Re-Imagining the Financial Services Industry, the Millennial Disruption Index, Lender Concerns, and Two UX Optimization Solutions
A lot was written this week about the challenges the financial industry faces, along with insights into how that same troubled industry can be saved with innovative technology and thoughtful design. This week’s “Best of” includes a research study — with more than 10,000 data points — on Millennial perception toward the financial industry, and an article that highlights one major growth problem lenders are dealing with. It also includes two links with useful UX solutions entrepreneurs and innovators in FinTech should understand that will impact acquisition and conversions. Here are our 5 most popular articles for the week:
Why It’s Time To Re-Imagine the Financial Services Industry
Max Levchin brings an interesting perspective to the seemingly archaic approach most major banks have toward technology and innovation. In this article he cites an interesting study that shows Millennials lack of affinity toward large financial institutions. The reasons he lays out are food for thought, and an invitation to startup entrepreneurs and innovators to seize the opportunity.
The Millennial Disruption Index
Based on more than 10,000 data points, the Millennial Distruption Index provides a credible look at how effectively current financial institutions are appealing to the needs of the next generation. With the spending power of Millennials on the rise, the data in this study is as relevant as ever. Innovators and entrepreneurs that check the index might also find a few key ways to differentiate in the growing FinTech sector.
Marketplace Lenders Share a Major Concern with Banks: Finding Borrowers
Phil Ryan highlights a major problem among lenders that are hungry to lend, they can’t find borrowers. This is particularly interesting for digital marketing companies like us, as well as innovative companies like Creditera who are working on innovative solutions.
9 Ways to Revolutionize Experiences in Financial Services
UX Magazine provides nine ways user experience designers can solve some of the biggest issues facing the financial sector. With all the talk this week about the problems financial institutions are facing, this is a contribution to the conversation that will help move the community forward.
The Next Big Thing In Design? Less Choice
With the rapid increase of innovation, it’s easy for the market to become overloaded with choices. Research has shown that too many choices stresses consumers and makes them much less likely to choose. Providing consumers with not only less choices, but products that make choices for them is a smarter approach many tech companies are adopting.