Ah, fintech — depending on your position, it’s either a friend or a foe of traditional banks. Recently, there’s been more talk about how collaboration between traditional financial services organizations and fintech startups can be beneficial for both parties. This week’s FIN List takes a closer look at this “fintech friendship,” as well as other trending topics like blockchain and mobile.
- Fintech, love and understanding. Any budding relationship is bound to have some growing pains. And that’s just what’s happening with the friendship between banks and fintech as they work through their differences. Three bankers weigh in on the world of innovation and give both sides some advice on how they can address their differences and make their partnership successful.
- Credit unions turn to blockchain amid competition. As the number of credit unions declines, credit union service organizations (CUSOs) are competing for an ever-smaller piece of the pie. But the advent of distributed ledger technology has brought several CUSOs together with more than 50 credit unions on the CU Ledger initiative, a development whose significance isn’t lost on industry veterans.
- Mobile banking functionalities add up to more opportunities. Mobile banking is used by 40% of U.S. consumers and 75% of Millennials. It’s not surprising that financial institutions are reporting more interactions via mobile channels than any other. As the number of capabilities available via mobile banking expands, credit unions are better equipped to meet members wherever they are.
- 5 tech innovations your bank can’t ignore. As the role of the branch continues to evolve, banks should be ready to embrace five key technological tools: wider application of e-signature technology, electronic receipts sent directly to customers’ inboxes, Check 21, electronic workflows and automated tellers.
- Disruptive technology: The chicken or the egg? According to some industry experts, the current development of disruptive technologies, including cloud and blockchain, is not in alignment with current regulations and regulations don’t factor in future technological developments. Some say this is a “chicken and egg” situation with industry technology.
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