Weekly Ledger 8: Top Stories in Accounting and Finance

August 23, 2016 Lauren Ruef

 

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The Importance of UX in the Financial Services IndustryLet's Talk Payments

Traditional banks are adopting core user experience values, such as transparency and innovation, in response to the increasing importance of design in consumer financial apps. Let's Talk Payments (@LetsTalkPaymnts) covers how self-service is the new expectation and how tech companies are meeting demand through intuitive, simplistic design. Kevin Lee, VP Head of Design at Visa, says: “Stop treating design as a noun. Design is a verb." User experience pushes a company's reputation to best-in-class only if the UX is enticing.

 

Millennials 2 to 3 times more likely to switch banksFintech Finance

The opportunity for digital-only banks is growing according to FICO's latest consumer research. Fintech Finance (@fintechf) covers the shift happening with Millennials who are ditching incumbent banks for newer financial services. FICO's research concludes that 45% of Millennials (ages 25-34) cite bank fees as the reason they jumped ship. Senior Director for FICO Joshua Schnoll poses a challenge to incumbent banks: “Banks will need to address Millennials' sensitivities to bank fees and a desire for convenience in order to arrest churn and build loyalty." Learn how digital products and mobile banking are taking part in the solution.

 

Payments in the Wild Tech World: Digitization and Changing Customer ExpectationsPriceWaterhouseCoopers

PriceWaterhouseCoopers' (@PwC_LLP) 2016 Global Fintech Survey shows how fintechs are disrupting the payments industry with better solutions. The report contains new statistics on the receptiveness of the market toward fintechs, and the mood, overwhelmingly, is one of acceptance. One striking statistic: “The PwC Market Research Centre estimates that the number of non-cash transactions will grow by 69% from 2013 to 2020, which would represent over one million transactions happening every minute." Find out why the majority of payments companies believe that some part of their business will be replaced by fintechs in the future.

 

The Greatest Tech Businesses Aren't Really TechBloomberg

According to Leonid Bershidsky (@Bershidsky), the biggest tech company successes are all about the platform. Amazon.com, PayPal and Apple are replete with examples of getting people to interact, but the foremost is eBay: a platform that doesn't sell anything at all, but makes money through the interactions and exchanges between buyers and sellers. Measures of user experience and the quality of community interaction remains an indicator that platforms stand a chance of sustaining lasting success. The article shows the shift in priorities from creating beautiful products to facilitating interactions.

 

Why the Reputation Economy is Central to FintechDaily Fintech

With the rise of companies like Uber and Airbnb, the value of peer review is evident for businesses. Transparency and likability are key drivers surrounding the practice of reviewer feedback loops. Jessica Ellerm (@Jessicaellerm) takes this conversation center stage for Daily Fintech, demonstrating that while the power of peer review is nothing new, the tables are turning to show its value on the business side as well as the customer. Find out how this is affecting small business banking and fintechs alike.

 

About the Author

Lauren Ruef

Lauren is a Research Analyst at Nvoicepay. She has six years of experience in the technology and B2B payments industries.

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