Subscribe to The Financial Brand via email for FREE! It’s ten years since Venmo was founded, and global adoption of digital payments continues to scale rapidly, with $62 billion processed in 2018. We are continuing to see changes in consumer behavior, particularly how consumers work with their financial institutions.
Source: How BankMobile Uses Artificial Intelligence to Streamline Key Functions
Most of us know we should save money. But when it comes to actually doing it, people tend to fall into two camps: non-planners and planners. Non-planners typically save when they can, perhaps putting a small amount into a workplace retirement plan, hoping that everything will work out in the long run.
Source: Does Financial Planning Help?
Is this the beginning of a major trend? And, more importantly, how do consumers feel about being “persuaded” into fitness tracker-based insurance policies? In a study conducted with my colleague Professor Stefanie Paluch at RWTH University in Germany, we investigated people’s perceptions of fitness tracker-based insurance policies.
Source: Treat or trick: how do you feel sharing fitness data with insurance companies?
Advisers are misjudging the triggers likely to prompt a consumer to buy protection and are less confident in the protection market than they were a year ago research has shown
Source: Advisers misjudge protection triggers – FTAdviser.com
Facebook wants its Libra currency to help the unbanked. But it could end up causing more harm than good.
Source: Why Facebook’s Crypto Won’t Save the World
Facebook’s cryptocurrency, Libra, was created to help the unbanked population easily access the financial system, according to its co-creator, David Marcus.
Source: Co-Creator: Libra Lets Everyone Access Economy | PYMNTS.com
Merchant holdouts are finally warming to the likes of Apple Pay, years after the mobile wallet’s launch. Competitive offerings have also flourished from mobile operating systems and phone providers.
Source: 5 trends driving growth of digital wallets | PaymentsSource
Large banks are aiming to create spaces that provide technical support, financial advice and in some instances, cappuccino.
Source: Banks Bring Coffee Shops To New Branches | PYMNTS.com