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Wells Fargo & Co., lagging behind its rivals in mobile-banking prowess, is turning to an unlikely source for advice: the video-game industry.
The lender bought a small stake in Context360 Inc., a startup that makes behavior-predicting technology used by game-makers to retain mobile players. For Wells Fargo, similar technology could help it pitch car loans on Saturday mornings when customers visit dealerships, for example, or block a suspicious credit card transaction, according to Stephen Burke, Context360's chief operating officer.
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Like many industries, banking is seeing more customers migrating to mobile devices. Thirty-five percent of people reported using mobile banking in 2014, up from 20 percent three years earlier, according to a survey conducted by the Federal Reserve and published in March.
"Banking is necessary, banks are not."
(Score: 5, Insightful) by Anonymous Coward on Thursday August 06 2015, @02:27PM
> a startup that makes behavior-predicting technology used by game-makers to retain mobile players.
Translation: a company that specializes in manipulating people into continuing to fork over cash for useless in-game purchases. They aren't about video games, they are just another marketing company looking to use Big Data to figure out which of your buttons to press in order to trick you into making low-quality spending decisions that benefit their clients. Fuck them and fuck wells fargo.