For the Peoplefoundationcap
The document discusses the rise of marketplace lending as an alternative to traditional banking. It predicts that marketplace lending will become a trillion dollar market by 2025. Marketplace lending platforms allow borrowers and lenders to connect directly, removing traditional banks from the process. This lowers costs for borrowers through lower interest rates and provides higher returns for lenders. The document argues that consumers are dissatisfied with traditional banks and increasingly turning to marketplace lending platforms for their improved convenience, lower costs, and higher yields. Securitization of loans through these platforms will further validate and grow the marketplace lending industry.
The document discusses tensions between fear and hope in today's global culture, with some economies and individuals driven more by fear and pessimism while others embrace optimism. It also examines related trends like renewed focus on self-reliance, simplicity, connectivity through social networks, generosity, and rebuilding trust through understanding and flexibility.
BITCOIN YOUR VALENTINE, (CRYPTO) LOVE IS ALL YOU NEEDSteven Rhyner
This document discusses ways to celebrate Valentine's Day by promoting adoption of Bitcoin. It suggests reflecting on whether Bitcoin loves you based on your support through activities like usage, education, innovation and showing respect. Adoption is growing as more merchants and institutions accept Bitcoin despite volatility. Full potential will be realized when everyday people widely adopt the technology through coordinated efforts to improve Bitcoin and draw more investment.
This document is a term paper that examines how the intensity of commercial microfinance lending affects inequality. It provides background on microfinance, noting it originated to provide small loans to the poor without collateral. There is debate around whether for-profit or non-profit organizations are better at reducing inequality. The paper analyzes cross-country data on commercial microfinance lending intensity and rural poverty gaps. Preliminary results suggest commercial microfinance is negatively, though not significantly, associated with rural poverty gaps, providing some evidence it may not exacerbate inequality as critics claim.
This document summarizes a mobile banking startup that provides banking services through mobile apps. It has already granted over 5,000 loans totaling $500,000 with a default rate of 7%. The target market of millennials in Mexico is over 30 million people and mobile banking usage in Latin America has grown significantly in recent years. The startup holds a banking license, uses an algorithmic lending model based on personal data, and has competitive advantages over traditional banks by being completely digital and mobile-focused. It is seeking investment to further scale its operations and technology.
BankMobile (joint presentation: "The Secret to Building The Uber Mobile Banki...Dan Armstrong
BankMobile's part of a joint presentation: "The Secret to Building The Uber Mobile Banking App" together with Jim Marous The Financial Brand) and Meaghan Johnson (Mapa Research) - BAI Retail Delivery 2015, Las Vegas NV.
The document discusses different types of financial institutions in the money market. It describes banks as the main type that act as intermediaries by accepting deposits and using those funds to make loans. It also discusses credit unions, mutual societies, investment banks, and Islamic banks. Commercial banks provide a range of services to both small businesses and individuals, while investment banks specialize in helping large companies raise financing.
Consumer FinTech deck from Charles Moldow at FinTEx foundationcap
This document summarizes the growth of the financial technology (fintech) sector and marketplace lending. It notes that marketplace lending has grown exponentially in recent years, with Lending Club originating over $5 billion in loans in 2014. Marketplace lending offers consumers a simpler, more transparent process and uses alternative data and analytics to improve underwriting. This new model provides a better customer experience and potentially lower costs compared to traditional banks. The document argues this represents a major opportunity for continued growth and disruption of the large traditional banking industry.
Il documento "Diners and icbc agreement announcement" dell'evento CARTE 2012. Conference&Expo su carte e pagamenti innovativi.
Roma, Palazzo dei Congressi
15 e 16 novembre 2012
Maggiori informazioni: http://www.abieventi.it/eventi/1633/carte-2012
This document provides information about Credit Union World, a publication by the World Council of Credit Unions (WOCCU). It lists the publishing staff, information on subscriptions, and copyright details. It also provides biographical information on the WOCCU Board of Directors and General Assembly Members, which govern WOCCU's international credit union development work.
Dean Graziosi - 7 Ways to Finding Funding Right NowDean Graziosi
Find Funding Right Now - 7 Ways to Fund Your Deals In Today's Down Market..
We're going to give you specific go-to resources that will help you to locate financing in these seven major funding resource categories:
- Community Banks and Credit Unions
- Friends and Family
- Government Funding and Grants
- Investors
- Hard Money
- Lines of Credit
- Short Term Funding
The document discusses a partnership between the Kirwan Institute and the W.K. Kellogg Foundation to advance fair housing and fair credit initiatives. It outlines an agenda for a roundtable meeting to get feedback on challenges in Detroit related to fair housing and credit. The Kirwan Institute does research on expanding opportunities for marginalized communities. The initiative aims to improve access to fair financial options, community revitalization, and opportunity-based housing while ensuring programs responding to the subprime crisis reach those most affected.
This document discusses closing the racial wealth gap in the United States through increasing homeownership rates among black and Latino communities. It outlines how systemic discrimination and barriers in housing and lending have historically prevented wealth accumulation through homeownership for people of color. The document then presents several startup case studies that are working to increase access to financing, alternative credit assessment, and affordable homeownership options in order to help close the racial wealth gap and realize the economic benefits of increased minority homeownership.
This document discusses marketing strategies for reaching Millennials. Millennials spend significant time on mobile devices and social media. They are more brand conscious than older generations and want authentic relationships with brands. The document recommends that marketers provide entertaining, educational, and shareable content while respecting Millennials' desire for transparency regarding data use and marketing tactics. It also explores prepaid cards as a financial product popular with Millennials.
Engaging millenials for financial servicesJason Dea
Webinar sponsored by Empathica discussing how the financial services industry can leverage great experiences to better engage with the Millennial generation
Find a great Infographic summary of some of the research here http://forewardsapp.com/blog/influence-millenials-drive-customer-referrals/
Financial Services: Insight and TrendsNadya Powell
What do customers think of Financial Services brands? What cultural trends should Financial Services brands take note of. This deck hopefully gives you everything you need to know. Thanks to Zoe Decool for research help.
The Millennial Generation: Banking's Big Problem- Opportunities in Digital Fi...George Samuel Samman
This document discusses the opportunities in banking presented by the millennial generation. It notes that millennials, the largest generation, dislike traditional banks and are open to switching to alternatives. Studies show millennials believe banks offer little differentiation and will be disrupted by innovative startups. They prefer low-fee digital offerings and want services tailored to their preferences for connectivity, access over ownership, and impact investing. Banks risk being left behind if they do not adapt to the demands of this emerging demographic, leaving a major opportunity for fintech companies to acquire millennial customers and transform banking.
Microfinance refers to financial services like savings accounts, loans, and investments targeted at poor populations. There is a market failure for these services in poor countries as conventional banks are reluctant to provide small loans due to the higher risks involved in lending to the poor. While informal credit systems have existed for centuries, microfinance emerged in the 1970s with organizations like Grameen Bank and BRAC providing small, low-interest group loans mostly to women. Today microfinance is a multibillion dollar industry, with non-profits focusing on social missions through subsidized lending and additional services, while for-profits charge higher interest rates but aim to scale up more rapidly to meet large funding needs. However, there is ongoing debate around
Find out how your brand can create the right emotional connection for Millennials
Millennials are entering an important life stage for banks, as this segment of the population is starting to build wealth while driving potential sales growth in financial products and services. This segment tends to use more primary banking products than Baby Boomers and carry a higher minimum balance in their checking accounts. An additional reason for the increased focus on this segment is based on the rapid growth in size versus other cohorts such as Baby Boomers. This study will translate the many research documents into an ideal Millennial Experience (MX) for the banking industry through our Omni Experience Model and will help define the role of physical branches versus online. http://www.sld.com
The oliver twists among women microcredit borrowers, intra household decision...Alexander Decker
This document summarizes a study that investigated factors motivating women microcredit borrowers in Ghana to take multiple loans. The study found:
1) Factors impacting the decision to borrow initially were different than those impacting the decision to take multiple loans, though some variables like household size impacted both decisions.
2) Women who relinquished control of loans to spouses or needed spouse's permission were less likely to take multiple loans.
3) Poorer respondents were also less likely to take multiple loans than wealthier counterparts.
4) The conclusion was that intra-household power dynamics in male-dominated households prevented some women from accessing the full benefits of multiple loans.
This document discusses whether virtual currencies like bitcoin could compete with nation-state currencies. It analyzes 5 dynamics that could impact this: 1) global recognition, 2) high transaction volume, 3) being stress tested, 4) trusted institutions backing it, and 5) whether nation-states will remain in control of currencies. The document questions if bitcoin will be a passing fad or achieve long-term mainstream use and acceptance.
“Uniquely Gen Z,” the first in a three-part global study, explores Gen Zers’ technology preferences, “cyber-savviness” and economic influence. The rest of the series will look at ways to build strong brand relationships — both in growth and mature markets — and to create authentic omni-channel shopping experiences with Gen Zers. This study, co-sponsored by the IBM Institute of Business Value and the National Retail Federation, is one of the largest studies to date of the post-Millennial generation, surveying 15,600 members of Gen Z on six continents.
A Trillion Dollar Market By the People, For the Peoplefoundationcap
The document discusses the rise of marketplace lending as an alternative to traditional banking. It predicts that marketplace lending will become a trillion dollar market by 2025. Marketplace lending platforms allow borrowers and lenders to connect directly, removing traditional banks from the process. This lowers costs for borrowers through lower interest rates and provides higher returns for lenders. The document argues that consumers are dissatisfied with traditional banks and increasingly turning to marketplace lending platforms for their improved convenience, lower costs, and higher yields. Securitization of loans through these platforms will further validate and grow the marketplace lending industry.
The document discusses tensions between fear and hope in today's global culture, with some economies and individuals driven more by fear and pessimism while others embrace optimism. It also examines related trends like renewed focus on self-reliance, simplicity, connectivity through social networks, generosity, and rebuilding trust through understanding and flexibility.
BITCOIN YOUR VALENTINE, (CRYPTO) LOVE IS ALL YOU NEEDSteven Rhyner
This document discusses ways to celebrate Valentine's Day by promoting adoption of Bitcoin. It suggests reflecting on whether Bitcoin loves you based on your support through activities like usage, education, innovation and showing respect. Adoption is growing as more merchants and institutions accept Bitcoin despite volatility. Full potential will be realized when everyday people widely adopt the technology through coordinated efforts to improve Bitcoin and draw more investment.
This document is a term paper that examines how the intensity of commercial microfinance lending affects inequality. It provides background on microfinance, noting it originated to provide small loans to the poor without collateral. There is debate around whether for-profit or non-profit organizations are better at reducing inequality. The paper analyzes cross-country data on commercial microfinance lending intensity and rural poverty gaps. Preliminary results suggest commercial microfinance is negatively, though not significantly, associated with rural poverty gaps, providing some evidence it may not exacerbate inequality as critics claim.
This document summarizes a mobile banking startup that provides banking services through mobile apps. It has already granted over 5,000 loans totaling $500,000 with a default rate of 7%. The target market of millennials in Mexico is over 30 million people and mobile banking usage in Latin America has grown significantly in recent years. The startup holds a banking license, uses an algorithmic lending model based on personal data, and has competitive advantages over traditional banks by being completely digital and mobile-focused. It is seeking investment to further scale its operations and technology.
BankMobile (joint presentation: "The Secret to Building The Uber Mobile Banki...Dan Armstrong
BankMobile's part of a joint presentation: "The Secret to Building The Uber Mobile Banking App" together with Jim Marous The Financial Brand) and Meaghan Johnson (Mapa Research) - BAI Retail Delivery 2015, Las Vegas NV.
The document discusses different types of financial institutions in the money market. It describes banks as the main type that act as intermediaries by accepting deposits and using those funds to make loans. It also discusses credit unions, mutual societies, investment banks, and Islamic banks. Commercial banks provide a range of services to both small businesses and individuals, while investment banks specialize in helping large companies raise financing.
Consumer FinTech deck from Charles Moldow at FinTEx foundationcap
This document summarizes the growth of the financial technology (fintech) sector and marketplace lending. It notes that marketplace lending has grown exponentially in recent years, with Lending Club originating over $5 billion in loans in 2014. Marketplace lending offers consumers a simpler, more transparent process and uses alternative data and analytics to improve underwriting. This new model provides a better customer experience and potentially lower costs compared to traditional banks. The document argues this represents a major opportunity for continued growth and disruption of the large traditional banking industry.
Il documento "Diners and icbc agreement announcement" dell'evento CARTE 2012. Conference&Expo su carte e pagamenti innovativi.
Roma, Palazzo dei Congressi
15 e 16 novembre 2012
Maggiori informazioni: http://www.abieventi.it/eventi/1633/carte-2012
This document provides information about Credit Union World, a publication by the World Council of Credit Unions (WOCCU). It lists the publishing staff, information on subscriptions, and copyright details. It also provides biographical information on the WOCCU Board of Directors and General Assembly Members, which govern WOCCU's international credit union development work.
Dean Graziosi - 7 Ways to Finding Funding Right NowDean Graziosi
Find Funding Right Now - 7 Ways to Fund Your Deals In Today's Down Market..
We're going to give you specific go-to resources that will help you to locate financing in these seven major funding resource categories:
- Community Banks and Credit Unions
- Friends and Family
- Government Funding and Grants
- Investors
- Hard Money
- Lines of Credit
- Short Term Funding
The document discusses a partnership between the Kirwan Institute and the W.K. Kellogg Foundation to advance fair housing and fair credit initiatives. It outlines an agenda for a roundtable meeting to get feedback on challenges in Detroit related to fair housing and credit. The Kirwan Institute does research on expanding opportunities for marginalized communities. The initiative aims to improve access to fair financial options, community revitalization, and opportunity-based housing while ensuring programs responding to the subprime crisis reach those most affected.
This document discusses closing the racial wealth gap in the United States through increasing homeownership rates among black and Latino communities. It outlines how systemic discrimination and barriers in housing and lending have historically prevented wealth accumulation through homeownership for people of color. The document then presents several startup case studies that are working to increase access to financing, alternative credit assessment, and affordable homeownership options in order to help close the racial wealth gap and realize the economic benefits of increased minority homeownership.
CSBS UMKC Freedom Bank Evaluation 2016_v5Maria Davis
Freedom Bank is a community bank located in Johnson County, Kansas that specializes in high-quality commercial lending to small businesses. Small business loans make up over half of Freedom Bank's total commercial lending. Freedom Bank has reinvented the traditional banking experience to focus on building relationships with customers and fostering community engagement. Freedom Bank's careful management of credit risk and concentration on small business lending has led to strong financial performance, with returns consistently outperforming its peers.
Understanding Gen Z: How will they shape the world of credit and consumerism?Experian
Gen Z already makes up ¼ of the U.S. population – and the oldest members are already establishing credit. So what is their purchasing power? How are they engaging with digital? What insights are we already learning about them in regards to credit? Get a quick synopsis of newest generation by accessing our latest slideshare.
Five Star Bank is launching a new consumer checking account product line and is seeking marketing strategies. The bank operates in Western and Central New York and aims to become the premier community bank in the region. It faces competition from large national banks and smaller regional banks. Most competitors offer checking accounts with monthly fees that can be waived by maintaining a minimum balance. Five Star wants to enhance the customer experience by offering banking services through multiple convenient access channels.
New Niche Market for Real Estate Agents. Helping Veterans Achieve Home owners...HomesPro from Homes.com
This document discusses opportunities in serving veterans through VA home loans. It introduces Neil Brooks, Samantha Reeves, and Denise M. Jelinski-Hall who will discuss this niche market. VA loans offer benefits like no mortgage insurance and lower interest rates. Serving veterans well can gain loyal, referral-generating clients. The document provides tips on educating oneself about veterans, building relationships with VA lenders, and tailoring service to veterans' needs and appreciation of service.
Underbanked and Unbanked Consumers in the U.S.: Successfully Targeting Consum...MarketResearch.com
This document provides an in-depth analysis of underbanked and unbanked consumers in the U.S. It finds that 26% of U.S. households are underbanked or unbanked, relying heavily on alternative financial services like check cashing, payday loans, and money orders. The economic downturn since 2007 increased financial insecurity and pushed more households to these alternative services. The report examines how banks and alternative financial service providers are targeting this growing demographic through expanded products, locations, and new technologies.
Arizona small businesses want loans, but are baffled why they are still so difficult to obtain even after the recession is over. When it comes to Arizona’s banking landscape and how it directly impacts local small businesses, an eBook released today by Horizon Community Bank outlines a few key challenges that are top-of-mind in the industry and why they are happening.
Wearables, payments, data, ROI, agility, non-traditional competitors, and more.
The 2015 landscape is heated. Account holders are demanding digital experiences that meet standards set by Amazon, Netflix, and Google. New entrants like Square and Apple are upending the payments industry, and wearables are set to add a new layer of devices to prepare for.
With so many competing priorities, how can your institution determine where to focus its efforts and budget?
View this presentation to learn what industry experts think banks and credit unions should focus on this year.
I am sure You Didn’t Know About these 5 Credit Card Facts
Instructions to Lower Interest Rates on Credit Cards
More than 167 million American grown-ups have no less than one Visa. That is 70% of all buyers managing month to month charge card bills and diverse Visa benefits, expenses, loan fees, and reward programs. Charge cards have turned into a piece of the vast majority of our ways of life. However, when and why did we as a whole begin paying with plastic? Here are 5 truths that assistance clarify why and how Visas have come to assume such a critical part in our lives today.
1. American Express Was the First Plastic Credit Card
American Express begun as an expedited delivery business in 1850, however extended to a money related administration super organization by the mid twentieth century. Cafes Club had really presented their Mastercard (travel and excitement card) years before American Express and charged a $5 yearly expense. American Express propelled their form of the Visa in 1958, however charged a $6 yearly expense to look after eliteness. The paper card highlighted a purple ink plan that looked like their explorers checks. After a year, they began to change over their cards to plastic. Burger joints Club went with the same pattern in 1961 and, from there on, the Mastercard was plastic.
यह भी पढ़ें :- घर में बनाये जिंजर लेमन बीयर और दूर करे कैंसर और गठिया जैसी खतरनाक बीमारियों को
यह भी पढ़ें :- जानिये अगर कुछ दिन नमक न खाए तो इसका सेहत पर क्या असर पड़ेगा
2. Christmas Thieves Prompted Government Credit Card Regulation
Bank Mastercards had not been famous in the 1960s, along these lines, in a joint exertion, the city's banks had sent a large number of spontaneous charge cards to homes in and around Chicago without a moment to spare for Christmas shopping in 1966. Not at all like Mastercards conveyed today, every one of the cards were at that point dynamic and did not require anything other than rather a mark at buy to utilize. Crooks crosswise over Chicago stole a large number of bank Mastercards from the mail station and the letter drops of multifamily homes and flats. They charged a huge number of dollars on the stolen cards at retailers over the city. Chicago banks lost an expected $6 to $12 million dollars ($43 to $85 million today) in fake Christmas shopping buys.
Credit unions have struggled over the past decade as their target demographics have changed dramatically. Younger consumers expect to do their banking digitally and demand services like mobile access that many smaller credit unions cannot provide. Additionally, over-regulation has increased compliance costs for credit unions. To adapt, credit unions must modernize their digital offerings, focus on data analytics to better target potential members, and get more creative with their marketing, focusing on member benefits rather than just promoting loans. The pandemic accelerated credit union challenges, causing average shrinkage of 7%, so retention efforts are also critical alongside new member acquisition.
Co-presented with Kris Wickline at CUNA Mutual's 2008 Discovery Conference, this presentation provides an overview and business case for why credit unions NEED to focus on Gen Y as part of their overall business strategy.
This document discusses the need for improved financial education in the US. It notes that most Americans lack understanding of complex financial concepts and products, leaving them vulnerable. Additionally, an estimated 10-20 million Americans are "unbanked" without bank accounts. The banking industry and community groups are working to improve financial education, reach the unbanked, and help consumers save and build assets through programs like financial literacy courses, school bank branches, and matched savings accounts. However, more remains to be done to build trust and ensure all consumers can capably manage their money.
This document summarizes a forum on fair housing and fair lending hosted by the Kirwan Institute. The agenda included presentations by Kirwan on framing fair housing issues, an opportunity mapping project for King County, and training on affirmatively furthering fair housing. Background research on the subprime lending crisis was discussed, showing its disproportionate impact on communities of color and connection to historical practices like redlining. The Kirwan Institute has commissioned several research projects related to access to fair financial options, community revitalization, and programs responding to the crisis. Issues discussed included overdraft fees, remittances markets, and the impact of foreclosures on rental communities and Native American populations.
Mortgage fraud is one of the fastest growing crimes in the United States, with three categories including fraud for housing, fraud for profit, and fraud for criminal enterprise. Fraud for profit schemes involve multiple industry professionals inflating property values and creating fake credit profiles for profit. Measuring risk in the housing market is difficult and often leads to underestimating risk in booms and overestimating it in recessions, contributing to issues.
This document is a slideshow presentation on public banking. It discusses three main topics: 1) the budget problem faced by states and municipalities, with limited options for resolving budget shortfalls, 2) why establishing a public bank could help address budget issues by creating money through lending, and 3) what actions could be taken to establish public banks. Some key points made include that public projects spend a large portion of their budgets on interest payments to private banks, and that states with more community banks have fewer foreclosures and more lending during economic downturns compared to states dominated by large banks.
Similar to Do Millennials really lead Digital Banking? (20)
71% of Americans who use Mobile banking weekly report knowing the EXACT balance in their bank account.
60% of Mobile banking users deposit cash or checks they receive immediately instead of waiting for a trip to the branch.
Mobile banking customers:
Universally Mobile customers want Faster access to their money, better security and improved budgeting tools.
As millennials socialize it makes sense that they’d use their banking apps to make sure they have enough money to go out and are using Peer to Peer payments to share bills and send money to friends.
Millenials are more willing to take on more risk than older generations
Millenials are willing to take on more risk for convenience and get annoyed when asked for extra security measures
Digital providers like Venmo and Paypal make the experience more fun! Early adopters already have established behaviors with these players