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.
Continue reading

Advertisements

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?
Continue reading

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.
Continue reading

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?
Continue reading

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?
Continue reading

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.
Continue reading

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.
Continue reading