From how lessons learned in one industry can help another, to how the experiences of young adulthood result in lifelong spending habits, here’s our diverse collection of interesting articles for the month.
Here's what FIs stand to gain by studying grocery stores
The increasing delivery of self-service experiences for grocery store customers – from self-checkout to Amazon Go’s no checkout – should inspire financial institutions to create some breakout, customer-delighting services of their own. For example, how about instant replacement of lost payment cards inside the branch or even from the ATM itself? Add 24/7 card replacement and the FI has delivered “unmatched convenience.” This article from ATM Marketplace goes on to describe other foreseeable technologies that could make the ATM the door to “improve and transform the consumer banking experience.”
Core: Don't toss legacy but do reconfigure
Service transformation doesn’t always mean technology replacement – especially in the banking industry. Banking Exchange reports on a panel of experts who advocate keeping the dependable and durable parts of legacy systems, while creating new and relevant capabilities. However, this will require forming and adhering to industry-wide standards for core systems, consideration of the use of cloud-based systems, movement to real-time delivery of services, and deeper understanding or discovery of previously unknown functionalities in core systems. The bottom line: modernize and renovate before replacement.
New £10 note unveiled at Winchester Cathedral
It won’t be released until September but Brits recently got a peak at their new polymer £10 note featuring literature icon Jane Austen. The Telegraph article describes the elaborate design of the note featuring images of important parts of Austen’s life as well as the inclusion of a series of raised dots that – along with raised print and other elements – will help the visually impaired identify the note’s value. Given that the polymer notes are more difficult to counterfeit, are more resistant to dirt, and last 2.5 times longer than paper money, it sounds like Britain expects cash to be a vital economic driver for quite some time.
Bacon says he never leaves home without $200 cash in his pocket
Actor Kevin Bacon always keeps cash with him – a habit formed in the days when he worked in bars, restaurants and on loading docks – not making millions as an actor. In this article from Wealthsimple, Bacon talks about what he learned about earning money the hard way, the habits he formed as a result, and what he practices today.
Susannah Moore Griffin
Corporate Communications Manager