Issue 184 · Sep 20, 2018 Weekly edition · 5 min read

Fintech News

Most people want an Amazon bank, why you should care that fintech banks are coming and how AI is changing banking.

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How GDPR Affects the Customer Communications Experience

GDPR has resulted in a multitude of changes and challenges for financial institutions around the globe — not only in the EU. Any organization with business interests in the EU must rethink how they collect and use personal data. Under GDPR, a business must have the customer’s consent to leverage their data in any way.

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In this issue · 14 items

Bain: Most People Want a Bank of Amazon and that’s Bad for Traditional Banks Crowdfund Insider — Consulting group Bain is out with some interesting numbers on the foregone conclusion that a Bank of Amazon will be reality someday. While this is great news for team Bezos it is not so good for traditional retail banks – a sector of finance that is held in low esteem. Amazon’s net promoter score ranks at 47. Regional banks register 31 and national banks are, well, despised (18). Open story ↗ 7 Big Strategic Planning Questions Bankers Must Be Asking Now The Financial Brand — In boardrooms around the world, senior leaders are scrambling to set the strategic direction for their financial institution. But when senior leaders aren't brutally honest about where their organization needs to improve and innovate, their strategic plans are doomed to fail. Here's what needs to be on their radar, and the hard conversations they need to have. Open story ↗ The Fintech Banks Are Coming: Why You Should Care Forbes — The fintech banks are coming. With regulators accepting applications from financial technology startups for national bank charters, traditional banks are going to see a lot more competition. Potentially bad news for them. But for consumers, it could be a win if it results in better service and lower costs. Open story ↗ Financial Institutions Aren’t Prepared for the Digital Revolution The Finanser — I recently did an interview with my American friend Jim Marous over on The Financial Brand. It’s a good interview so I thought I would post my answers here. Feel free to comment! Open story ↗ Blockchain, Antitrust, and Standard Setting FinTech Weekly Magazine — As companies have continued experimenting with blockchain and other distributed ledger technologies, commentators have begun to explain how the use of blockchain can raise antitrust concerns. Open story ↗ Top 10 Digital Transformation Trends For 2019 Forbes — Over the past few years I have made the commitment to looking forward to the year ahead to predict some of the most significant digital transformation trends. Knowing that digital transformation is not only a technological shift, but an organizational change at the intersection of technology, business and people, such reflection must take into account countless possibilities. Open story ↗ How does artificial intelligence change banking, and how can community banks prepare? FinTech Weekly Magazine — Artificial intelligence (AI), or the development of computer systems to perform human-like tasks, like decision-making and speech recognition, is a fairly divisive topic. Sometimes, the uncertainty surrounding AI can be met with anxiety, fearing that one’s job or industry may be overtaken by automation. Open story ↗ Blockchain solution for under-siege supply chains FinTech Weekly Magazine — Distributed ledger technology can solve cyber attack threat for financial sector Open story ↗ Why Banking Executives Should Follow Social Media Influencers The Financial Brand — There’s a saying among successful people in business. Who you know is more important than what you know. In the age of digital social networks, this has never been more true. Open story ↗ 10 Marketing Steps — How to Start New Payday Loan Business FinTech Weekly Magazine — Payday loan businesses provide short-term loans to customers short on cash between paychecks or if they need quick loan to fix a pressing need. Each paycheck is used as a security on each loan. Open story ↗ Financial Services Entering New Era of Customer Engagement The Financial Brand — Providers have no alternative to fully understanding each consumer they serve. The future of engagement is not about points and discounts, but about making banking easier and providing personalized experiences that respond to financial needs in real time. Open story ↗ Not learning is not a super power: language and the age of disruption Banking Tech — About ten years ago I sat in a meeting where it eventually became clear that there was some unease as to whether CLOs and CDOs are essentially the same thing (they are) but folks were damned if they would ask. The dance of sideways validation was a sight to behold. Open story ↗ 5 Surprising Traits of Digital Banking Winners The Financial Brand — The winners of the future will not be those with the best digital technology and advanced analytics tools, but those institutions that can apply these tools for the benefit of the customer. It is time to move from innovation "posing" and AI "strip-mining" to fantastic customer experiences. Open story ↗ 10 Classes of Crypto Finance Investments If you decide you want to invest in cryptocurrency, there is a lot to learn. It can all be a little overwhelming at first because there is a lot of conflicting information on what to invest in and how. The very first thing that you need to understand, though, is what your options are. Open story ↗

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How GDPR Affects the Customer Communications Experience

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