The Expert Solution for Lending, Risk Management, and Analytics

Millennials’ time in the spotlight is coming to a close as a new generation gains spending power and fiscal prominence. Gen Z, which includes individuals born between 1995 and 2012, is positioned to become the largest demographic of consumers by 2020 with an expected $29 to $143 billion in direct spending power, according to FutureCast. This represents a massive opportunity for banks and credit unions to engage with a new generation now and help them manage their wealth for years to come.

There are events in our life that we recall exactly where we were when they took place. They are those iconic events by which we are defined as a people—for example, when man first landed on the Moon, the horrific attacks of 9/11, or when you first find out you are going to be a parent. I don’t think that June 5, 2018 will go down as one of those days for all of humanity, but for anyone dealing in technology it should a defining moment—for it is the day that our old technology died. In a $7.5 billion stock trade, Microsoft (MSFT) acquired GitHub, a popular code collaboration site. This is huge, and it will change the way banks have to look at cloud computing, FinTech competitors, and technology in general. Here are my three reasons why you as a bank technology professional should care:

This week I had the chance to speak at American Banker’s Digital Banking 2018 conference.  It was a great collection of bankers, vendors, and thought leaders all defining and blazing the trail for digital banking.  I was really impressed by three of the general session speakers:  Brett King, founder of Moven, the alternative banking solution; Catherine Bessant, Chief Operations and Technology Officer at Bank of America; and Rizwan Khalfan, EVP and Chief Digital and Payments Officer at TD Bank Group.  While most likely not the intent of these speakers, I could not get out of my mind the thought that even though we are all here to talk about digital banking, at the end of the day could digital banking be dead before it even got really started?  Let me explain…