Ignore Millennials at Your Own Risk

At a recent conference primarily for credit unions and small banks, I participated in an interesting discussion about the future role of banks and legacy payments for person-to-person (P2P) payments. Few of the attendants offered a P2P solution as part of their online or mobile banking platform and those that did claimed the product was seldom used, if at all. There was consensus that a majority of their customers just aren’t interested in this product.
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Top 5 Mobile Missed Opportunities that Cost Financial Institutions Money

In recent years, the proliferation of smart phones, tablets and web-enabled mobile devices has spurred nearly every financial institution to scramble and put together a mobile banking option for their consumers. It’s not just the growth of these technologies that is driving demand, it’s the users themselves.  Mobile users have been found to access their financial information 64 percent more frequently than non-mobile users.  As these consumers become increasingly more dependent on these devices, financial institutions are realizing that the first-generation mobile banking offerings are not sufficiently supporting the demand for anytime, anywhere banking needs, or giving financial institutions the ability to integrate all product and service offerings.  At what point did the existing mobile banking experience become obsolete?
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Mobile is Now Mainstream and Increasingly Impacting Bank Switching

In another example of how U.S. consumers’ acceptance of mobile banking continues to grow, a recent AlixPartners study shows that 60 percent of smartphone or tablet owners who switched primary banks reported mobile banking capabilities as “important” or “extremely important” in their decision to switch. That’s up dramatically from 48 percent in a similar survey from the first half of 2013.
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Mobile Banking First?

With the rapid expansion of smartphones and tablet devices, bank customers today are highly informed, relying on reviews and information published across social media channels, and do banking online 24/7. Customers can be reluctant to visit branches, and it is more likely than ever that these customers will switch their main banking relationship. To cope with this change, banks today are striving to provide a strong digital channels offering. But should banks focus on online banking on the personal computer platform, or on mobile and tablet banking Solutions?
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Why are wallets failing?

January saw the curtailment of the first big mobile wallet to hit the market following news from O2 that is was withdrawing its service. With a lifespan of just 18 months, the O2 wallet was the first MNO wallet to make a noise in the marketplace and actively promote its services to consumers. So why did it fail?
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The Great Digital Wallet Technology Race

Will NFC or Cloud-based apps prevail? As debate centers on that question, alternatives lurk behind the scenes.

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 the average consumer.
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Capitalizing on the Mobile Revolution

Much has been said about the mobile revolution. That device that never strays far from our side has infiltrated almost every aspect of our lives. In tandem with the soaring use of smartphones, mobile technology itself has progressed at lightning speed, giving more power to consumers to access information, connect, discover, research and buy with the swipe of a finger. And this technology is becoming increasingly available – analyst house Gartner published research showing smartphones are consistently outselling feature phones – out of 435 million mobile phones sold between April and June 2013, smartphones accounted for 225 Million.
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Banking on a mobile future

Anywhere, anytime banking was a key focus in 2013 and the next twelve months will see more mobility being introduced across the sector. Looking at the developments in consumer technology, it is clear that individuals are demanding more mobility in their day-to-day lives. Google Glass and the iPad Air are just a few examples of how hardware is getting to a level of sophistication that requires more advanced applications. And this is an area in which the banking industry should look to develop and produce new mobile services for those customers already invested in the Technology.
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Mobile Wallet – A long way to go

Last evening I threw a party at a popular pizza joint, in celebration of my promotion. At the checkout, I realized to my horror that I had left my wallet at home and had neither cash nor card to pay with. I had to borrow money from a friend to settle the bill. Had this restaurant signed up for a mobile wallet service, I wouldn’t have faced such embarrassment. With the growing numbers of smart phone users and tech-savvy population across the world, mobile wallet adoption should have been a done deal; yet, we continue to carry physical wallets. The reason is that there are a number of bottlenecks hindering adoption by both merchants and consumers.
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Digital wallets will save us!

When you leave your home or apartment in the morning, you might pack up a small bag of whatever you need for the day, which might change daily. But what doesn’t change is the three things you always have, and that’s your keys, mobile device and wallet. They are three essentials we can’t function without.

Fortunately, at least two out of the three are going away. Many locks for homes, businesses and doors are keyless, using a touchpad or buttons. And wallets as we know them are going digital, too. This means all we’ll be left with is our Smartphone!

Read more at Finextra

Digital wallets will save us!