One beautiful aspect of a strong digital account opening strategy is that, if done correctly, the return on investment can be both obvious and large. Critical to this strategy is a granular and holistic understanding of customer acquisition cost (CAC).
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FinTech companies are converging to deliver banking like services. Financial institutions must act quickly to stay relevant or run the risk of missing an entire generation of users that increasingly exhibit digital-first behavior.Read More
A new threat to financial institutions exists - deposit-taking Financial Technology (FinTech) companies. Financial institutions must focus on delivering a more impactful set of banking functionality to establish "emotional" relationships with the end-users.Read More
In this insight piece, we dissect the meaning of "mobile" today. Often, the financial services industry focuses too much on "mobile banking" and forgets about mobile in the context of everyday life.Read More
How do you pay a friend? That question has changed quite a bit over the past 20 years: moving from an answer of “cash” or “check” (or maybe a promised beer) to, frequently today, a mobile app. New data from Narmi shows a surprising contrast to the press releases from major players.Read More
A new bogeyman is again threatening banking employee jobs: the mobile banking app. Similar to previous rounds of automation, banking apps will make human bankers even more integral to the bank experience - what will be less necessary are those machines for physical cash. So fire the ATMs and hire more bank staff!Read More
Third-party person to person (P2P) applications have become popular with millions of users, especially those in the younger demographic. Cash and checks are essentially non-existent, and users prefer a digital-first method to make payments. Two methods in particular - Venmo and Zelle - stand out.Read More