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