Viewpoint: Barriers to Consumer Mobile Financial Services Adoption
The latest Fed consumer research reveals why many consumers are still on the sidelines when it comes to adopting mobile financial services. Surprise: They’re scared.
Industry Comment
Viewpoint: How Apple Pay Could Impact the Future of Retail
While industry observers think Apple Pay adoption hasn’t yet hit a critical mass, the mass it has hit (with 1 million more users added each week) makes it a substantial alternative to the use of contactless payment cards. But more importantly, it’s what’s still to come from Apple that retailers (and others vying for mobile wallet share) can’t afford to ignore.
Viewpoint: How IoT Connects Financial Services to Everyday Life
Tapping into the IoT trend requires financial services providers to consider the use case for each device and make sure the information and capabilities are relevant. Irrelevant information will at best be ignored and at worst lead consumers to disengage.
Viewpoint: Don’t Fear the Breacher
What it comes down to is that there’s no reason for merchants or financial institutions to live in constant fear of data breaches when there are solutions that will identify and prevent fraud attempts while also protecting the customer experience.
Micro is the biggest thing
Call it “innovation”, “transformation” or just “business”, banks are spending time and money in the pursuit of the gear shift that will protect margins and grow revenue in the digital era. The time for big, bold moves is upon us, yet it appears that the biggest move of all is tiny: the trend towards the […]
The future of the bank-fintech start-up relationship
As technology continues to proliferate in the world around us, banks are no exception. Digitalisation is revolutionising the way consumers interact with everything – companies such as Amazon, Apple, Airbnb, Netflix and Uber have transformed customer expectations and created a ripple effect across all industries. We cannot ignore the forces at work today. Across demographics, banking […]
Say goodbye to traditional customer segmentation
To stay afloat in a sea of consolidation, financial organisations, including community banks and credit unions, must recognise that their customers are individuals with unique needs. Michael Boukadakis, founder and CEO of Enacomm, explains how technology can help achieve this. Algorithms have advanced, and other industries – from retail to transportation – have raised the bar […]
The banking balance: technology and informed risk decision making
As our society moves to a world propelled by automation, where technology has given way to artificial intelligence, machine learning, driverless cars and delivery drones, it’s not leap of faith for technologists to consider how technological advances can play a role in banking. In fact, given the proliferation of risks and controls that banks and […]
How to keep mobile app users engaged
With two thirds of people now owning a smartphone in the UK, demand is high amongst consumers to have connectivity at their fingertips. Add to this the fact that 39% of adults have at least one banking-based app, and it presents a real opportunity for banks to serve engaging content to the many consumers who are […]
With the acceleration of time, will we run out of cash?
“Youth is wasted on the young,” so said George Bernard Shaw. Only recently I read that this wasn’t exactly the quote he gave. To the question of what is the most beautiful thing, the Irishman responded: “Youth is the most beautiful thing in this world—and what a pity that it has to be wasted on […]
The march of the bots for customer service: should bank CIOs slam shut or swing open the door?
Fifteen years ago, banks were still embracing telephone banking and online payment systems were still in their infancy. At the time, the impact these systems had on the IT manager were minimal. The IT manager’s role might have been to ensure that call centres managed to peak efficiency, or to ensure that the right IT […]
Viewpoint: Why the Wells Fargo Mobile Wallet Stands Out
Wells Fargo is poised to beat Chase Pay to the punch with a summer release of its mobile wallet. But it’s more than timing that could give the financial institution an edge in the mobile wallet competition.
Viewpoint: Regulatory Uncertainty Continues with Delays in Final Prepaid Accounts Rule
Recent media reports that prepaid cards have “hidden fees” simply because card packaging doesn’t follow the format contained in the CFPB’s proposed prepaid accounts rule are misleading and misinformed. Of course, the industry is waiting for the final rule before making standardized disclosure changes.
Viewpoint: MCX Has Been a Big Success, Really
We’ve been hearing a lot about the demise of MCX since it announced yet another launch delay of its CurrentC app to focus on deals with financial institutions. While this move is clearly a pivot for MCX, it’s way too early to call the organization dead. In fact, we should be calling MCX a roaring success.
Viewpoint: The Canadian Opportunity for U.S. Prepaid Providers
With the dollar down and prepaid use up in Canada, the U.S.’s top trading partner presents fertile ground for expansion.
Clever banking with artificial intelligence
As banks, financial services providers and brands predict and plan for the way consumers will manage their money in the future, artificial intelligence (AI) is high on the business development strategy for 2016 and beyond. Gideon Hyde, co-founder of Market Gravity, explains how and why artificial intelligence (AI) could hold the key to standing out […]
Brexit: breaking the bank?
As Europe’s biggest e-commerce market, the UK’s e-money and payment services industries are thriving. But with the EU referendum right around the corner, are things likely to change? Craig James, founder and CEO of Neopay, explores the potential of a Brexit-shaped disruption. On 23rd June 2016, the UK public will take to the polls for […]
Are banks ready to innovate?
Financial industry has reached the point of no return: new start-ups and technologies are disrupting the traditional world of banking. All the things that were either unavailable, limited, expensive or poorly designed, now can be accessible from the third parties, which are not even close to banks. Small fintech companies are doing the job the […]
Invisible apps: removing friction from the online banking experience
A new stage of interactive banking is here. Santander recently announced a new app that will let consumers speak to their phone about their spending habits. Lloyds announced a video interview mortgage service, allowing customers to apply without setting foot in a branch. And HSBC released an app which replaces a pin number for voice biometrics. This […]
Two years to comply: how must FIs adapt to incoming data privacy regulation?
This week marks exactly two years until the General Data Protection Regulation (GDPR) comes into force. It will fundamentally change the way that companies capture, manage and store information. To comply with the GDPR, financial institutions face the prospect of having to completely overhaul legacy systems and practices in just 24 months. Customer is truly […]
The switch from analog to digital banking is not just about new tech – part 2
Art Gillis, a seasoned banking technology consultant (working in the computer industry since 1958 – and listed as a top 25 tech consultant by the American Banker) and author, pulls no punches in this opinion piece. Digital technology evangelists, read it at your peril. This is Part 2 of Art’s article. Click here to read […]
How a regulatory enterprise risk management system can help you
Changes to regulatory reporting requirements and their impact on investment management companies have made the implementation of regulatory enterprise risk management (RegERM) systems crucial. Mark Weir, head of data management at Maples Fund Services, explores the issue. A RegERM system should be established within a company to provide accurate and timely compliance and regulatory reporting, with the […]
Viewpoint: The Future of Prepaid: Four Trends and Four Predictions
How does the prepaid industry measure up? As fees decline and functionality increases, CFSI grades prepaid and anticipates its evolution. Are you ready to compete with next-generation providers?
Viewpoint: Smartphones Disrupt Traditional Patterns for Female Shoppers
Results of two national Blackhawk Engagement Solutions surveys show that female shoppers are connected, very well-informed and are prepared to make a thoughtful, considered purchase anytime and anywhere—all of which has some implications for the payments industry.
Viewpoint: Prepaid—A Business-to-Consumer Payments Solution for Millennials
Consumers are ahead in digital payment adoption compared with businesses, and—despite significant prepaid program success in the B2C market—paper checks still dominate. Aside from the obvious benefits of cutting expenses and removing inefficiency, prepaid cards offer businesses an opportunity to leverage payments to drive customer loyalty and engagement.
Do not disturb: digital evolution in progress
Digital disruption has made its mark, changing how consumers interact with and consume banking services. For banks there is no way back from digital. A new landscape has been forged and they must find their place within this new operating environment. Ever evolving consumer needs, the curse of legacy systems, the relentless march of fintechs […]
The switch from analog to digital banking is not just about new tech – part 1
Art Gillis, a seasoned banking technology consultant (working in the computer industry since 1958 – and listed as a top 25 tech consultant by the American Banker) and author, pulls no punches in this opinion piece. Digital technology evangelists, read it at your peril. The past 50 years I have known only three bank CEOs who […]
Beaten British banks need to modernise and improve software quality management
Following outages at some of the UK’s leading banks including Barclays and, most recently, HSBC which left customers unable to access funds for up to two days, means system failures are a hot topic. The amount and frequency of these damaging failures emphasises the growing issue of poor software quality management in the UK banking […]
Why it’ll be Visa and MasterCard – not tech start-ups – that truly disrupt banking
Many will be surprised by where the biggest transformations in fintech actually come from in the next few years. A true disruption probably won’t stem from a tech start-up that gets hot and rides the wave to a new normal in banking. No, it’ll actually be those old card-issuing behemoths, Visa and MasterCard, which will […]
Really! Why is my big data a time bomb?
Over $100 billion fines were paid in US for non-compliance since 2007! More than $2.5 billion in 2015 alone was a result of incomplete and inaccurate data used for complying with anti-money laundering (AML) regulations. It’s not just financial institutions, but most firms are sitting on a ticking time bomb. How? Dr Seth Rao, CEO […]
The secret weapon to better banking technology: pilot programmes
It’s time for banks to wake up. Fintech is advancing at an alarming rate, and the banking world is falling behind. And while we can all agree that fintech is revolutionising the industry, there is still plenty of disagreement as to how financial institutions should respond to the changes. Traditional establishments are cautious to implement […]
Viewpoint: How Will Consumers Pay via the Internet of Things?
As printers and other devices start replacing supplies on their own, and giants such as Amazon make big bets on the evolution of self-sufficient retail, an expert ponders whether the Internet of Things needs its own payments infrastructure.
Viewpoint: Is Faster EMV the Best Solution?
As MasterCard and Visa work to enable quicker EMV transactions, could new technology leapfrog EMV by providing a better experience at the POS?
Viewpoint: As Apple Stumbles, Apple Pay Shines Brightly
Is the sky really falling for Apple, which missed its Q2 earning mark, as some analysts predict? Another view points to Apple Pay and other services from the hardware giant as growth drivers for the future.
Viewpoint: What’s Next for Tokens?
Anti-fraud tokenization technology stands to gain more attention and use in the U.S. as the mobile wallet wars develop and new specifications are issued.
How do MARket participants justify surveillance spend in an era of cost cutting?
With MiFID II now confirmed and MAR just around the corner, Dave Tolladay of Alerts4 Financial Markets examines the key questions facing financial institutions having to increase trade surveillance monitoring spend while reducing costs. Between €500 and €700 million – that’s the estimated one-off compliance cost to be imposed on financial firms carrying out a […]
Get off our patch – no room for fintech fakery
A search for fintech now returns nearly ten million results – astounding, when you consider the first searches were recorded in 2005. But how many of those results focus on, or indeed are sourced from fintech innovators in the truest sense of the word, asks Philippe Gelis, CEO and co-founder Kantox. The reality is that fintech is […]
Reporting under Basel III: avoiding past mistakes
In a world where prudential regulatory rules are interlinked the old temptation to explore one regulatory development at a time is damaging. Regulatory reporting, and the technological systems behind it, need to adapt if we are to avoid past mistakes, writes Selwyn Blair-Ford, head of global regulatory policy at Wolters Kluwer. Here’s a scenario that […]
Biometrics: the road less travelled on the customer journey
Biometric security in the financial services sector has finally reached the tipping point many have been anticipating since Apple launched its fingerprint recognition technology one whole iPhone generation ago. We recently saw the first of the major banks to announce that both fingerprint and voice recognition technology will be viable account login options for millions […]
Viewpoint: Fraud Quiver Requires More than One Arrow
If you want to fight fraud in the corporate and government sector—or any sector—you need many tools. And, you may have to educate clients that no one tool is the solution.
