In today’s technology centered world, consumers want and need their financial life to be digitized. Digital touchpoints are increasingly used to manage finances, so it makes sense that financial institutions meet these needs head on and with powerful tools that enhance their experience.
The data dialog is missing a significant component as it pertains to retail banking. It focuses on getting data and leveraging that data to drive relevancy and context. In other words, we’re all suppose to use data so we can better target consumers for offers that they respond to. Ok, we all get that. But if all financial institutions start using data as they should, and eventually they will, we’re just falling right back into the same commodity trap we’re in today.
Four years ago I had the opportunity to become one of Geezeo’s first clients and I jumped at the chance. I should add, however, that I did so with a lot of research and internal conversations behind the decision. I had been tracking the development of PFM as an engagement tool and felt it had promise, but it was the ability to access new data on my customers that brought me to Geezeo.
There is plenty of talk in the Fintech space about how financial institutions need to consider jumping in on the “wearable” bandwagon. I am not against mobile technology and in fact, am a huge fan. But seriously, if you think the masses are going to use any watch to do their banking or flick their eyes in Google Glass to pay their bills, I personally think you are overestimating the current appeal of these devices.
We’re creatures of habit, comfortable in our ways and likely starting our morning as we started the day before. It’s easy to follow a routine and somewhat painless as we ease through another day like countless others. We go through the same motions of answering emails, attending meetings and putting out fires, day in and day out. A rut perhaps? No, not really. We’re just human and typically conform to our environment and surrounds. We’re going through the motions, but perhaps we’re not taking enough actions.