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FinTech Pulse

Invisible Banking: How to Make Saving Easy

In the 1960s, Stanford University conducted the so-called Marshmallow Experiment, a study conducted by Professor Walter Mischel in which a child was offered the choice of being able to eat a single marshmallow now, or if they waited 15 minutes, two. As you can imagine, some children resisted whilst others went for instant indulgence, eating the marshmallow right away.

This experiment shed unexpected light on people’s nature, their motivations, including their financial decision-making.

Good impulse control turned out to be a predictor of success and fulfillment of long-term goals. In other words, we can choose to have something now, or we can choose to have something bigger and better at a later time in life - by saving.

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Topics: FinTech, Digital Transformation, digital banking, design for finance, behavioral economics

Author: Vaida Pakulyte on Mar 21, 2018

Behavioral Economics in Digital Banking: Taking the Pain Out of Finances

This blog post is inspired by one of the Top 10 books every FinTech professional should read- “Dollars and Sense” by Daniel Ariely and Jeff Kreisler.

Understanding the rationale behind financial decision-making has long been a challenge. Money touches every part of our modern consumer life, from family budgets to national politics, from shopping lists to saving accounts. And there is more and more to think about every day, as the financial world becomes more advanced. The truth is, making bad money decisions is the hallmark of humanity.

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Topics: FinTech, Digital Transformation, digital banking, design for finance, behavioral economics

Author: Vaida Pakulyte on Feb 28, 2018

Digital Banking and UX: Harvesting the Low Hanging Fruit of User Onboarding

You never get a second chance to make a good first impression.

In digital banking, onboarding is the most direct way to illustrate to users the type of customer experience that can be expected at your bank.

The reality is that soon the days of driving to the bank, waiting in a long line, speaking with assistants and signing long paper contracts will be a thing of a past. This is thanks to a combination of millennials taking control and demanding better mobile banking and new mobile-only banks creating a frictionless onboarding journey.

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Topics: Digital Transformation, user experience, UX, digital banking, design for finance, personalized finance, digital onboarding

Author: Vaida Pakulyte on Oct 18, 2017

When is Decision-Making No Longer a Choice for Banks?

Digital disruption is real, and banks are slowly but surely re-inventing themselves. However, for banks, the challenge comes from the speed at which change is occurring in the banking sector. Digital transactions are on the rise, not only in terms of numbers but also value, and there is a great opportunity for banks to monetize on transactional data to derive valuable insights about their customers and ultimately cross-sell and upsell. It also provides banks with the opportunity to link their retail banking customers with their SME banking customers to create a win-win situation for all  segments, and add new revenue streams for the bank in the process.

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Topics: Digital Transformation, digital banking

Author: Yogesh Desai on Oct 5, 2017

Why the Future of Digital Banking is About Great Conversations

You do not have to meet your bank manager for coffee once a month to have a healthy, communicative relationship with your bank and with money in general.  You don’t have to see them at all, but they must be an ally, a friend. And they definitely have to mean it.

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Topics: Digital Transformation, online banking, digital banking, open banking

Author: Aoife Crean - Content Manager on Sep 28, 2017

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