In a recent report from Ipsos Mori’s head of financial services, Paul Stamper, he points out some significant ways that the digital landscape is changing the face of finance. In 2015, the fin-tech space in the United States alone was worth more than $10 billion, and it continues to grow exponentially. Stamper puts forth that we are at a tipping point in the industry, and the customers are pushing this change. In fact, the fastest growing space for mobile use is banking – and this growth is being driven by the next generation (55 percent of those under 24 are using mobile for banking). Just like we see with our own customers, an Open API is (or at least will be) a major facilitator in the shift to digital and mobile fin-tech services. Our own API builds on our commitment to constant innovation and nimble use of their end-to-end reward platform technology. The API model offers greater efficiencies from initial implementation all the way to instant, personalized reward delivery. The same is true for other fin-tech categories. In a surprising turn, Stamper’s paper found that utility actually trumps security for many users, albeit by a small margin. People want ease of use and have an expectation of streamlined services that just simply work for them, this applies to everything from mobile banking all the way to egift card delivery and redemption. As the report says the “appetite exists now” for better access and innovative use of new technologies. View the full report here: http://ipsos.com/sites/default/files/Future_of_Money_May2016.pdf
