Last weekend, we attended SXSW to get the latest on technologies and trends that will be affecting not only the financial industry in the near future but the industries of social media and digital as well. With some of the most innovative checking and savings accounts in the market, we must stay on top of the trends to continually push ourselves AND to be able to provide you with the information you need to be forward-thinking as well.
One of the first panels we attended for the financial industry was titled “Banking 2.0” with the following summary:
“In the midst of the financial crisis, people are compelled to save, budget and lower their dependency on traditional financial services. Stock picking communities, Person-to-Person lending, personal finance management and even FICO-score tracking services have emerged to serve the changing needs of customers exclusively served by traditional banks and Credit Unions.”
The panelists included Rob Garcia from the Lending Club, Jennifer Openshaw from the Family Financial Network, Kenneth Lin from Credit Karma, Aaron Forth from Mint.com and Bob Weinschenk from SmartyPig – some real big brands in the industry.
The panel’s opening question was: “How many of you love your bank?” – maybe three people raised their hand in a room of 100. The point is people DON’T love their banks right now.
A panel with the title of “Banking 2.0” without any actual bankers was a bit misleading, and best summed up by this tweet: @nauiokaspark: The absence of any bankers on the #banking2.0 panel is glaring.
Brands such as SmartyPig and Mint.com are definitely forward-thinking in terms of helping people manage their money, but unlike BancVue and Kasasa, can’t do much in terms of changing the financial model for the future. Sitting on a panel to discuss the future of banking, you’d expect a conversation to take place about the #moveyourmoney movement and the fact that states are voting unanimously (California and New Mexico so far) to take their money out of big banks and put it into local ones to support communities and strengthen economies on a regional level and not on a national one … alas, this was not their definition of Banking 2.0.
If we’d opened the panel with a question, it would have been: “Where and with whom is your money?” Our philosophy for and vision of a revolutionized sense of banking centers on true financial reform that will require money management and fiscal responsibility to happen on a local, micro scale with people and businesses in your community, not on a large, national scale supported by online, middleman brands that don’t stand on either side of the fence.
If you Kasasa, you Bank 2.0. 🙂