Posts Tagged ‘banking app’

Consumers Speed up Card Replacement Cycle

Posted on August 11, 2017 by Laura Lam

Despite the heightened security that comes with EMV chips and tokenization, consumers remain worried about their personal data being exposed in a seemingly nonstop parade of breaches. This leads to many cardholders requesting a new card as a precaution, even if they have no evidence that they were directly affected by a particular breach. “It’s less about their cards being compromised than seeing news about a major breach at a place where they shop,” said Rob Dixon, product director at CPI Card Group.  “The customer wakes up and sees a report about a breach, and wants to have his or…

A Decade of Mobile Banking

Posted on July 14, 2017 by Laura Lam

On June 29, 2017, the iPhone turned 10 years old. Since the first iPhone was released in 2007, Apple has sold some 1.2 Billion phones and notched up more than $740 Billion in sales – making it the best-selling tech gadget in history.  Two-thirds of Apple’s $216 Billion in sales in 2016 came from the iPhone.  American Banker takes a look at some of the ways it, along with the boom in smartphones overall, has shaped banking in the U.S. over the last decade. It gave rise to app culture and fintech. The ability to deposit a check by taking…

Will Banks Listen to the Voice of their Customers?

Posted on January 19, 2017 by Laura Lam

Voice recognition technology is rapidly becoming part of our culture, as Apple, Google, Amazon and Microsoft have invested heavily in their Siri, Google Assistant, Alexa and Cortana voice-based assistants.  Banks have taken notice but grapple with new challenges in trying to work with these voice assistants and securing transactions conducted through them. Some are debating whether to work with them at all. Such challenges mean that 2017 won’t be the year that voice banking takes off. Significant customer adoption of voice banking is 3-5 years away, said Emmett Higdon, director of mobile for Javelin Strategy & Research. Still, banks can’t…

Digital Banking Ushers in New Loyalty Rewards Programs

Posted on September 22, 2016 by Laura Lam

Credit card rewards programs were born in the heyday of plastic and paper. As payments go digital, banks will have to make sure their loyalty programs keep pace.  While the move may seem small in the scheme of mobile banking, the digitization of loyalty rewards programs may play a key role in the adoption of mobile payments. “The way people shop and the way they interact with loyalty programs has changed,” said Lars Holmquist, senior vice president at Collinson Group.  Financial service firms have “a clear opportunity to deliver highly engaging, digitally driven loyalty initiatives due to the wealth of…

Banks Design Apps for Non-Customers

Posted on July 26, 2016 by Laura Lam

A couple of financial institutions have recently created mobile apps available to anyone as a way of engaging with people through their phones. The institutions are hoping that the apps will build trust with their users and those users will eventually become customers. Assuming they have credit scores, any consumer can get their 3-digit numbers using the CreditWise app from Capital One.  Ally Bank has been testing a financial health app called Splurge Alert that anyone could sign up to try. The general apps follow a slew of fintech apps that have entered the market to crunch financial data and…

Branches Still Integral to Banking’s Future

Posted on July 18, 2016 by Laura Lam

A few decades ago, the branch of the future was going to be an ATM and a telephone. ATMs and telephone banking were going to transform our industry significantly. In fact, they did.  Later, some believed our home computers and online banking would forever alter the way customers interact with banks. Sure enough, they did.  More recently, smartphones, cloud computing and apps were going to make banking anywhere and anytime a reality for customers, and therefore, reduce foot traffic at our branches. They certainly have. Evolving technology continues to influence customer preferences and behaviors. From big bank to community bank,…

The Future of Mobile Banking Has Arrived

Posted on July 13, 2016 by Laura Lam

Some Citigroup customers can open ATM vestibules with their phones. Bank of America and JPMorgan Chase customers can retrieve cash more quickly from ATMs using codes generated on their phones. Apple users will soon be able to use their Apple Pay on their iPhones to complete purchases made on their computers.  Welcome to the future of mobile banking, where smartphones begin to make the transition from being a way for people to bank on the go to being the nucleus of banking. “Mobile is not just a channel anymore – it is becoming the heart of the relationship,” said Steve Ellis,…

Are Banks Having an Identity Crisis?

Posted on June 01, 2016 by Laura Lam

The question is so simple it seems silly: What is a bank?  A bank pools savings and then allocates that capital. Simple, right? But that’s just the start.  In 2016, a big bank also doubles as an enterprise software company and a mobile-apps developer. It is a customer-service organization to big companies and individuals alike. It is a tool of government-mandated social policy. A shareholder-return engine. An international intermediary. A seller and trader of securities. A policeman of criminals. A policeman of itself. And, of late, a public vessel, dirtied by political feeling about everything from inequality to race to…

Getting to Know You: What Banks Should Know About Millennials

Posted on May 31, 2016 by Laura Lam

Banks have a hard time figuring out millennials, those born between the early 1980s and 2000. Many millennials don’t remember a world without the Internet, plenty entered adulthood during the thick of the financial crisis and the generation is broadly considered one willing to vote with its feet. Banks are anxious to market to this demographic (and might be neglecting seniors in the process) and are eager to find out just what makes them tick.  Several firms have tried to demystify millennials for bankers. The following is a look at some of the data. 1. They Don’t See a Future…