If you have read my recent post on banking with online non-banks (if you haven’t, it can be found here), a good follow up to it would be a recent article from The Financial Brand, “Eight Challenger Banks Traditional Banks Should Worry About.” I would highly encourage you to read the article before continuing to […]
Category Archives: Banking
If Banking Was So Easy, Everyone Would Already Be Doing It!
While perusing my daily news stories related to financial services, I came across this article from The Financial Brand. It discussed a study concluding 58% of potential account switchers, including those already looking to move from their existing financial services provider, would consider an “alternative” provider like Apple, Facebook, Google, or Amazon. Not surprisingly, Millennials […]
Think It’s Easy to be an FI? Think Again …
During my daily review and read routine, I always check out PYMNTS.com, as I find their articles relevant and well written. Here is a story from their December 21st feed. This article highlights the plight of an internet-only entity posing as a financial institution called Robinhood, and the issue of deposit insurance. As I have […]
Banks Are Not Telling Their Stories
I frequently scan the news, particularly when it relates to financial services, and one fact is inescapable: current generations will not conform to the methods of traditional financial services as previous generations have. Some financial experts will disagree, but there is a big difference between individuals who used to need access to accounts and payment […]
Apple Watch and the Kardia Watchband
While in a Graduate School of Banking class on Effective Use of Technology, I discussed the future of technology, such as the Apple Watch. Along with the future C-Suite leaders that were in attendance, I talked about the fact that there was still no “killer” watch app for banking. Other than notifications that come to […]
What Value is a Solution if You Keep it a Secret?
I was particularly interested in a recent article from The Financial Brand that focused on how small and medium-sized businesses (SMBs) receive banking services. The story highlighted how while these businesses have unique needs and represent an important customer segment, there is still a disconnect between the services SMBs desire and the services they believe […]
Update on OAO Fail
Back in March, I posted about my attempt to open an account at a large regional bank based in the Southeast. Essentially, there had been a huge disconnect between the options available online and those offered in the branch. Worse, both options offered at this bank resulted in an unsuccessful account opening. My point was […]
Taking Full Responsibility
In any online system, there is always a chance there might be a break in the service. A service interruption can be related to a hardware malfunction. It can also be a software bug, or perhaps the result of malware or another cyber security event. Regardless of the source, a service interruption negatively affects the […]
Online, seconds matter … Offline for a week?
On February 12th, TD Bank upgraded to a new system for online banking. Directly thereafter, the system became unusable for their customers, who were locked out of their accounts completely. The system remained essentially “down”… for a week. A week! As far as online systems go, that’s an eternity. I’m not sure if they were […]
Innovation Fail – Bank Account Opening Fail
I recently moved to a suburb of Houston and decided I would open up a local bank account. I debated whether I needed one; the fact is, having a “local” bank isn’t really as necessary as it once was. But, I figured there would be advantages to having access to local ATMs and in-branch support […]