Money Smart Tips for Banking in 2017

January 17, 2017 | By More
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Money Smart Tips for Banking in 2017Refreshing your personal finances at the beginning of the year includes your banking activities.  Today, we thought it would be valuable to share some bank reporting resources to keep you updated on what is happening within the industry.  In general, this valuable information doesn’t make the mainstream media outlets.  Plus, we want to provide you a listing of some of our blogs that touch on topics our readers have found helpful in their use of banking services.

To begin, we want to direct you to a 2017 Banking Industry Outlook discussion provided by The Financial Brand.  The three main issues highlighted in the report include fintech (alternative resources for banking services other than a bank), changes in banking regulations, and the slow rise in interest rates. Indeed, these three issues will ultimately impact the consumer as decisions trickle down to impact your bottom line and banking options.

If you are a reader who wants to dig a little deeper, the above article references a white paper published by Deloitte.  I encourage you to review it.  There are several items I want to bring to your attention from that paper, which have been outlined in a graphic format at Deloitte’s website.

√  The trend towards digitization is accelerating.
√  Banking will see “ongoing structural changes”  via “new operating models and investments in emerging technologies.”
√  Banks continue toward “cloud-based platforms, robotic  process automation, and cognitive technologies…and the replacement of aging core systems.”

Another article of interest – 6 Hottest Trends for Banking 2017 – from the website Bank Innovation, provided some additional insights regarding changes in the banking industry.

√  Increased use of IOT Voice Commerce technology.  (“IOT” stands for “Internet of Things”.  Check out this definition to explain voice commerce.)
√  Increased use of mobile banking.  (Friends, the traditional function of bank branches continues to change.)
√  Exploring the use of holographic images.  Check out this video of Citibank showing the application.

As a money smart consumer, it is important to keep tabs on trends, technology changes, and other rulings that impact banking.  It is incredible to see how much has changed just in the last few years.

Now, to help you with some of the day-to-day activities of banking, we encourage you to check out these past Posts to refresh your know-how about some banking basics.

How to Manage Your Bank Account Statement
A Bank’s Schedule of Fees and Deposit Account Agreements
Understand a Certificate of Deposit Bank Notice
What accounts the FDIC does NOT cover?

I know it can be a challenge to remain well informed on trends and changes that impact your personal finances.  But, do your best to schedule a little time here and there so you don’t get left behind in either technology or financial knowledge.

Tips to Read:

For fun check out this video from the Federal Trade Commission that provides a brief overview about choosing a bank.

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Category: Banking, Money Tips on the Web

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