As a consumer of banking services, I can’t wait for my bank to offer mobile remote deposit capture (RDC) – and I’ll be happy to pay for it. Yet, as a consultant to the banking industry, I can tell you exactly why my small community bank has yet to jump on the mobile RDC bandwagon: the expenses Read More
“Unfortunately, there are no mulligans when it comes to contracts.”– Jay Mohr, Jerry Maguire Many banks and credit unions understandably see person-to-person, or P2P, payments in the “startup” stage. Consumer interest, at least conceptually, is fairly high. Proven options, at this point, are fairly few. Usage, therefore, is low and centered on the early adapter group at Read More
So, where are we with the much-ballyhooed digital wallets? If there’s an overriding theme to this technology space, it’s disagreement. For starters, there’s little consensus on what actually constitutes a digital wallet. Features vary from wallet to wallet and there’s no dominant brand in this field. In fact, many of the biggest players are completely unknown to Read More
Mobile banking’s “first wave” is a good news story. Consumer adoption of relatively low-value transactions has been swift. Consumer trust is high. According to The Wall Street Journal, a Federal Reserve survey found that “cellphone users tapping into banking services increased 33% during 2012. Nearly half of those with smartphones accessed a banking app or mobile website Read More
It has become a commonplace to say that the traditional banking and payments industries need to be customer centric if they’re going to survive, much less thrive. Now, the customer-first concept seems to extend to the old debate about channels vs. devices. Some practitioners in our industry seem increasingly to define “channel” in terms of customer experience Read More
Today, if a bank isn’t offering remote deposit capture (RDC) by a mobile device, it’s likely on their roadmap. In a November 2011 survey of financial industry vendors and service providers, Boston-based Celent LLP found that 80% of financial institutions are planning or considering a mobile RDC solution. Why? Because customers have proven that they will switch Read More
If you left for work without your wallet, you’d turn around and go back for it. Same with your mobile. No matter how simple your phone is, being without it puts you at a loss. That’s why the concept of the mobile wallet is so compelling and why, if banks can satisfy lingering concerns about security, consumers Read More
The innovative technology of depositing checks by cell phone has attracted some enthusiastic customers. An issue for banks, however, is that the customer segment utilizing so-called “mobile remote deposit capture (RDC)” remains small and fraud concerns continue to hinder rapid expansion of the service. RDC in general is definitely a growing source of transactions for banks. A Read More
The payments news these days are filled with new developments on the mobile wallet front, from companies such as Isis, Google and even Wal-Mart, for example. Despite these early entrants, our recent mobile wallet study shows that the mobile wallet market remains up for grabs – which is good news for banks. In our online survey of Read More
There’s no question that bankers “get it” when it comes to mobile banking and payments, considering that most major financial institutions now offer their customers some package of mobile banking services. What’s less clear, however, is if banks get it when it comes to figuring out the appropriate business model; for now, most have defaulted to offering Read More
The buzz about mobile banking is at an all-time high so maybe it’s time to take the hype down a notch. Below, we have debunked some common myths about mobile banking so that financial institutions can focus on what really matters and provide a roadmap to meet customer needs and improve their bottom line. First Myth: We Read More
Over the last year, media attention and overall interest in mobile payments has surged dramatically. While point-of-sale (POS) payments and mobile wallets have grabbed most of the headlines, the real story may be the growth of mobile bill payments. Consider these finding from the 2011 Fiserv Billing Household Survey: Almost six million U.S. online households make a Read More
Where there’s innovation, there’s often danger, a phenomenon well-recognized by the financial services industry as it ventures into the emerging technologies of mobile banking and payments. Fraud and security issues have the potential to derail promising initiatives unless financial institutions protect their use of these technologies in an aggressive, proactive manner. One individual tasked with helping the Read More
Most everyone in financial services these days is talking about mobile banking, mobile commerce, mobile payments and mobile wallets. But, are they all the same thing? How do they differ? Lack of coherent and consistent definitions is creating a lot of confusion in the marketplace as the boundaries between the services blur. Because there is no accepted Read More
The Federal Deposit Insurance Corp.’s (FDIC) most recent Supervisory Insight quarterly report posted in December acknowledges myriad security risks related to banks’ mobile banking products and offerings. As FDIC policy analyst Jeffrey Kopchik writes, “Financial institutions are challenged to ensure their mobile banking service is designed and offered in a secure manner …” This cautionary statement by Read More
