Although the temperatures may lead you think otherwise, last week marked the official start of autumn — which seems like the perfect opportunity to outline the top financial IT trends we’re “falling” for! We’ve got blockchain, mobile, Millennials, cybersecurity and branch transformation. Read on for all the highlights.
- Is blockchain still blockchain if you can edit it? Accenture recently announced a patent filing for a technology that allows for a blockchain to be edited. Many in the fintech world are concerned that creating a “master key/back door,” as some say Accenture has done, can leave the technology open to hackers.
- Mobile phones are the new way to pay. A new survey conducted by Harris Poll on behalf of Fiserv reveals that mobile banking has shifted focus from being a channel used to access information to a transactional channel. Results showed that 51% of consumers use mobile banking services more today than they did the previous year.
- Credit unions are well positioned to serve Millennial members. Credit unions can meet the evolving needs of Millennials in a variety of strategic and tactical ways. This includes taking a robust and holistic approach to member relationships, as well as addressing the things that matter to this demographic: saving, planning for the future, purchasing homes, investing wisely and lending.
- Despite awareness, some advisors are still unprepared for cyber risks. According to a new Financial Planning Association survey, although seven in 10 advisors are aware of the risks associated with cybersecurity, less than a third are fully prepared to manage and mitigate those risks. In order to protect their firms and clients, advisors must make themselves familiar with safeguarding systems and create detailed security plans.
- Merging the digital and the physical branch. As the future of the branch debate continues to rage on, it’s important for bankers to understand that today’s branch is the place to provide a higher level of service that breeds customer loyalty. And that means bringing the physical and the digital worlds together in customer interactions.
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