Consumer FinTech Focus
a great conversation starts with a great topic
Entry
On January 28th, I attended an event put on by the Massachusetts Bankers Association for CEO's and Senior Management. The well attended event was an opportunity for bankers of smaller institutions to discuss some of their biggest challenges and to think strategically about the road ahead. A keynote at the end by Claire Shipman of ABC News helped to frame the political landscape and the impact Washington has over the banking industry.
In talking with CEO's, CIO's, and business unit heads, I started to think about what are the things that banks can specifically do to help their clients? Is it more technology? More efficient branches? Longer hours? Or is it offering all of the above? I have developed a poll on LinkedIn to get your thoughts on the subject. Please, take a moment to take the poll and leave me feedback here in our community. You must be a member of LinkedIn to take the poll. I will post the results later in our community.
Comments
I think the value proposition that banks bring to consumers has to reach beyond longer branch hours, although they are convenient. To me, stronger technology around account management, easier bill payment and dissemination of account level analysis - being able to run historic payments on a particular payee, those sorts of things. Also expanding the mobile banking - I am waiting for my bank to put their iPhone app out there. The differentiators moving forward will be a combination of technology reaches to the consumer and service. Perhaps the end state is being able to make deposits and have a live conversation with a teller representative through your Fios interface or mobile smart phone.