Category Archives: Banking

The Boom for Financial Tech around the World

 Global Fin Tech Investments hit $3 Billion in 2013

Accenture’s newly released 16 page report  ‘The Boom in Global Fin Tech Investment’ highlights that:

  • Global fin tech financing has tripled over the past five years
  • Silicon Valley based companies account for 1 of every 5 Fin Tech deals and 1/3 of funding allocated to Fin Tech
  • Europe accounts for 13% of all Fin Tech funding globally/15% of all global deals
  • However, London is now outpacing Silicon Valley on the basis of 5 year growth
  • The UK (specifically London) and Ireland-based companies taking the lion’s share of Europe’s Fin Tech deals.
  • The UK and Ireland represented 53% of Europe’s Fin Tech deals and more than 2/3 of Europe’s Fin Tech funding at 69%

Accenture on fintech

To get Accenture’s 16 page report go here 


 We think we are a good fit !

Credit Unions Core Values

Credit Unions Core Values








Today in Canada there are approximately :

326 Credit Unions working with approximately 5.3 million members in approximately 1,741 different locations who also happen to contribute approximately $35.6 million in the form of financial donations, scholarships in kind donations and volunteerism to the communities they work with.

The Brand Attributes & Values that Co-operative Banks and Credit Unions all share that make them a little different have to do with the importance they give: Community, Participation, Social Responsibility, Customer Service, Ownership, and ..Profits for a higher purpose.

It’s a “here to serve attitude” which we both appreciate and share. 

Co-operatives and Credit Unions ensure members are front and centre given that those members are also the Shareholders which also explains why most often… fees are a little lower, interest on savings are a little higher, Giving Back to the local Community is a Bigger priority and those who might be under-served elsewhere are often served very nicely…thank you. 

Not unlike many financial organizations today, however, the challenges are many for     Co-operatives and Credit Unions: 

  • How to Differentiate in a very busy marketplace
  • How to attracting younger generations (including heirs/next generations)
  • How to maintain or improve member retention by meeting member needs
  • How to show innovation
  • How to continue to show relevance and value
  • How to do more/be more with existing clients

Unlike their larger competitors, Canadian Credit Unions also have to work hard to maintain that higher member/customer satisfaction rate that the Annual Ipsos Best Banking Awards Survey has bestowed upon them for 9 years straight by being First in Overall Customer Service Excellence. The Pressure !

LegacyTracker offers many benefits for users (and their families) which all centre on simplifying, safeguarding and sharing important information that can make a difference. It’s a Personal Financial Management Tool that goes beyond Finance and into Estate Planning and being prepared for a What if scenario that no one wants to think about. It’s about working towards reducing the alarming growth in Unclaimed Financial Assets that are estimated to be somewhere in the neighbourhood of $63 Billion + in North America.

That’s why we think offering LegacyTracker to Members would be another Big way that Credit Unions can demonstrate Customer Advocacy.

Customer Advocacy as defined by Foresters  is shown when customers feel that their firm does what’s best for them, not just the firm’s own bottom line 

Customer Advocacy is a really BIG deal that many of us are looking for today. Foresters for the last 10 years has indicated that it’s a key driver of customer relationships and loyalty in the retail financial service market which yields the most sustainable revenue growth. In their most recent report, Foresters has suggested that Customer Advocacy is not just a strategy but an imperative now and a necessary competitive advantage.



The Financial & Emotional Benefits of Fully Engaged Bank Customers

Gallup (the research, polling and advice organization) has been writing a lot about the shifting landscape for financial institutions and their insights into channel optimization, emerging customer behaviors/ preferences, product penetration and relationship growth, & generally…engagement.

There are tangible benefits to be gained when clients are fully engaged (or loyal and emotionally attached) with their financial Institution and I’m betting that the same should apply to financial Advisors.  I will let you decide. The tangible benefits relate to Increased Revenue/Wallet Share and Product Penetration

Based on their November 2013 survey on Retail Banking, they reported that fully engaged customers bring in $402 additional revenue per year compared to those who are ‘disengaged’  For those clients who could be identified as Affluent ($100K to $1M in investable assets), the value is closer to $869 additional revenue.

Now you just have to multiply that by the number of your banking customers who could be “engaged”

Fully “Engaged” customers behave differently:

  1. 10% greater wallet share in deposit balances
  2. 14% greater wallet share in investments
  3. Twice the number of discretionary category add-ons investment, insurance, or advisory products with their primary bank)
  4. Greater Purchase Intent that is, a stronger intent to purchase from their primary institution over the next year
  5. 71% believe that they will be with that financial institution for life

Gallup on Fully Engage Customers 2

Fully engaged customers and clients are more likely to say they will open new accounts, switch an account from another financial provider, increase their balances, add ancillary products and services, or obtain financial planning advice than are those customers who are just satisfied.

Engagement Matters. Customer Satisfaction is good but Customer Engagement is much better. Engagement results in a tangible financial difference. How engaged are your clients ? How can you help them become more engaged ?  LegacyTracker

Read more here

Millennials would rather go to the dentist than listen to what banks are saying


It’s true according to a 3 year study by Scratch  (an in-house media unit of Viacom) on industry disruption called the  “the millennial disruption index” (MDI) . The study surveyed more than 10,000 Millennials (those born between 1981-2000) about 73 companies spanning 15 industries in order to identify the industries most likely to be transformed by millennials…and the answer they found was banking.

“I don’t see the difference between my bank and all the others”


  • 53% don’t think their bank offers anything different from other banks
  • 1 in 3 are open to switching banks in the next 90 days
  • 33% believe they won’t need a bank at all in the future
  • Nearly half are counting on tech start-ups to overhaul banking
  • 73% would be more excited about a new offering from Google, Amazon, Apple, Paypal or Square than from their own nationwide bank

And yes,  71% would rather go to the dentist than listen to what their banks are saying

The surveyed millennials believe innovation will come from outside the industry

Millennial Disruption Index by Scratch