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NEW DATA: 43M Consumers Are Holding Out On Mobile Banking Apps — How Banks Can Change Their Minds

PYMNTS

Consumers’ banking habits have changed radically since the pandemic was first declared in March. Not only are many account holders visiting brick-and-mortar branches less often than they did before the pandemic, but many are also more reliant on digital banking channels — particularly mobile banking apps — than they have ever been.

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The Rise Of ‘Intelligent Engagement’ In Corporate Banking

PYMNTS

And while the headlines may focus on the battle for the individual consumer’s share of wallet, banks are facing an increasingly competitive environment when it comes to getting — and, of course, keeping — corporate clients. He also noted that the digitization of payments has been slowed a bit by a stubborn adherence to the paper check.

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Shoring Up FIs ‘Deteriorating Advantage’ Over Big Tech

PYMNTS

Alternatively, another line of thinking holds that tech firms need a bit of the know-how and the installed base that banks have built up over … well, centuries. Banks need to get smarter about tech, and tech needs to get smarter about banking. Big Tech is good at promoting, designing and improving the user experience, he said.

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Finovate Debuts: Innofis Enhances the UX for Banks and Customers

Fintech Labs Insights

Customers shouldn’t be the only ones enjoying a great user experience. That’s the driving factor behind Innofis , a company that furnishes a suite of digital banking tools providing a beautiful user experience for both bankers and their customers. Founded in 2012. Privately owned.

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Big Tech’s Big Shadow Over FIs

PYMNTS

That’s because card experiences “are actually daily, while mobile banking [is] maybe a weekly or a monthly experience. The depth of these experiences available in card management is so robust.”. Or at least those experiences can be robust if expanded on by FIs properly.

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Does ‘Google Checking’ Foreshadow Big Tech, FinTech Payments Changes?

PYMNTS

They are described by Google as “smart,” since they will provide account holders with money management tips to optimize and manage the funds in those accounts. Google’s expertise is in UX design,” he noted. “By Code-named Cache, the accounts will be handled by Citi and Stanford Federal.

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FIs: Build For A Digital Future Or Lose Customers

PYMNTS

That messaging also includes a pitch for apps as a way to better manage a card.”. Those pitches seem likely to attract a customer’s attention as FIs’ email-open rates have topped 70 percent since the pandemic began, and consumers are increasingly interested in tools to help manage their spending.

Mobile 141