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Mobile devices are transforming our lifestyles. The need for things to happen within a split second is being fed by evolving devices, applications, and constant connectivity. There are hundreds of devices from providers such as Apple and LG, and thousands of applications. Now that there are more mobile devices in the United States than people, … Continue reading →
After much hubbub about EMV readiness for the liability shift come October 2015, it doesn’t seem like things are moving with much pace in that direction. There isn’t a sense of urgency from either card issuers or retailers. What is going to be the impetus to drive change? Consumer demand.
In January 2015, a survey … Continue reading →
With all the different apps available to hold ID, credit cards, and airline tickets, we haven’t yet achieved the convenience that consumers desire for a complete digital wallet. Progress is being made by many companies and government agencies, yet the result is disjointed as each focuses on their own piece of the puzzle. Will our … Continue reading →
The quick pace of change in technology is hard for any institution to keep up with, particularly as customers become more reliant on mobile devices. Bank infrastructure is built to be secure and reliable, to process billions of transactions without a single error. Unfortunately, there was a tradeoff when building it. Banks cannot respond to … Continue reading →
It has been 25 years since I started Zoot in the basement of my home. Back then some of the most innovative banks were looking for unconventional solutions that would make their businesses stronger and their customers happier. Fast forward to 2015 and our clients’ needs haven’t really changed; automated processes, realtime transactions and tools … Continue reading →
Jack Welch, famous CEO from General Electric once said, “If the rate of change on the outside exceeds the rate of change on the inside, then the end is near.”
Many banks today are facing an unprecedented challenge just like this. Often, internal processes designed to protect the institution; slam the brakes on new ideas. … Continue reading →
As we enter the new year, financial industry observers are making their predictions for 2015. Many of these predictions involve new ways for financial institutions (FIs) to engage customers and drive revenue—improving digital channels, delivering more personalized experiences, or using data to better understand customer needs.
These are important initiatives, but they only represent half … Continue reading →
During 2014 the financial industry saw more customers being issued EMV cards, mobile banking being adopted across all generations, and banks practicing innovation—whether they partnered with a Fintech company or invested in their own product development. It has been an exciting year and we look forward to seeing what 2015 brings to our industry.
From … Continue reading →
For the first time in many years, the New Year’s prognostications seem to offer a glimmer of hope for banking. After years of struggling to survive the economy and enhanced regulatory tactics, I hear bankers now discussing how they can thrive in our new economy. There are many detailed predictions proffered by numerous industry experts, … Continue reading →
At a recent financial industry conference one of the presenters commented that he’s always surprised when people say that the purpose of a business is to make money. While making a profit is necessary, he encouraged the audience to think about their higher purpose—doctors heal patients, architects design structures, bankers provide financial well-being. His point … Continue reading →