How banks can use personalized services to increase customer satisfaction and compete with fintechs

US Demand for All Mobile Banking Features

The ability to conduct banking activities via a sleek mobile app is no longer enough to satisfy consumers — it’s table stakes.
Banks need to focus on deploying robust personal finance management (PFM) features that pull consumers in.
There are three common approaches banks can take to effectively implement these tools.

It’s no longer enough for banks to offer customers a sleek mobile banking app; in fact, they expect it.

And with emerging fintechs continuously creeping in on incumbents’ marketshare, legacy banks must work to provide additional tools that will keep users engaged in-app — and prevent their eyes from wandering to startup solutions.

The best opportunity banks have to do this is by introducing personal finance management (PFM) features to their existing offerings. These features empower customers to take more control over their financial lives by tracking spending, managing investments, and maintaining greater visibility into their overall financial health.

Fintech startups have already refined many of these technologies and, in turn, pressured traditional banks to achieve feature parity or lose customers. Personal Finance Management, a new research report Business Insider Intelligence, Business Insider’s premium research service, has outlined the best ways for banks to catch up to the competition.

Here are three approaches banks can take to implementing PFM tools:

Partnering with a PFM-focused fintech: This can save the partnering banks critical time by bypassing building features themselves — enabling a quicker go-to-market strategy. However, banks must be prepared to forego the ability to implement more customized services.

Working with a PFM technology supplier: B2B suppliers like Meniga and Personetics, on the other hand, can help banks overhaul their existing mobile apps with specially designed features. They provide the enabling infrastructure banks need to successfully offer PFM features to their customers.

Acquiring a PFM startup: Although often more expensive, this option grants banks the ability to …read more

Source:: Business Insider

      

“Astonishment, alienation, and bewilderment”: the view from Brussels and Berlin

Could the risk of a no-deal disaster apply pressure on EU leaders? And how do European politicians feel about the prospect of a new British prime minister?

Theresa May has been making a whirlwind tour of Europe in an attempt to salvage her Brexit deal – or at least, delay a vote in Parliament until the point that Britain’s MPs, with a possible no-deal exit just weeks away, decide that her withdrawal agreement really is the best on offer.

Given that part of the Tory party has today triggered a vote of no-confidence against its own prime minister, this plan doesn’t appear to be going too well. In fact, if May falls, her latest European tour may disappear into the annals of Brexit arcana, like the Chequers plan or Dominic Raab’s brief tenure as Brexit secretary.

Still, how the Brexit chaos looks from Europe is important. If the risk of a no-deal disaster is meant to apply pressure to British MPs, could it also work on EU leaders? And how do European politicians feel about the prospect of a new British prime minister?

Decision-makers in Brussels were quick to emphasise yesterday that they will not reopen the withdrawal agreement to help May win a vote. Commission President Jean-Claude Juncker said there is “no room whatsoever for renegotiation”. This echoed similarly tough comments by European Council president Donald Tusk – though he added that the EU would discuss how to “facilitate UK ratification”, likely by issuing legally non-binding assurances that the EU, too, would really prefer to avoid resorting to the backstop to prevent the return of a hard border on the island of Ireland. Such minor add-ons wouldn’t do much to help May in Westminster.

Europe’s firm stance does not reflect an ignorance of the dramatic consequences of no-deal for the EU …read more

Source:: New Statesman

      

Murdered backpacker Grace Millane’s father took part in a Maori blessing at site where her body was found in New Zealand

Grace Millane

The father of 22-year-old backpacker Grace Millane took part in a blessing ceremony on the site where her body was found in New Zealand.
Her body was formally identified on Wednesday, and her family will return her to the UK this weekend.
David Millane said that Grace was “forever a Kiwi” and that he hopes “what has happened to Grace will not deter even one person from venturing out into the world.”
Police are still appealing for information about a red shovel they believe was used in the murder.

The father of murdered 22-year-old backpacker Grace Millane took part in a Maori ceremony at the place where her body was found in New Zealand.

David Millane flew to New Zealand on Friday and took part in a traditional Maori blessing ceremony where her body was found on alongside Millane’s uncle and members of the New Zealand Police. The Maori are the indigenous Polynesian people of New Zealand.

He described it as “a lovely and peaceful experience” in a statement from the family issued by the police.

Millane, from the town of Wickford in southeastern England, was last seen in a hotel in Auckland on December 1. Police found her body on Sunday. A 26-year-old man charged with her murder appeared in court on Monday.

Millane’s body was formally identified on Wednesday, the police said. Detective Inspector Scott Beard said that her body had been returned to her family, who are preparing to take her home this weekend.

Thousands gathered across New Zealand in candlelight vigils for Millane on Wednesday, Reuters reported.

Grace is ‘forever a Kiwi’

Millane’s father issued a statement on behalf of her family on Wednesday, where he thanked the people of New Zealand for their “outpouring of love, numerous messages, tribute, and compassion.”

“Grace was not born here and only managed to stay a few weeks, …read more

Source:: Business Insider

      

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