Sometimes it seems like the world of financial services is careening headlong into an all-technological future. Other times, folks can’t get enough of their local branch – or they want financial services that treat them like the complex, living humans they are.
This week, we’re reading up on just some of the ways consumers are looking to mash up the old and the new. Is it out with the passwords and in with the facial recognition and fingerprint scans? Or are old-fashioned concepts like tried-and-true security, branch banking and meaningful relationships getting a nostalgic second look?
CO-OP TOP READ
What had us hooked in this week’s news:
Does the Bank of the Future Look Like a Credit Union Today?
Let’s Talk Payments
In a recent report, the British Bankers Association coined a new term, “banking beyond banking,” to describe a more nurturing, holistic view of the customer. “In order to be able to compete in the ever-transforming environment, modern banks will have to function in a radically different way, move past banking for the sake of banking.” Hmm. Banking that takes a humane, empathetic approach? That sounds familiar.
Americans Prefer a Password over a Fingerprint
Maybe you thought the continued determination to use “password” as a password meant Americans were done. Not so. You can lead Americans towards greater digital security, but you can’t make them trust it.
Consumers Still Drawn to Branches as Banks Try to Close Them
Are consumers really ready for the digital-only banking experience? Though often written about and sometimes feared, digital-only banking may not have quite the number of converts the tech press wants you to believe.
They’d Know Your Face Anywhere, Unless It Was Hacked
All it takes is a little 3-D rendering and some light internet stalking to enable hackers to fool facial recognition software.
Technology Expertise Lacking in Bank Boardrooms
The Financial Brand
Could your credit union could use a major infusion of technological savvy? Think about your board of directors. According to Accenture, only 6 percent of board members at the big banks have technology experience. (Also, check out this op-ed by CO-OP CIO Terrence Griffin on recruiting a CIO to your board).