In two previous blogs, SRM detailed the top trends we see driving 2021’s financial services landscape. In this final Trends post, we turn our attention to an emerging one we have observed on both sides of the Atlantic, Open Banking.
In two previous blogs, SRM detailed the top trends we see driving 2021’s financial services landscape. In this final Trends post, we turn our attention to an emerging one we have observed on both sides of the Atlantic, Open Banking.
Topics: Open Banking, APIs, Bank Vendor Management, Direct Deposit, Bank Consulting, Credit Union Consulting
Today in 2019, a mere decade since texting overtook voice calls in cellular bandwidth use, it can be difficult to find someone even willing to engage in an old-school telephone conversation. Voicemails are declining even faster. According to Forbes, several large corporations have offered to retire voicemail for non-client facing employees and were surprised by the level of uptake.
Against this backdrop, it’s interesting to note the prominent role played by voice technology in the next generation of financial solutions. The growing interest in Robo-advisors could see this become a popular model among those seeking a digital banking breakthrough, and everyone is racing to enable their products through the likes of Alexa, regardless of vertical.
Topics: Voice Technology
In a recent blog post, we outlined the lessons learned in the year since the UK’s Open Banking regulation took effect. The Open Banking concept is hardly confined to Great Britain, however. Countries as geographically and culturally diverse as Singapore, Australia, Holland and Canada have also embarked on similar endeavours to alter the dynamics of their financial services sectors – thus also altering other interconnected sectors.
Although it’s difficult to envision a similar top-down mandate in the United States, there is growing evidence that many of Open Banking’s features will become part of the American landscape through other means. Yet, depending on where you look, commentators cannot agree on the impact of Open Banking’s introduction in the U.S., whether it be success, failure, positive or negative.
Topics: Strategic Sourcing, Payments, Innovation, Open Banking, Fintech
January marked the one-year anniversary of the Open Banking regulation coming into effect in the UK, making this a good time to step back and assess its progress, or lack thereof. For the uninitiated, Open Banking is seen by financial regulators as a means to spur fintech innovation and foster increased competition in the UK banking market. Its underlying premise is that transactional data is the property of the account holder, and if the consumer or business elects to share such data with a third party, the bank must facilitate its efficient transfer, securely.
Topics: Technology
Our colleagues at SRM Europe in London recently shared with us how fewer people are using cash to pay for goods and service and discussed what critics of a cashless society are saying. In Great Britain, and perhaps the rest of the world, cash holds a unique bond with consumers that may be hard to give up.
Topics: Technology
Our colleagues at SRM Europe in London recently shared with us how fewer people are using cash to pay for goods and services. In the United Kingdom the thought of a cashless society is not necessarily a welcomed development for some.
As noted in the previous blog, cards in the UK are continuing to be adopted by more and more consumers because they are more convenient and, in many cases, safer than carrying cash. Due to these benefits the use of payment cards to purchase goods and services will continue to climb, However, some feel that this progression toward a cashless society is everything but harmless. Here are their reasons why.
Topics: Technology
Most know that fewer and fewer people are using cash to pay for goods and services. The actual rate of decline and habits around the use of cash or payment cards varies from country to country. Our colleagues across the pond at SRM Europe in London recently shared with us how this trend is manifesting in the United Kingdom and why the thought of a cashless society is not necessarily a welcomed development for some.
Topics: Technology
© Strategic Resource Management, Inc. All rights reserved. 2022 | Privacy Policy