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Communitybanks are independent institutions fueled by the needs of their individual communities, so what constitutes innovation will look and feel different for every bank. As the popular saying goes, “Creativity is intelligence having fun”—and the same can be said for innovation. Photo by Robert Severi.
Through its application for a bank charter, the company wants to become a full-service digitalbank for small businesses it says are overlooked by traditional banks. In this episode of Fintech Unfiltered, which is sponsored by Blend, BankInnovation sat down with OnDeck CEO […].
Oregon Community Credit Union (OCCU) has launched phase one of its digital platform, a move meant to “set the foundation” for the credit union’s new focus toward automation, Chris Whittaker, vice president of consumer lending, told sister publication Auto Finance News on Monday.
But, while closing physical bank branches might appear to be a wise cost-saving measure, the move comes with risks that could hurt banks’ relations with new millennial customers. Results also noted this generation is less likely to open a bank account if physical bank locations are not available in their communities.
Credit unions must discover where and how their members want to transact and then ensure their in-house growth and innovationstrategies match up with those preferences. Credit unions have deep senses of community among their members, meaning that breaches could do incalculable damage to that trust — and to CUs’ bottom lines.
21 deals with neobanks and fintechs like Aspiration, Ellevest and Greenwood sent a communitybank down an unexpected (and profitable) path. The post CommunityBank Builds Future on ‘Banking as a Service’ & Google Plex appeared first on The Financial Brand - Banking Trends, Analysis & Insights.
There is an analogy here that can serve as a template for what’s happening in financial services — one need only look to the digital transformation of the newspaper industry, as Webster and DeRosa discussed. The middle-tier papers? They have struggled with repackaging content. Potential New Opportunities. and beyond. The Courage Factor.
Banking-as-a-service could be a huge win for financial institutions that seize the opportunity, and a growing threat to those that ignore it. The post How Today’s CommunityBank Becomes a Digital Deposit & Loan Machine appeared first on The Financial Brand.
imagin from CaixaBank is a lifestyle platform that supports a community of Millennial customers where engagement extends beyond banking services. The post CaixaBank Introduces Lifestyle Platform Targeted To Millennials appeared first on The Financial Brand.
As part of a sweeping tech upgrade, a communitybank brings retailing savvy to retail banking. The post Traditional Bank Borrows from Amazon to Build an App to Rival Neobanks appeared first on The Financial Brand - Banking Trends, Analysis & Insights. Being 100+ doesn't have to mean 'out of date.'
187-year-old savings bank stakes its future on a scalable combination of a digital-only brand, well-trained people and data analytics. The post A Small Bank Believes Its Digital Brand Will Succeed Where Chase Failed appeared first on The Financial Brand - Banking Trends, Analysis & Insights.
Combinations multiply as financial institutions face increased demand for digital services and fintechs need a more stable business model. The post Bank+Fintech Partnerships Grow More Urgent as Pressure Rises for Both appeared first on The Financial Brand - Banking Trends, Analysis & Insights.
Success will hinge on digitalinnovation to meet new competition, personalized service, redefining risk and managing a remote workforce. The post Five ‘New Normal’ Imperatives for Retail Banking After COVID-19 appeared first on The Financial Brand.
Fast-growing mega-fintech siphons small business loans and transactions from banks. The post Why Square’s Expanding Ecosystem Threatens Banking’s Future appeared first on The Financial Brand. ILC charter plus P2P could impact the consumer market.
Fast-growing mega-fintech siphons small business loans and transactions from banks. The post Why Square’s Expanding Ecosystem Threatens Banking’s Future appeared first on The Financial Brand. ILC charter plus P2P could impact the consumer market.
The post New Competition Forcing Smaller Banks to Try (Almost) Anything appeared first on The Financial Brand - Banking Trends, Analysis & Insights. A big surprise is the willingness to offer crypto services. But the unwillingness to reconsider branch dependency could be a millstone.
The drumbeat of doom for smaller financial institutions has been slowed by the actions of a small but growing group of tech-savvy innovators. The post The Banking Model of the Future: ‘Neo+Traditional’ Hybrids appeared first on The Financial Brand.
In 2018, GFT acquired the Insurance and Innovation Performance Center run by V-NEO, which will dramatically increase the size of its innovation lab. Notable projects: GFT and digitalbank Fidor AG formed an innovation partnership in 2016.
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