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Archive for September, 2015

Part No. 3: Guess who has made the most progress on mobile apps for banking?

Wednesday, September 23rd, 2015

Here’s the third hint for our little quiz about which bank showed an outstanding effort in continuously improving its core banking app in our yearly ‘Mobile Apps for Banking’ benchmarking:

3.) THE BANK’S CORE APP EXCELS THROUGH ENGAGING CONTENT WHILE PROVIDING EXCELLENT USABILITY

Watch out for our new report coming soon!

 

Part No. 2: Guess who has made the most progress on mobile apps for banking?

Wednesday, September 16th, 2015

Here’s the second hint for our little quiz about which bank showed an outstanding effort in continuously improving its core banking app in our yearly ‘Mobile Apps for Banking’ benchmarking:

2.) THE CORE APP OF THE BANK WE ARE SEARCHING CONTAINS INNOVATIVE PAYMENT OPTIONS FOR CONVENIENT TRANSACTIONS

Watch out for our new report coming soon!

 

Finally the Google (Payment) Empire strikes back

Friday, September 11th, 2015

Google’s payment platform using NFC technology, Android Pay, announced earlier this year, has started to roll out in the U.S. today. Google seems to be back in the game of mobile payments with a promising start: over one million points of acceptance and gradually more announced to be joining. Like Apple Pay, the mobile payment solution loads automatically without having to launch an app, by simply unlocking the device. In-app functionalities are to be implemented later this year.

Google Wallet, the digital wallet forerunner in the U.S., will be automatically converted by app-update to Android Pay. However, the app has not been closed down but given an overhaul to serve as a P2P app (send and receive money).

Google’s Android has an impressive 79% worldwide market share, in the global market for mobile operating systems. Therefore, Google’s alternative to Apple Pay and Samsung Pay, has good chances to see early mainstream adoption among others due to retailers’ fondness of rewards schemes announced to become part of Android Pay’s functionalities soon.

It is surprising that it took Google so long to respond to Apple’s challenge. But there is no doubt that on a global scale Google has the power to become the leading mobile payment provider at the POS.

 

Guess who has made the most progress on mobile apps for banking?

Friday, September 11th, 2015

Among the banks evaluated for this year’s report on Mobile Apps for Banking, there is one remarkable example that managed to successfully climb up the ranking ladder over the last years. Participate in our little quiz and guess the bank!
We will release a hint each week until the report will be published by beginning of October 2015.

Here is the first hint:

1.) THE BANK WE ARE SEARCHING IS UNDERGOING PROFOUND CHANGES IN ITS DIGITAL STRATEGY

 

Vendors and Wealth Managers Agree: Digital Transformation Only Way to Success

Thursday, September 3rd, 2015

MASTERING THE DIGITAL TRANSFORMATION – this was the slogan of this year’s Avaloq Community Conference. Besides presenting their impressing roadmap, clients and partners had the chance to attend live demos of exciting new tools and technological developments. Furthermore, there were several highly interesting presentations and panel discussions from Avaloq representatives, partners, and wealth management companies focusing on the digital transformation in banking and wealth management.

The main insights were:

Continuous experience across all channels are key. Continuous experience across all channels beats self-service/virtual branches (2nd) and collaboration tools on digital channels (3rd) in the race for banks’ digital strategy’s top priority according to the conference attendees’ voting.

Robo technology is no nice-to-have but the prerequisite for successful advisory. According to Thibaut Jaquet-Lagreze, Head of Marketing & Sales at Avaloq, the biggest costs are no longer caused by the back-end but by the front. The use of automated services (financial health checks, real-time market information, proposal generation, etc.) is the only way for financial advisors to serve a large number of clients and, thus, to generate margins securing their jobs.

Growing critical factors are agility and flexibility. Financial institutions and their clients are becoming increasingly demanding when it comes to flexibility regarding the digital services. Here, Avaloq is a clear industry leader thanks to their unique Banklet™ technology. Barclays, whose wealth arm is relying on the Avaloq system, enable their clients to pick products and services from the Features Store to their accounts to allow for tailored solutions meeting clients’ individual needs (learn more in our upcoming report on Mobile Apps for Banking 2015 by end of September).

Vendors and banks are awaiting Generation Y. One common aspect of banks’ digital strategies was that Generation Y is just about to enter their client environment and that this leads to completely new challenges. Grown up with iPad, smartphones, and social media, young people expect their bank to offer them an integrated experience across all these channels to foster a personalized relationship and tailored wealth management services.

FinTechs’ influence is skyrocketing - crowdfunding and –lending are the hot trends. Total loans in crowdlending added up to $8bn in 2013 and are estimated to grow to $40bn in 2016 and to reach $1trn in 2025. Keep an eye on this trend and its effects on the banking industry and watch out for our new report on crowdfunding coming out this month!

Slim and integrated user interfaces are what banks should strive for. Integrated digitalization layers should serve all channels and all customers for building a common basis for internal and external customers, which significantly enhances communication. Moreover, to say it in CEO Francisco Fernandez’ words: the aim should be to “hide complexity, making it sexy to use”.

 
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