New Banking Tech
Blockchain
decentralizes financial management from a central authority to a widespread network of computers
Financial transactions are broken down into encrypted packets, or “blocks,” which are then added to the “chain” of computer code and encrypted for enhanced cybersecurity
Upgraded ATMs
contactless ATM's using an app
biometric verification
Proliferation of Non-Banks
threat to the banking industry
banks have to comply with banking regulations, these entities do not
they can use the resources banks use to comply with regulations to advance technology
Apple Store-Style Experience
use tech kiosks for certain transactions
only complex queries are reserved for human interaction
Automated Financial Services Employees
automated investing by use of robots
machine learning
Mobile and Digital Banking
Partnerships
strategic partnerships with companies that have advanced tech or social media platforms
P2P Lending
Lending Club & Prosper