The mobile channel is increasingly important to retail financial services firms. This is driven by a variety of factors, including the widespread adoption of smartphones, more powerful phone operating systems and, crucially, the rise of Millennial customers. In our February 2016 survey of online investors, 71% of Millennials indicated that they had logged into their […]
In a December 15 press release, TD Ameritrade announced the launch of its new Amazon Alexa skill. The skill is an app for Alexa-enabled Amazon devices, including Echo, Dot, Tap and Fire TV. The virtual assistant responds immediately to user voice commands with the requested information. TD Ameritrade’s new skill provides market updates and quotes […]
In August, Fidelity Investments became the first firm among those Corporate Insight tracks to roll out an interactive mobile education center. This is a major step forward for financial services firms when it comes to mobile education offerings, as only a few firms incorporate any educational content into their apps whatsoever. Those that do, such […]
For decades, banks have for the most part competed against other banks and credit unions to be the cash management and transactional hub of the American consumer’s financial life. In recent years, however, many start-ups have emerged to challenge this position, offering inexpensive alternatives to traditional banking services. Like other financial services start-ups, these innovators […]
The July 2016 issue of Consulting Insights is now available! Our feature article shares some of the key findings from our study The Innovation Advantage on the applications of biometric authentication technologies for financial services. We explore the latest trends in mobile finance innovation, discuss how to effectively market to active traders and assess how financial firms are using Facebook, particularly for customer service. Finally, we summarize findings from our whitepaper The Looming Problems with Retirement Planners, which discusses key factors that cause variations in retirement calculators' income projections.
As financial services firms continue to fine-tune their mobile apps, they frequently look outside of the industry to find best practices. Influences can be seen in the way firms have approached the design, functionality and security of their mobile apps. Recently, several of the more innovative and forward-thinking financial services firms have embraced the concept of a “dashboard” as the main interaction-hub within their apps.
The March 2016 issue of Consulting Insights is now available! Our feature article shares some of the findings from our study Next-Generation Investing 2015: Digital Advice Matures on activity of incumbent investment firms in the digital advice space. We explore the latest trends in mobile finance innovation. We profile the HENRY (“high earners no rich […]
2015 saw financial institutions continue their shift toward a mobile-centric approach, as this channel quickly becomes the primary means of interaction between consumers and firms. According to a March 2015 report from the Federal Reserve, 35% of mobile phone users with a bank account used mobile banking in 2014, up 150% from 2010. Additionally, 52% […]
Over the course of January, Samsung and Android mobile payment services expanded to more bank and credit card firms, and mobile payment service promotions continue as firms add the capabilities to their card catalogs. In January, PNC Bank and KeyBank added Samsung Pay for credit card products and MasterCard debit and credit cards, respectively. Even […]