Fast Facts: Student Loans

January 22, 2013
/   Insights

The Financial Services Roundtable recently released another iteration of its Fast Facts, reliable, bullet-point research about issues facing the financial services industry. Topics span TARP, Dodd-Frank, insurance, lending, retirement savings and more.  Below are some updated Fast...

Cause and Effect: If you build it, will they come?

July 23, 2014
/   Spotlight

Many financial institutions assume that digital banking is lucrative because the most valuable customers happen to bank online. While there is certainly a correlation between online bankers and higher profitability, quantitative evidence suggests that...

Intuit 2020 Report: The Future of Financial Services

April 11, 2011
/   Insights

Today, Intuit released the latest edition of the Intuit 2020 report, Intuit 2020 Report: The Future of Financial Services, which identifies and examines four key trend areas that will  transform the financial services industry...

The Top 10 Trends in the Digital Banking Industry

December 18, 2013
/   Spotlight

2014 is rapidly approaching and as the year wraps, the Digital Insight team has pulled together the top 10 trends in the digital banking industry based on data and trends from studying financial institutions....

Small Business: Perception vs. Reality

November 21, 2012
/   Insights

In the most recent election cycle, like most others before it, the one sector of the economy that got the most attention was small business.  This is the future, we were told by every...

Industry Perception, Optical Delusion

January 14, 2013
/   Insights

In Washington, they talk a lot about ‘optics.’ This has nothing to do with regulatory scrutiny, or government mandates on eyeglasses. It has to do with perception—how something looks, the way a particular story...

Social Banking: Blessing or Curse?

August 1, 2012
/   Insights

While the topic of Facebook and banking has generated plenty of heat (though not necessarily a lot of light), the debate seems mostly focused on two broad issues: The much-maligned IPO, and the notion...

Mobile Banking Engagement: Data from Digital Insight

June 24, 2013
/   Spotlight

Intuit Financial Services has been conducting a comprehensive and ongoing study of financial institution customers. From these studies, the company has been able to provide a deeper view of banking customer behavior across several...

Given this segment’s growing wealth, and that 75 percent of Gen Yers state they trust the security of a bank or credit union Website as the place to manage their finances, it’s important for banks to capture these online relationships before someone else does.

  • Generation Y are the most comfortable and heaviest users of online banking.
  • Nearly 90 percent of  Gen Yers bank online, almost 70 percent pay their bills online and about one third have opened an account online in the last year.

Small Businesses

Just how large is this opportunity? Small businesses typically hold significantly more financial products than consumers, making them a tremendous growth opportunity for a bank with the right set of online solutions.

  • Small businesses continue to struggle to piece together online banking solutions designed for consumers with their own manual methods to conduct basic financial management.
  • There is a significant gap between what small businesses need from the retail channel and what they are currently being provided.

Women

Essentially, women are emerging as an increasingly powerful group of spenders who are simultaneously  autonomous and independent, leading to a higher need for tailored tools to help them meet their unique and changing needs.

  • According to a survey by The Boston Consulting Group, “women are driving $12 trillion in global spending today and will contribute an incremental $5 trillion in earnings over the next five years.”
  • The survey goes on to predict that in the next 20 years, women will control more than 70 percent of consumer spending worldwide.

Innovative banks and credit unions will position themselves as the primary online financial hub for each of these customer segments. Retail bankers must create a single sign-in destination where users can clearly view — and act on — a full picture of their financial health, from their spending habits to what bills are coming up and how much they can afford to spend and save. And businesses must add simple invoicing, payroll and payment processing capabilities. Offer them the right set of online services in their time of need today and you can build relationships for life, growing your business at the same time.

For more information, please visit ifs.intuit.com.

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James W. Gabberty

Gabberty is a professor of information systems at Pace University in New York City. An alumnus of the Massachusetts Institute of Technology and New York University Polytechnic Institute, he has served as an expert witness in telecommunication and information security at the federal and state levels and holds numerous certifications from SANS & ISACA.

Brad Strothkamp

http://www.forrester.com/rb/analyst/brad_strothkamp

Marisa Mann

Marisa Mann brings over 15 years of experience in consulting and financial services industries to the Solstice team, working on large scale enterprise initiatives across many technologies, including specializing in the digital space – Internet and mobile. Mann is passionate about mobile and the endless possibilities for the enterprise, delivering business value through strong brand recognition and driving to excellence in the consumer experience. Prior to Solstice, Mann worked at JP Morgan Chase, Diamond Management and Technology Consultants, Washington Mutual, Inc, and Accenture.

Zachary Ehrlich

25-year-old writer, and as a native San Franciscan, I am unreasonably loyal to Bank of America, if only for their superhero-like origin story, involving the 1906 earthquake and Italian fruit vendors.