Climb well spent: Getting to the top of the mobile wallet

We’ve heard the hype about mobile wallets for almost a decade. And heard it. And heard it. And yet ... the road to adoption has been slow. Passenger-pigeon slow. Tin-can-and-string slow. Ugly-beige-rotary-phone slow. The stats tell the story. The Bain/Research Now Retail Banking NPS Survey 2018 found less than one in ten Americans reported using Apple Pay Read More

By |2020-05-27T18:16:25-05:00January 29th, 2020|Comments Off on Climb well spent: Getting to the top of the mobile wallet

Cut the back-office payments chaos in 2020

In order to be considered customer-focused in all areas, including payments, many businesses have unintentionally created chaos in their back office. They’ve added new payment channels even as old methods, such as checks, have refused to die. Companies today may accept six or more payment types to keep everyone happy — and each channel has its own Read More

By |2020-05-27T18:16:26-05:00January 15th, 2020|Comments Off on Cut the back-office payments chaos in 2020

Banking on the future with prepaid mobile apps

Born between 1980 and 2000, Millennials, at 83 million strong, are now the largest generation in American history. These individuals are poised on the receiving end of what is expected to be the largest ever inter-generational transfer of wealth: an estimated $30 trillion from their Baby Boomer parents and grandparents. They’re already spending as a generation about Read More

By |2020-05-27T18:00:07-05:00August 19th, 2016|Comments Off on Banking on the future with prepaid mobile apps

Empowering customers to fight card fraud

Card fraud is one of the fastest growing crimes impacting financial institutions. A 2016 LexisNexis report found that issuers directly lose $10.9 billion per year in card fraud, with an average loss of $5.90 per compromised card.With the threat mounting, a bank’s first impulse is often to build additional barriers to mitigate the risks of card fraud. Read More

By |2020-05-27T18:00:07-05:00August 2nd, 2016|Comments Off on Empowering customers to fight card fraud

Improving bill pay for customer retention

Customers are becoming increasingly dissatisfied with the mobile bill pay experiences provided to them by banks. According to our discussions with financial institutions (FIs), only about 55% to 60% of customers are using their bank’s bill pay solutions. They are either switching to an outside app that is not affiliated with their bank or paying their bills Read More

By |2020-06-04T18:20:52-05:00May 31st, 2016|Comments Off on Improving bill pay for customer retention

Enhancing mobile wallets with beaming technology

Despite all the excitement around mobile payments and mobile wallets, consumer adoption has been disappointingly slow. One reason is that current payment apps don’t enable “non-cash” payments and promotions, which reduce the customer incentive and benefit to use them. The value of storing credit and debit cards on a mobile wallet is obvious, but today’s mobile payment Read More

By |2020-05-27T18:00:10-05:00May 24th, 2016|Comments Off on Enhancing mobile wallets with beaming technology

Six ways to capitalize on the internet of things

$1.3 trillion: a massive sum, which represents the increased revenues and lower costs that will be created by the Internet of Things (IoT) between 2013 and 2022 in the financial services industry alone, according to Cisco. When you consider the financial opportunity in tandem with the possibilities that IoT offers to gather and disseminate information from an Read More

By |2020-05-27T18:00:11-05:00May 10th, 2016|Comments Off on Six ways to capitalize on the internet of things

Mobilizing account opening

Although most U.S. banks offer some type of mobile channel, significant disconnects remain. For example, only about a quarter leverage mobile for account opening, or plan to begin doing so.One considerable mobile onboarding hurdle is achieving convenient, secure and compliant ID document presentation and authentication. In March, at BAI Payments Connect 2016, mobile deposit software pioneer Mitek, Read More

By |2020-05-27T18:00:12-05:00April 18th, 2016|Comments Off on Mobilizing account opening

Four ways to improve mobile banking

When USAA introduced mobile check deposits back in 2009, the feature wasn’t exactly welcomed with open arms. Perhaps the bank was a bit ahead of its time, as smartphones were just coming into vogue and consumers barely trusted the Internet with their personal information – let alone their mobile devices.Today, however, mobile banking is on the rise, with Read More

By |2020-05-27T18:00:13-05:00March 21st, 2016|Comments Off on Four ways to improve mobile banking

Enlisting the customer in fighting payments fraud

The level of fraud protection afforded to a business when conducting a transaction is very different from the level of protection offered to consumers. Consumers are allotted sixty days to dispute an unauthorized transaction while businesses are limited merely two days to report fraudulent activity, due to regulations like Article 4A of the Uniform Commercial Code.Although businesses Read More

By |2020-05-27T18:00:13-05:00March 8th, 2016|Comments Off on Enlisting the customer in fighting payments fraud

Digital wallets not yet ready for prime time

We read a lot about digital wallets these days – particularly in the wake of 2014’s Apple Pay announcement. All this excitement inevitably raises the question: when will digital wallets replace leather wallets? In other words, when will old fashioned cash and traditional credit cards become passé? To answer that question, we need to consider the following: Read More

By |2020-05-27T18:00:13-05:00March 7th, 2016|Comments Off on Digital wallets not yet ready for prime time

Satisfying the bill pay omnivore

New research from Fiserv reveals consumers value choice when it comes to billing and payments – and these choices lead to increased customer satisfaction and retention. This is especially true for financial institutions acting as a biller, defined as a financial institution that issues recurring monthly bills and statements and collects payments for business and personal loans; Read More

By |2020-05-27T18:00:15-05:00January 25th, 2016|Comments Off on Satisfying the bill pay omnivore

EMV loss may be mobile wallet gain

The October 1 deadline came and went for merchants to accept new chips cards – also known as EMV cards – and the payments world remains much the same. Of the eight million U.S. merchants that accept debit and credit cards, only about 300,000, or less than 4%, are equipped to take chip cards today. Most small Read More

By |2020-05-27T18:00:15-05:00January 19th, 2016|Comments Off on EMV loss may be mobile wallet gain

Competing with digital disruptors

Digital disruption, or the use of digital technologies and business models to improve business performance, has the potential to overturn incumbents and reshape markets faster than perhaps any force in history. That may sound bold, but we’ve seen it before. In the mobile industry, Apple and Android devastated the pre-smartphone brands such as Nokia, Blackberry and Palm. Now, digital disruption Read More

By |2020-05-27T18:00:16-05:00December 15th, 2015|Comments Off on Competing with digital disruptors

Mobile-first banking for branch employees

The average bank branch is 25 years old, designed for a different era, and in-branch foot traffic is proving to be on a steady decline. As the channel evolves, bankers have gone through a long list of updates in order to maintain relevancy and efficiency. Ironically, it’s digital solutions that offer a universal key to a successful Read More

By |2020-05-27T18:00:16-05:00December 7th, 2015|Comments Off on Mobile-first banking for branch employees

Top five market shifting trends in payments

For years, financial institutions have been enjoying the fruits of an industry-wide growth rate related to the move to a cashless society. As this trend continues, competition is accelerating from non-bank players and never before has it been so important to understand what is going on in the rapidly evolving debit and credit market. Non-interest income (NII) Read More

By |2020-05-27T18:00:16-05:00December 4th, 2015|Comments Off on Top five market shifting trends in payments

Leveraging the benefits of same day ACH

Many countries have taken steps toward the implementation of real time and same-day movements of money and the U.S., spurred by the Federal Reserve, is finally moving in that direction. In May, the National Automated Clearing House Association (NACHA) announced a strategy to move toward same-day payments on the ACH network. Financial institutions now have an opportunity Read More

By |2020-05-27T18:00:17-05:00October 26th, 2015|Comments Off on Leveraging the benefits of same day ACH

Choosing the right tokenization scheme

In the wake of recent well-publicized data breaches, the financial services industry is looking at tokenization as a means of improving the security around payments. In a previous article for BAI Banking Strategies, we looked at tokenization from the standpoint of managing token directories. Now it’s time to tackle the issue of sorting through the different approaches Read More

By |2020-05-27T18:00:31-05:00July 27th, 2015|Comments Off on Choosing the right tokenization scheme

Managing tokenization directories

With the endless storm of data breaches, the concept of tokenization has taken the financial industry by storm. Rather than expect that each new digital device will be secure, why not replace the sensitive card and account information with something less valuable, even perishable, that will encourage the fraudsters to look elsewhere? This sounds reasonable, especially in Read More

By |2020-05-27T18:00:34-05:00April 22nd, 2015|Comments Off on Managing tokenization directories

Real time payments on the UK model

Can real-time payments make it in the U.S.? The Federal Reserve certainly seems to believe so and has been pushing the idea since 2013, when it released an influential white paper on the topic. In response, major U.S. banks have been discussing the matter among themselves and at industry conferences such as BAI Payments Connect 2015, where Read More

By |2020-05-27T18:00:37-05:00February 6th, 2015|Comments Off on Real time payments on the UK model