Al Dominick
Board Member
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Written by
Al Dominick
Board Member
Al Dominick serves on the board of DirectorCorps, Inc. The former CEO of Bank Director | FinXTech, he is a partner at Cornerstone Advisors.
Prior to Cornerstone and Bank Director | FinXTech, he ran the business development efforts for Computech, a Bethesda, Maryland-based information technology firm (now part of NCI — NASDAQ: NCIT). Before that, he worked for Board Member, Inc. in a variety of revenue-generating roles.
A 1999 graduate of Washington & Lee University, where he majored in Politics and was a four-year letterman on the varsity baseball team, he earned an MBA from the University of Maryland’s Robert H. Smith School of Business in 2007.
Earlier this week, our editor forwarded a survey recently released by Intuit Financial Services. On the heels of our Bank Board Symposium (where retail banking-focused Q+A dominated our two-day Dallas event), some interesting analysis around the consumption habits of people utilizing online banking tools through their financial institutions. While the percentage of online users stands at 34% today, “approximately one in five banking customers currently use mobile banking solutions to manage their finances.”
Now, I could simply laud USAA’s mobile banking app — or send you to Lincoln Financial’s dynamic and highly informative/addicting “future self” site. Doing so will paint a broad picture of how innovative firms are winning business while retaining happy customers by marrying smart IT expenditures with savvy marketing plays. No, I prefer to send a bigger nod to the many men and women working hard to grow AND avoid another financial crisis by incorporating new methods to increase deposits, better qualify loans and make more data-driven investments.
Having played in the high tech space for the past 5+ years, I’m of the opinion that the biggest advances in the next 24 months will come in the mobile banking space. Think payments and remote deposits. Spurred on by our love affair with iPhones and Blackberries, mobile banking already is growing at a faster rate than online banking did during the 90s and early parts of 2000s. So in the interest of sharing some of our company’s findings, let me juxtapose the top ten technologies that bank executives are interested in with the findings Intuits reports:
- Mobile Banking
- Mobile Payment
- Peer-to-Peer Payments
- Mobile Remote Banking
- Social Media
- Personal Financial Management
- Reward Checking
- Small Business Banking
- Anti-Fraud + Security
Quite a few market forces — e.g. demographics, fast-changing customer demand, and a need to differentiate — are propelling advances in these technologies. However, with the wealth of technology options and advancements being delivered by firms like Intuit, SAS, Fiserv, etc. promises better days ahead for both the consumer and financial institutions.
WRITTEN BY
Al Dominick
Board Member
Al Dominick serves on the board of DirectorCorps, Inc. The former CEO of Bank Director | FinXTech, he is a partner at Cornerstone Advisors.
Prior to Cornerstone and Bank Director | FinXTech, he ran the business development efforts for Computech, a Bethesda, Maryland-based information technology firm (now part of NCI — NASDAQ: NCIT). Before that, he worked for Board Member, Inc. in a variety of revenue-generating roles.
A 1999 graduate of Washington & Lee University, where he majored in Politics and was a four-year letterman on the varsity baseball team, he earned an MBA from the University of Maryland’s Robert H. Smith School of Business in 2007.