Photo Credit: LendIt USA
Ready to jump into this growing and dynamic market?
Start by reading our white paper on Growing Profitable Accounts with Underserved Consumers.
In a recent blog post at The Financial Brand, Ron Shevlin, director of research at Cornerstone Advisors, makes some excellent points about changing expectations in the financial services market. After pointing out that start-ups like Rocket Mortgage, SoFi, and Kabbage are offering financial products with easy applications and rapid decisions (they deliver answers in 15 minutes or less), Shevlin points out that Fintech startups have established new benchmarks for what it means to deliver “convenient” financial services.
Offering and Advertising Lower-risk Products
The Consumer Financial Protection Bureau (CFPB) is urging banks and credit unions to offer lower-risk products to financially underserved consumers. In a press release issued in February 2016 and in an earlier letter to the country’s largest 25 banks, the CFPB urged bankers to offer and promote these accounts:
NOTE: This article by Greg Coté, CEO of DSi, originally appeared in the December 2015 edition of the Technology & Security Digest published by Western Independent Bankers. To read the article on the WIB site, click here.
Along with executives from NCR Corporation and Jack Henry Associates, Dragnet Solutions President and CEO Greg Coté was featured in BAI Strategies article focused on the opportunities that 2016 holds for financial services solution providers.