Fintech’s Big Challenge-Old Habits Die Hard

Note from the Publisher:  As much as we love all things fintech, we know (maybe cuz we’re ancient?) that technology has its limitations.  Even as publishers of a fintech website and newsletter, we’re not always keen to adopt new financial technologies because they just feel too darned disparate from our daily lives and prior ways of doing things.  And this exact same thing is what ideas42 addresses.  The NFP uses behavioral science to craft solutions that will work for the masses, inclusive of the financial and banking sectors.  With regard to the latter, they found that while many new technological innovations were available to customers – like mobile check deposit technology – customers simply weren’t implementing to the extent the banks hoped.  As a result, they developed a straightforward solution to address the block and help convert usage to the new (time-saving) technology.  This is really a great read and well worth your time. 

“Financial education isn’t working.

Behavioral science can help finance and fintech design solutions that actually promote long-term financial wellbeing.

Financial institutions still have a long way to go when it comes to providing gratifying customer experiences. A recent survey conducted by TimeTrade found that while both bank and credit union executives thought that they were providing positive personalized banking experiences, their customers thought very differently.

This experience gap between financial institutions and the customers they serve is all the more troubling for the questions it raises: if banks and credit unions don’t understand the basics of how customers want to interact with financial institutions, how can they possibly understand the intricacies of how people spend and save their money, and how to help them do this better?”

Read Full Article at TradeStreaming