Insights

Understanding ROI on Digital Account Opening

Organic user growth for financial institutions continues to be a key focus across the industry, elevating the importance of frictionless digital account opening. While increased deposits and user counts are often used as benchmarks for success, financial institutions should expect that a robust digital account opening platform will add additional revenue.

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P2P Payments: What does the data say?

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.

Keep the Teller, Fire the ATM!

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!

Venmo & Zelle – What’s the Difference?

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.

Why Two-Factor Authentication is a Must Have

In 2016, the most common password was 123456. Passwords alone are not powerful security barriers to protect your back office systems or the applications your end-users utilize. Two-Factor Authentication is a simple and necessary security measure that greatly enhances the security of your financial institution.

Is Blockchain Relevant to Regional and Community Financial Institutions?

Bitcoin. Decentralization. Cryptocurrency. Digital Data. All these buzzwords surround one new technology: Blockchain. For all the hype this technology has received in the media, the effects on regional and community institutions is still unclear and minimal.

Is the US Going to Mandate Banks and Credit Unions Provide an API to their Customers?

As banks across the European Union are rushing to meet the Payment Services Directive, Part 2 (PSD2) which forces them to provide consumers free electronic access to their financial information in a standardized API, the CFPB in the US has shown an interest in a similar measure. If enacted, the way we bank with our financial institution could be forever changed.