Apple Pay, Samsung Pay and Google Pay are gaining in ubiquity. But are community banks ready to seize the opportunity?
Whether they fly solo or with partners, financial institutions need to begin placing their bets in the mobile wallet game.
Mobile wallets can provide a big win for banks if they base their offerings on the key principles of utility, partnerships and the customer relationship.
For an enthusiastic but still-small segment of customers, mobile check deposit is a winning innovation.
As the mobile wallet train leaves the station, banks will discover that a ‘fast follower’ strategy risks leaving them behind.
While customers resent paying fees for traditional banking services, they are receptive to paying fees for optional services that improve their financial lifestyles.
New data visualization technology is enabling banks to capitalize on payments data that has historically been hidden away in databases and spreadsheets.
BITS executive John Carlson says the financial services industry must collaborate closely with outside constituencies to mitigate fraud and security issues in mobile payments.