Closing the mobile banking gap

What can community banks do to level the playing field against larger national competitors? Here it is, on the level: maybe nothing, so far as that tired cliché goes. That is, not when you can leap frog the field instead. Kelly Burdette, senior vice president for digital and products for Sheffield, Alabama-based Bank Independent, indeed wants to Read More

By |2020-05-27T17:58:08-05:00May 13th, 2019|Comments Off on Closing the mobile banking gap

What good is your new digital banking product if it’s hard to use?

PwC’s 2018 Digital Banking Consumer Survey told us what we’ve known for a few years: There’s a shift going on in consumer technology behavior. In effect, banks feel pressure to constantly add new feature functionality to their digital banking channels—but often fail to prioritize user experience (UX). The benefits of new technology fall by the wayside if Read More

By |2020-05-27T17:58:16-05:00October 24th, 2018|Comments Off on What good is your new digital banking product if it’s hard to use?

A winning FinTech formula: Define, adopt and execute

This past winter, the Financial Services Roundtable arranged one of the best events in recent memory to address the broad topic of FinTech. Their FinTech Ideas Festival assembled an unparalleled group of executives from the largest financial services and technology companies—and, of course, representatives from a diverse group of FinTechs—to discuss and debate areas of technology expected Read More

By |2020-05-27T17:59:45-05:00May 18th, 2017|Comments Off on A winning FinTech formula: Define, adopt and execute

Cell your bank: The benefits of mobilizing your dollars

With 2017 in full swing, let’s pause to recall the many well-intentioned executives whose proposals to hike spending on mobile banking were as welcome by their CEOs as a Friday afternoon visit from the FDIC. It’s easy to understand the temptation to cut budget requests to enhance mobile banking.  After all, many fixed and regulatory costs are Read More

By |2020-05-27T17:59:47-05:00April 5th, 2017|Comments Off on Cell your bank: The benefits of mobilizing your dollars

The latest British invasion: mobile-only Starling Bank

The all-mobile Starling Bank launched in beta last week. Yet as the architect of a high-tech, branchless bank, Starling CEO Anne Boden is no Silicon Valley denizen, but a former insider to the conventional banking industry. Starting as a computer programmer at 21, Boden rose to senior levels in British and Irish banking. Yet the more she Read More

By |2020-05-27T17:59:48-05:00March 20th, 2017|Comments Off on The latest British invasion: mobile-only Starling Bank

Facebook’s Noah Choi and his enticing digital invitation to banks

The banking industry is still trying to master the recipe for peerless digital transformation. Social media services boast all the key ingredients to make it happen. No wonder when Facebook’s Noah Choi looks at the present state of things, he sees an unappetizing option: stale cookies. “In a mobile-first world, where people spend lots of time, cookies Read More

By |2020-05-27T18:00:05-05:00October 4th, 2016|Comments Off on Facebook’s Noah Choi and his enticing digital invitation to banks

Expanding mobile access beyond deposit capture

Pinnacle Financial Partners illustrates how banks are using remote deposit capture, which enables customers to take photos of checks on their smart phones. Check deposit using the technology has surged – 63% compound annual growth between 2014 and 2006, when the Nashville-based bank first offered the service. On the other hand, interest by consumers and businesses in Read More

By |2020-05-27T18:00:06-05:00September 14th, 2016|Comments Off on Expanding mobile access beyond deposit capture

Using customer delight to effect organizational change

Planning and executing a successful mobile roadmap is challenging under normal circumstances. This task becomes more challenging when the mobile app must comply with industry regulations and strict internal security policies. Now, add a conservative management team that errs on the side of caution along with an Information Technology (IT) department that appears to be booked solid Read More

By |2020-05-27T18:00:07-05:00September 5th, 2016|Comments Off on Using customer delight to effect organizational change

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

Responsive design for digital banking

Having a world-class digital banking experience across any device is imperative today, where nine out of ten U.S. adults regularly use some form of online banking and more than half of them access their banks’ websites or applications via their mobile device, according to a recent report from Mercator Advisory Group. With the proliferation of mobile devices Read More

By |2020-05-27T18:00:09-05:00June 28th, 2016|Comments Off on Responsive design for digital banking

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

Five strategies for competing with FinTechs

Financial technology (FinTech) start-ups are bringing noticeable competition to the financial industry’s traditional retail and investment banks. What differentiates them from traditional banks is their agility in addressing specific pain points such as payments, loans, mortgages, personal finance and remittance at speeds and pricing that is difficult for traditional banks to match. Like Uber for taxis, Netflix Read More

By |2020-05-27T18:00:11-05:00May 9th, 2016|Comments Off on Five strategies for competing with FinTechs

Leveraging customer data through the core

One of the central problems banks face is that, despite the wealth of information available to them, there is still much they do not know about their customers. For example, a customer might have a checking account and a car loan with your bank. This means you have a wealth of information on the customer’s daily spending Read More

By |2020-05-27T18:00:12-05:00April 20th, 2016|Comments Off on Leveraging customer data through the core

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

Leadership and technology for global financial services innovation

The financial services world changed forever following the financial crisis, but not just because of the economic environment. Sure, the economy had an impact on the way regulatory requirements were established but the real driver of change has been the consumer. Faced with increasing expectations, changing behavior and advancing technology, some leading financial institutions have successfully recognized Read More

By |2020-05-27T18:00:12-05:00April 11th, 2016|Comments Off on Leadership and technology for global financial services innovation

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

Rising interest rates and community banks

Last year, as the Federal Reserve was preparing for its long-anticipated first monetary tightening in nearly a decade, the conversation began to focus on the generation of bankers whose concept of “normal” consisted of short-term interest rates near zero percent and holding steady. So, now that the suspense is over and we have “lift-off” in the Fed Read More

By |2020-05-27T18:00:14-05:00February 23rd, 2016|Comments Off on Rising interest rates and community banks

Reducing bank courier expenses

In today’s sluggish economy, banks are looking under every rock for cost savings in order to show better earnings growth. One source of expense control, however, has been hiding in plain sight: the cost of courier services. With Branch Image Capture (BIC) and Remote Deposit Capture (RDC) technology, physical copies of checks are no longer necessary to Read More

By |2020-05-27T18:00:14-05:00February 17th, 2016|Comments Off on Reducing bank courier expenses