Using 21st Century technology is an exciting space to be, and some financial institutions are getting it! The Digital Native is not a new topic of this blog; and as I prepare to attend the Consumer Electronics Show in early January, of course, the anticipation is starting to build. The good news is that some financial institutions are also causing me to feel a sense of anticipation by virtue of what they are beginning or, in a few cases, continuing to do in the Digital Native space. Here are just a few examples:
PNC, as a seasonal endeavor, has launched a math game on the Christmas Price index. http://www.pncchristmaspriceindex.com. The Index Express is a fun game. I know of least one educator that is digital native savvy who is using this game in his math classes! Oh yes… at school, what a thought!
Next is Wells Fargo. Several years ago they developed a virtual space call Stage Coach Island, originally as part of Second Life. The bank has continued to develop their virtual island, and Wells Fargo bankers also show up at events, such as college mixers, and hand out gift cards for free music downloads.
But it isn’t only the “BIG’s” that are venturing into this space. Choice Financial, a North Dakota community bank has created a space where customers can earn iTunes cards.
The exciting aspect of these examples and others like them is the thought leadership that their actions represent. It is the acknowledgement of the Digital Native and a willingness to leave the traditional behind and enter the 21st Century of banking technology.
Now that some financial institutions are learning what can be done with 21st Century technology, we may be about to enter a new “Space” race.
Question; what century are your banking products from?
About the Author
Dan Fisher is president and CEO of The Copper River Group, a consulting firm headquartered in Fargo, N. D., that focuses on technology and payment systems research and consulting for community financial institutions. For nearly 30 years, Fisher has worked in the financial industry using technology to improve the bottom line. He was CIO of Community First Bankshares (now part of BancWest), has served as a director of the Federal Reserve Board of Minneapolis, the chairman of the American Bankers Association Payment Systems Committee, and was a member of the Independent Community Bankers of America Payments Committee. Fisher has written numerous articles on banking technology and the payments system. He has authored or co-authored six books and recently published a book titled, "Capturing Your Customer! The New Technology of Remote Deposit." You can contact Fisher at
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