What Is “Banking” Today?  A Debate on the Future

“We need to marry the online experience to the real world experience– especially for high value transactions, while lower value transactions need to get more efficient.”

–Noah Breslow, Chief Operating Officer, On Deck Capital

“In essence, banking is a utility. Removing pain is a win. You need to give clients a reason to care…The key is to use data to predict what customers want, not dictate it.”

–Shawn Budde, Co-Founder & Chief Risk Officer, ZestCash

“We’ve reached the tipping point on electronic banking, but people need a better reason to go with a direct bank.”

–Dan O’Malley, Founder & CEO, PerkStreet Financial

“We should be trying to build brands that people want to be associated with. They should want to wear our logo because it says something about who they are.”

–Jeff Stephens, Founder, Tribed and CBC

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New Product Strategies & Possibilities

“We don’t have an ‘innovation department’. All 2500 associates are responsible for innovation.”

–Todd Sandler, Head of Product Strategy & Deposits, ING Direct

“Consumers want a lot of help, and they still look to banks for it. They are moving past transactions and history, and they want help and advice for the future.”

–James Shanahan, President, Shanahan & Associates, LLC

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Social Banking Without Being Insecure or Annoying

“Companies don’t blog, people do…we replaced logos with faces for our twitter responders and we expanded our 6AM-6PM coverage to 24×7…We pay more attention to sentiment rather than number of followers.”

–Darius Miranda, VP, Social Business Strategist, Wells Fargo

“We actually sat down and wrote 20,000 personalized emails…We got a 40% response rate”

–Josh Reich, CEO, Simple Finance Technology Co. / BankSimple

“You have to think anywhere/anytime and you have to be authentic…You have to connect your brand to employees first. You have to work inside out.”

–Eric Rinebold, Industry Principal — Digital Engagement, Infosys