Finovate Europe: 3 Ideas on Day 2
Day 2 at Finovate Europe, with lots of attention on mobile, personal financial management, and fancy wealth management apps. I'm cutting most of that out to show the three I think were most noteworthy for credit unions.
- Pre-login account balances. Fiserv walks a tricky line at a place like Finovate. Sure, it has more money than most of the startups that pitch, but it also is constrained by its massive existing platform. The slate is not at all blank. Rather than showing a true technological innovation, Fiserv opted for a behavioral innovation that might be more important anyway. Checking account balances is by far the most popular current activity in the mobile channel, so giving users the option to see theirs without the slog of authentication advances the cause. Convenience is the whole point of mobile, and this option means that Fiserv gets that. (Full disclosure: Fiserv is a supporter of Filene.)
- PFM that informs marketing. Credit unions are years behind online retailers in truly using spending data, and Etronika knows it. Their software tracks important things about what times of day a customer shops, what categories she spends on, and how much, leading to push notification offers that come from the financial institution, not just the retailer. There's a competitive progression here where the financial institution can actually win. For all its sophistication, Google knows what you search for but not really what you actually buy; Amazon knows what you buy, but only on its own site; but a financial institution sees spending across all categories, leading to the best spending data of all. This is a key link in the future of customer loyalty: being able to wrap offers, insights, and payments together.
- Use the camera. Backbase showed how mobile deposit capture is just the beginning of how you can use a smartphone camera to do banking. Easy mobile lending is essential to the long-term health of credit unions. With a camera to convert photo ID into loan application fields and a car's VIN into a preliminary loan application, we're now one step closer. This will be far easier than convincing the sales manager at a dealership that you already have your lending set up.
Categorized: 'Products & Services'