Blog

Author: Gene Pranger
Date: October 9, 2018

How To Slay FOUR Common Convenience Killers

Mobile channels are supposed to improve convenience, but most mobile banking apps have fallen flat. According to a recent Magnify Money report published in The Financial Brand, consumers gave mobile banking apps an average rating of 3.7 out of 5, a merely average 74% score.

The culprit is friction – all of that red tape that kills convenience. Eliminating friction is the primary objective of POPio Mobile Video Cloud’s video banking solution. We’ve been thrilled to hear how our clients have utilized mobile video to reduce friction and create a better experience that builds sales and brand loyalty.

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Author: Tim Pranger
Date: September 12, 2018

What is Video Banking?

What is it and where did it start?

Video banking is the concept of utilizing video collaboration services to deliver live agents to you consumers from anywhere for the purpose of serving, selling, and completing banking related transactions remotely through video without the use of a physical meeting place. 

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Author: Gene Pranger
Date: September 4, 2018

The Science of Friction

Blog Infographic Available.

For months, financial services leaders have been wondering if Amazon will enter the mortgage market. Perhaps they’re asking the wrong question.

Whether or not Amazon offers mortgages doesn’t even matter because Quicken Loans’ Rocket Mortgage has already upended the financial services market. Quicken Loans is currently the nation’s top mortgage lender by volume, originating $20.5 billion in the first quarter of 2018. Rocket Mortgage not only streamlined the application process to eight minutes, it has reduced closing time on purchases to just 16 days.

Quicken Loans isn’t the only mortgage lender that has reduced friction for borrowers. In fact, so many lenders provide such an advanced mortgage lending experience, Amazon may take a pass on the mortgage market because they currently don't see enough opportunity to gain a competitive advantage.

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Author: Tim Pranger
Date: July 23, 2018

An Open Letter to Bankers About Your Millennial Challenge

Before we even get started, I need to clear the air. I believe it would be dishonest, disingenuous

and even misleading for me to express my opinion without you knowing what I am.

I am a millennial.

I am also a fintech executive.

I will never forget attending BAI a number of years ago. I watched a group of suits, at least 60 years old or older, discussing and hypothesizing why millennials were giving them so much trouble.

The dialogue went something like this: Millennials are lazy. Millennials are entitled. Millennials whine. Millennials have no idea what the world is or what is expected, and they avoid hard work.

No solutions. The takeaway was simply: millennials need to change. The End.

Really?

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Author: Gene Pranger
Date: July 23, 2018

Video Banking: 6 Surprising Benefits

According to a new mobile banking study from Citi, 81% of U.S. consumers use their phone to manage their money at least ninedays per month. Nine out of 10 said they preferred using apps over visiting a branch, and one-third of Americans use their mobile banking app more than any other on their smartphone.

“If you don’t have a strong digital and mobile strategy, I don’t know if you’re going to be around,” said Lisa Huertas, Chief eXperience Officer at the $166 million Texas Tech Credit Union in Lubbock, Texas. “I don’t say that to be a doomsday person. Right now, today, you’ve got to be building those bridges between the physical and digital experience.”

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