3PR Digital Trends - Local Effort, Global Implications
Cryptocurrency has certainly had its ups, downs and vicious media assaults since the bubble of 2017. In reality, daily trade volumes remain about double that of the “tipping point” in May 2017. The number of valid use cases grows almost daily with very bright people and companies large and small contributing to the technological change of global payment systems. Need a metric? SWIFT engineers started showing up in the Hyperledger projects over two years ago.
In the banking world, things are changing very fast for many of the same reasons people gravitated towards cryptocurrency. They want less intermediaries, lightning fast transactions, and near instant settlement. Cross border payment solutions have advanced rapidly with many names you know and a few you don’t. The Ripple Network, the Stellar Network, and Transferwise are just a few that have disrupted traditional methods of FX.
It’s all about the User Experience (UX) and User Interface (UI). Chris Maher, President & CEO of OceanFirst Bank, commented (paraphrase) on SiriusXM Business Radio that if a new customer cannot open an account at your bank, online, and in less than 10 minutes, you’ve lost. Have a look at OceanFirst’s UX, UI. Coincidently, a similar pattern appears if a webpage does not open fast enough. People will close it and move on to the next. In fact, Google launched scoring mobile searches in July of 2018. Consumers will no longer tolerate clunky website interfaces. How does your mobile site stack up?
In addition to banks making the mobile/digital move like PNC and OceanFirst, have a look at a few European and UK leading mobile challengers that are raising multiples of money above U.S. Denovo banks.
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