By Brad Powell
I’ve spent some time this past year writing about the rise of mobile banking services and what it means for credit unions and banks. Whether it’s Apple Pay, opportunities with auto loans or the emergent alternative lending industry, it’s apparent that financial institutions will be spending more time devising mobile solutions in 2016 and beyond.
It’s an area that changes quickly. So I try to keep up with the news.
Today’s post rounds up three articles I read over the last several days that contained insights about the state of mobile banking at the end of 2015. I encourage you to click through and give them a read, and let me know what you think on Twitter, or in a LinkedIn Group such as Credit Union Insight, Credit Union Times or Bank Innovation. I will definitely respond!
By Brad Powell
There are 83 million millennials in the United States.
That, of course, is why so many businesses are courting these 15- to 33-year-olds. And why so many blog posts are written about them.
I have been thinking about millennials as potential credit union members a bit lately (I’m hardly the only one). Perhaps it’s because, in a survey Axiaware recently conducted for credit union decision-makers, we asked respondents to rate the importance and urgency of adding millennials as members. (Read about the survey results here.)
In the meantime, I wanted to share three tips published recently on attracting millennials that I thought made a lot of sense:
By Brad Powell
Welcome to the third in our series on alternative lending. Previous installments have covered the basics of alternative lending and the ways traditional lenders are responding. This post looks at the areas where the most opportunity seems to lie for banks and credit unions who want to compete in this space.
If you were to ask Larry Summers, the former U.S. Secretary of the Treasury, where the greatest opportunities rest in alterntive lending, his answer would likely be two words long: Small business. Summers has gone so far as to predict that eventually, alternative lenders could capture 70 percent of the small business lending market.
"This is a challenging time for the American economy," Summers was quoted as saying in Inc. "The conventional financial sector has, in important respects, let all of its main constituents down over the last generation, and technology-based businesses have the opportunity to transform finance over the next generation."
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