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Invite colleaguesThe next digital inflection point for US banks
Abstract
This paper explores the effect of technology on the American banking landscape in the 21st century. The number of US banks and bank branches has been consistently decreasing in this century, partly owing to technological advances. Existing legacy delivery channels, however, have slowed the rate at which banks in the United States have adopted and deployed the technology available to them. This slower rate of innovation by US banks has resulted in a level of consumer dissatisfaction that has created opportunities in the banking sector for FinTechs and Big Techs, especially since 2009.
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Author's Biography
Michael Carter has more than 15 years of executive technology leadership, ranging from early-stage startups to international organisations, serving in roles that include Managing Director, COO, CMO and IRO. His career in financial services stretches over 25 years and includes extensive experience in payments, digital banking, AI, data, product management, pricing, software development and automated software testing. He served in several management roles at ACI Worldwide, including positions in the company’s operations in Europe, the Middle East and Africa. Carter also worked as CMO at S1, a competitor of ACI Worldwide. For the last ten years he has held CMO positions at a series of start-ups and early-stage companies, including D3 Banking and Finalytics.ai He also works as a Fractional CMO for clients of yorCMO. Carter has been featured as a speaker at Finovate, NetFinance, NetFinance Interactive, CBA Live and Future Digital Finance. He has been regularly quoted in the media regarding trends in payments, mobile wallets, consumer experience, digital banking strategies, Millennials, data analytics, P2P payments, bill pay and banking as a platform. Carter also contributes content as a guest writer in industry publications and as a featured guest on podcasts. He lives in Memphis, Tennessee, in the United States.