Appealing To 60MM Self-Employed Businesses
As noted in one of last week’s Summaries, the number of self-employed or ‘gig’ workers continues to climb. These people have some unique banking needs. Approaches to appealing to this growing customer segment include business advisory services, enhanced payment capabilities, convenient online application processes, alerts, and the ability to connect with them through chat and messaging services.
6 Ways Plaid Sees Fintech and Banking Evolving in 2022
The fintech company Plaid has identified six trends that it feels will be reshaping banking in 2022. These include a reversal of the previous trend towards the unbundling of services, digital wallets increasingly used as a value store, real-time consumer credit decisioning, and the rising importance of ESG.
How Banks Will Mint Their Own Stablecoins
There are a variety of different approaches to real-time payments (RTP) currently in process. One of the more interesting ones is from a group of FDIC-insured banks called the USDF Consortium. They are seeking to develop a stablecoin backed 1:1 by US dollar reserves held by consortium members. This blockchain-based technology will provide instant money transfers between members, and in the future may support other types of ‘smart’ financial transactions.
How Small Banks Can Counter Fintech & Megabank Marketing Budgets
Effectively using the data the bank already has on its customer base is key to identifying and targeting profitable market niches in which your company can differentiate itself. This ‘first-party’ data can then be combined with third-party databases and customer surveys/focus groups to create richer and more compelling experiences.
Overcoming Legacy Data Challenges with Data Modernization in Banking
Related to the previous topic, a cloud-based ‘data fabric’ architecture can help seamlessly integrate data regardless of where it is actually stored. This can improve data discovery, help automate internal processes and workflows across the company, and support advanced AI/ML applications.
