The truth about PFM


PFM (Personal Financial Management) has been in the market for more than a decade now. In its early days PFM didn’t receive much attention from the market. Then, after Mint.com’s success, PFM was resurrected.

Since that time, various research findings confirmed that users are ready to embrace PFM. The market got the signal. Many analysts and digital channel managers believed that PFM was the next big thing in online banking and that it would be adopted by banks in a very short time. In 2010, Online Banking Report even quoted that: “Personal Finance Management (PFM) functionality is the highest potential ROI project for retail financial institutions to implement”.
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10 Ways iBeacon Can Improve Banking Sales & Service


At a time when banks and credit unions are trying to improve the economics of branch banking, iBeacon could deliver a personalized digital sales experience as soon as the customer enters a branch Office.

iBeacon, working in conjunction with Bluetooth Low Energy (BLE), can integrate the physical and mobile channels, enabling a bank’s mobile app to deliver highly tailored digital promotions, coupons or offers directly to the consumer’s smartphone when the customer is in the general vicinity of an office, at any specific location within an office or at an ATM.
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How Your Organization Can Become More Innovative


It’s not that hard to train to someone to be risk-averse; even monkeys can be trained not to chase after rewards and benefits, Mick Simonelli, principal at Simonelli Innovation, said yesterday during a presentation at Celent’s Innovation and Insight Day in New York.

A step-by-step test to understand how your organization can become more innovative.
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Innovation and Insight in Financial Services


There’s something about New York. The place exudes a sense of purpose. Broadway is the perfect place for a show and it seemed a fitting location for the Celent Innovation & Insight event. The theme of the show was shoot for the moon and even if you fail, you’ll fall among the stars so it seemed fitting that it started with the Star Trek theme tune. Representatives from various companies shared their stories of innovation in both insurance & banking.
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Don’t replicate, elevate: winning new customers


It’s time we looked at innovation and how it can be used to drive new customer propositions. ‘Oh no, not that buzzword again,’ I hear you all shout. But actually, I want to look at lack of innovation. Let me explain.

I was recently talking to a product manager at a bank about their new payments renovation project that was just starting. I was rather surprised to learn that without knowing all that was possible, they were already saying the first phase of the project would achieve nothing new whatsoever. The reason why is because their IT department has a policy that for anything new coming into the bank, the first phase is to always replicate what the bank is currently doing. The bank claims this is done to ensure that no functionality is lost with new Software.
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Technology Will Be the Biggest Driver of Change in Banking


Banks don’t feel confident about their ability to innovate, even though they say technology and innovation will be the biggest success factor in the future.

Senior bank executives across the world view technology as the biggest cause of transformation to the industry in the near future, according to a PwC study released earlier this month called “Retail Banking 2020: Evolution or Revolution.” Technological advances was the most popular choice among the executives in the survey as one of the global trends that will disrupt banking in the next five years, with 86% of respondents citing it as one of their top three trends.
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Bank Innovation Through Collaboration


I have been a little behind in my writing because I have been spending a lot of time on the road with some great innovators lately, at FinovateEurope and the Bank Innovators Council Lab Day in London, the FinTech Partnerships Conference and the All Payments Expo in Las Vegas, the Bank Innovation conference in Seattle, a CEB wealth management roundtable, and the Western Independent Bankers annual conference in Tucson– and that’s all just in the last six weeks!
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