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What Does a Gorilla Have in Common with Emerging Payments Trends?

Posted by Deborah Matthews Phillips

Wed, Sep 11, 2019 @ 11:00 AM

What does a gorilla have in common with emerging payments trends? The answer to this riddle is rooted in a well-known phenomenon in neuroscience called “inattentional blindness” – the failure to notice visible but unexpected objects because attention is being focused somewhere else.

The concept of inattentional blindness emerged in popular culture in 1999, when Harvard University psychologists Daniel Simons, PhD, and Christopher Chabris, PhD, conducted a study where participants were asked to view a film of two basketball teams, and count how many times a basketball passed between members of one team. Half failed to notice a person wearing a gorilla suit walking across the floor mid-game.[1] (If you’d like to test your attention skills, you can view the video.)

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Topics: Financial Institution, Payments, Digital, Future Ready

When It Comes to Resiliency, Can You Handle The Truth?

Posted by Eric Flick

Wed, Sep 04, 2019 @ 11:00 AM

I love movies. One of my favorites is A Few Good Men starring Jack Nicholson and Tom Cruise. In the movie’s climactic scene, Cruise, a military lawyer, demands the truth from Nicholson’s Col. Jessup character. In what has become one of Nicholson’s most famous movie lines, he intensely blurts out, “you can’t handle the truth!” In my 30+ years of working with technology, most of it around the financial services industry, I often find this statement bouncing around in the back of my mind as I’m talking with IT professionals.

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Topics: Financial Institution, Information Security, Future Ready, Risk/Fraud

Better than Before: How to Make Digital Banking More Personal & Meaningful than Banking in the Branch … By Leveraging Your People in the Branch

Posted by Lee Wetherington

Wed, Aug 28, 2019 @ 11:00 AM

I’m tired.

We just moved, and I grossly underestimated the work involved.

I had prepared for the pain of packing, loading, unloading, and unpacking everything we own; but I hadn’t accounted for the real work of establishing new relationships for everything we need. Things like utilities, Internet, garbage pickup, grocery store, dry cleaners, dentist, dermatologist, pharmacist, eye doctor, doctor doctor (sic), barber, hair stylist, manicurist, pedicurist – don’t judge, I require a lot of pruning to be presentable.

But what about a new financial institution? Do we really need one?

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Topics: Digital and Community Banking, Digital, Community Banks, Future Ready, Modern Membership

Why Openness Is Critical to the Future of Banking

Posted by Stacey Zengel

Wed, Aug 21, 2019 @ 11:00 AM

As someone who reads this blog and follows the industry, you’ve likely heard a lot of talk about open banking recently. Headlines with references to “Open APIs” and “Shared Data” continue to appear in inboxes and popular topics with industry reports.

We know that in today’s market, consumers don’t compare financial institutions (FIs) so much as they compare experiences. As we speak, tech behemoths like Google and Amazon continue to take an innovative approach to customer engagement and expansion. A Celent report even notes that Amazon has been recently negotiating with big banks to launch a checking account, and the company has also formed a mortgage lending unit.*

Consumers clearly want freedom, flexibility, and choice. And it naturally follows that the FIs that will thrive in the future will be those that demand an open platform that is focused on optimizing the end-user experience for today’s consumers.

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Topics: Information Security, Community Banks, FI Operations, Future Ready

Innovation on Tap at FinovateSpring 2019

Posted by Nicole Harper

Wed, Jun 19, 2019 @ 11:01 AM

Innovation on Tap

Tapping the Fintech Community at FinovateSpring 2019

The city by the bay welcomed FinovateSpring in May at San Francisco’s Hilton Union Square. Innovation was on tap with 60 fintech demos, presentations from industry thought-leaders, strategy roundtables, and more. The Finovate conference series continues to be where you can see the future of fintech first.

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Topics: Fintech, Future Ready, Data and Analytics

No Shirt. No Shoes. No Card. No Service.

Posted by Nicole Harper

Wed, Apr 24, 2019 @ 11:00 AM

In a digital world, how long will cash remain king?

Two recent headlines got me thinking about cash. While I can appreciate the feel of a crisp new Benjamin, I don’t carry a lot of cash or use it often. Most of my cash is used for tipping or paying for the occasional home repair. I have no shame using plastic for small purchases which really annoys my husband (he’s a Brit).

Views about cash are personal and cultural. My husband, who grew up in the U.K., prefers cash over plastic for most everyday purchases. What we do agree on is the annoyance of coin. When we get it, we drop it into a giant Erdinger glass and feed our local Coinstar machine once a year.

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Topics: Credit Unions, Digital, Community Banks, Future Ready

Marketing Your Institution: Understanding Generations - Part II: How Your Institution Can Market to Gen Z

Posted by Strategically Speaking

Mon, Apr 01, 2019 @ 07:36 AM

The oldest among the rising generation known as Gen Z is turning 22 this year, which means this demographic has never known a world without cell phones and the Internet. Pew Research Center defines Gen Zers as anyone born after 1997, and Millennials as persons born between 1981 and 1996.[1] While Millennials grew up with landlines and dial-up Internet, Gen Zers are true digital natives whose instinctual relationship to technology leads them to expect instant and convenient everything.

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Topics: Credit Unions, Community Banks, FI Operations, Future Ready

Marketing Your Institution: Understanding Generations - Part I: How Your Institution Can Attract Millennials

Posted by Strategically Speaking

Wed, Mar 27, 2019 @ 01:00 PM

Part I: How Your Institution Can Attract Millennials

Fact #1: Millennials (persons born between 1981 and 1996)[1] make up the fastest-growing segment of today’s population and are on the cusp of surpassing Baby Boomers as the nation’s largest living adult generation.[2] Fact #2: In 2016, Millennials officially became the largest generation in the American workforce.[3] Fact #3: Millennials currently have more spending power in the United States than any other generation.[4]

The bottom line? Millennials may very well represent the single greatest opportunity for growth for your financial institution.

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Topics: Credit Unions, Community Banks, FI Operations, Future Ready

Tap and Go: How Contactless Cards Could be Shaping the Future

Posted by Keri Crane

Wed, Jan 30, 2019 @ 11:00 AM

Next-generation contactless cards are getting a lot of press these days. Contactless cards were unsuccessfully attempted years ago, but there are several reasons to believe that they will be a success over the coming years – from merchant and issuer adoption to increased security and quicker transaction times.

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Topics: Payments, Community Banks, Future Ready

Trends Driving the Financial Services Industry in 2019

Posted by Shannon Sickmon

Fri, Dec 28, 2018 @ 07:00 AM

 

With rapid-fire changes in how we invest, borrow and save; how financial institutions control risk; and how financial institutions (FIs) analyze data and control lending, the financial technology, or fintech, market is bringing significant disruption to the $8.5 trillion U.S. financial services industry.

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Topics: Commercial Lending, Fintech, Community Banks, Future Ready

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