Shopping activity is expected to be less robust than in past years, and here in Chicago the skies are gray, the mist is heavy, and the police are out on the Magnificent Mile protecting commerce from protesters with real grievances.
It’s a good day to stay in and catch up on the week’s FinTech news, which brought deeper discussions surrounding the use of blockchain technology in banking. Read the recap below to find more about the mixed opinions surrounding blockchain technology and how banks are moving toward faster, mobile systems.
Blockchain activity of FIs and banks: updated analysis (infographic)
Let’s Talk Payments updated a previous article examining blockchain technology and its use in financial institutions. Here’s the recap on how Bank of America, Citi, and Visa are integrating digital currencies into their business offerings.
Why financial institutions should coordinate their API and blockchain strategies
In a piece on LinkedIn, Paddy Ramanathan makes the case for why coordinating banks API and blockchain activities could align their front- and back-end technologies.
Ben Bernanke: bitcoin technology good, currency bad
Ben Bernanke has a mixed view of bitcoin’s potential, according to Finance Magnates. The former Reserve Bank Chairman told Quartz that he thinks bitcoin could be useful in improving payments systems, but anonymity behind the technology poses a gateway for transaction for illegal activities.
Customer behavior and loyalty in retail banking
Last week, Bain & Company released its “Customer Behavior and Loyalty in Retail Banking” report outlining the race “to mobilize banking.” The comprehensive report delves into a variety of trends such as the movement of services outside the branch, revamping the branch and the rapid rise in mobile banking.
Risk to banks from rise of digital banking
Here’s another warning to banks. With the rise in digital banking comes not only declining costs, but also decreased customer engagement. Take a look at Gallup’s findings here. Thanks to GonzoBanker for the link.
