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As we enter 2018, there are many technology trends that will continue to dominate developments in the financial services such as Artificial Intelligence but we believe that virtual mobile only banking is a game breaker for many organizations large and small plus will attract more non-traditional competitors especially those with extensive retail platform capabilities. A few decades back branch location preferences and profitability were the critical distribution decision makers but rapid technological improvements have sure changed those dynamics and shaped new consumer preferences.

Today mobile only capabilities open a vast set of new market possibilities and collaborations. Small credit unions can now realize dreams of expanded membership bases in communities where they don't have physical presences plus they can build totally online banking subsidiaries that are only constrained by their licences, which can be changed, and regulatory requirements. No longer do FI's have to invest in expensive brick and mortar facilities. Also the right mix of collaborations can open up junior platform models that can bring totally new experiences and engagements to those who are not attracted to big operators' images and profits. On the other hand, the who;e world of virtual, mobile retailing will increase the attraction variables for innovators in multiple industries who will cannibalize financial services to great depths.

Virtual mobile banking opens endless opportunities! Will this year be your definitive expansion in this area?

Pat Palmer | Saturday, December 30, 2017 | Trackbacks (0) | Permalink

 


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