Payments, UX, fraud detection and – most significantly – consumers are all getting smarter. This week, we’re fascinated by Visa and PYMNTS’ new findings that a large majority of connected consumers want an effortless shopping experience. Financial services need AI and are already deploying AI’s “leading edge,” machine learning. Apple is getting into the P2P biz. And a new demographic of digitally savvy consumers has regional FIs in their scopes. Time to smarten up:
Visa Study Shows Consumers Want New, IoT Ways to Pay
In a May 2017 survey of more than 2,500 consumers, PYMNTS and Visa found 83 percent of respondents want a shopping experience that offers a fluid, seamless buying and paying experience – and they’d use a connected device to get it.
Meet a New Hybrid Digital Demographic: “Gen MX”
“Gen MX” is a segment of higher-income Gen Xers and older Millennials who share strikingly similar banking behaviors and digital preferences. They prefer regional banks and digital channels and have become the “driving force in the global economy.”
Banking Must Move from Mobile-First to AI-First
A new report from Accenture makes the case for a new approach to technology and member experience: “Bankers believe artificial intelligence (AI) will ‘revolutionize the way banks gather information and interact with customers,’” columnist Jim Marous says.
Machine Learning Takes the Fast Track in Financial Services
While AI promises many opportunities in the future, machine learning is already making inroads in fraud detection, marketing and improved member relationships. Who’s using machine learning in financial services – and how?
Apple Announced Its Own P2P Service Built Into iMessage
In case you missed it, Apple recently announced a new iMessage-based money-transfer service. The new P2P solution will go up against competing offerings from PayPal, PayPal-owned Venmo, Square Cash, bank services like Chase QuickPay and Zelle.
The original article 5 Must-Reads: Everything Gets Smarter can be found on Insight Vault.