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Urgent Advice: Leverage Payments to Win Digitally-Dependent Customers - Part 2

Posted by Deborah Matthews Phillips

Feb 1, 2017 11:30:00 AM

If you recall last week’s blog post, the impact of this digital dependency has been indelible on our industry. For at least half of consumers, technology is a key factor in selecting their financial institution. More than half say mobile banking will change the way they bank in the future. But how will this impact your financial institution moving forward?

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Topics: Mobile Banking

Urgent Advice: Leverage Payments to Win Digitally-Dependent Customers - Part 1

Posted by Deborah Matthews Phillips

Jan 25, 2017 11:32:54 AM

An ice breaker question at a meeting I recently attended read, “What technology innovation has made the most impact on your life?” Not surprisingly, a large majority of people held up their smartphone. Even though it was only ten years ago when Apple unleashed the iPhone, in the fast-paced world of technology, ten years feels like a lifetime. Most of us can’t imagine what our existence would be like without it.

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Topics: Mobile Banking

Are You Pitching the Right Remote Deposit Products to Small Businesses?

Posted by Kevin Moland

Oct 26, 2016 10:30:00 AM

In the decade since Check21 legislation became the law of the land, the proliferation of remote deposit capture solutions has been staggering. As far back as a year ago, U.S. financial institutions had deployed more than one million desktop scanners to their commercial customers. What was revolutionary in 2005 was a commodity by 2015. It’s a rarity now to find an FI with commercial clients that doesn’t offer RDC.

But that doesn’t mean the remote deposit market isn’t changing. Thanks to the advent of Mobile Remote Deposit Capture (mRDC), electronic deposits have become a mainstream service for consumers, too, with more than one-third of U.S. bank account users having deposited a check via a mobile device.

And now the battleground for RDC services has moved to the amorphous space between consumers and full-grown commercial clients, the mystical land where small businesses live. This shift presents a challenge to treasury management sales staff when they pitch RDC products to existing clients or prospects.

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Topics: Financial Services Industry, Mobile Banking

Are Intelligent Assistants Smart Enough Yet?

Posted by Deborah Matthews Phillips

Aug 17, 2016 10:00:00 AM

Twenty-three years ago, my 7 year old daughter was given a homework assignment to write about something she would like to invent. I was so proud of her idea – she called it “Speak it and see it.” The concept was a simple speech recognition tool where a user could dictate into a microphone and the words would appear on the computer. The fact that she received only a “B” demonstrates how far-fetched this idea must have seemed at the time.

Fast forward to 2016. There is an exciting evolution at the intersection of natural language processing, artificial intelligence and connected devices. Intelligent personal assistants like Amazon’s Alexa®, Apple’s Siri®, Microsoft’s Cortana®, VIV, Hound and Google Assistant promise to change the way we manage our lives. Gartner explains, “An autonomous agent becomes the main user interface. Instead of interacting with menus, forms and buttons on a smartphone, the user speaks to an app, which is really an intelligent agent. These intelligent agents may be associated with an individual app or act across multiple apps.”

Intriguing for sure, but are they the next big thing?

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Topics: Customer Experience, Mobile Banking

Who’s Afraid of Apple Pay?

Posted by Kevin Moland

May 4, 2016 10:00:00 AM

Last weekend, it happened again. I used Apple Pay to buy dinner for my son and a couple of his friends in my favorite nationwide sandwich shop, and the sandwich artist behind the counter gazed up at me in amazement and said, “Wow.”

Wow, indeed. I regularly watch store clerks go all googly-eyed when they see their first Apple Pay transaction. Even I still feel a little bit of a thrill every time I nonchalantly stick my phone next to the card terminal and hear the familiar “ding” that means my transaction has been approved. It’s been out for more than a year, but Apple Pay still spawns a sense of wonder in those who see it and those who use it.

Unfortunately, this sense of wonder in payers seems to generate a corresponding feeling of foreboding in many bankers. And why not? For years, we industry experts have been warning financial institutions that third parties like Apple were going to “disintermediate” them and take away their payments franchise. But the last two years have shed some light on mobile proximity payments, and the Apple Pay monster hiding in the corner now looks more like a friend than a fiend.

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Topics: Payments, Mobile Banking

Mobile Wallet Options for Issuers…In One Infographic

Posted by Lee Wetherington

Jan 6, 2016 10:00:00 AM

Click here for more Executive Briefings at BankersHub

Since the arrival of Apple Pay, many issuers have been wondering whether and how to support mobile payments for their Android customers. In recent months, Apple Pay has been joined by the launches of both Android Pay and Samsung Pay. Each of these mobile wallets bring its own set of pros and cons for issuers. So, how do they compare, and should your institution support one, some or none these mobile wallet options?

Here’s my answer in one infographic:

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Topics: Payments, Mobile Banking

Mobile Banking - Big Business in Your Small Business

Posted by Danny Payne

Aug 31, 2015 1:54:03 PM

Last week my exterminator came by the house to do the monthly bug spray routine.  We always talk sports, kids, and whatever pest I should expect to see more of this time of year.  I’ve used the same local company for seven years and the same guy for the past two years.  There are no real surprises, he sprays and comes into my office with a bill and then he goes.  But this past week, there was a surprise.  All of the sudden, my bug guy was high tech!  He whipped out an iPad and asked me if wanted my bill electronic.  Did I fail to mention I live in Elizabethtown, KY?  While it is the home of iPay Solutions, and only miles away from the National Gold Repository, we are still considered “small town USA”.  Needless to say, I was impressed and excited to get my bill electronically.  He also offered me the ability to write my check while he was there and he would snap a picture of my payment or take my credit card payment in person.  I wasn’t prepared, so I said I would just pay the bill when I got it.  Within seconds I got my email bill with a link to pay online with my credit card.  No more writing and mailing checks and I get my points.  I work in the industry and this was still very cool.  In a short 15 minute encounter, I realized everything we are doing at ProfitStars is reaching past the bank/credit union consumer and being implemented at the small business.  Is small business the next big business?  I can see the large pizza chains allowing me to sign an electronic receipt of my credit card without paper, or allowing me to scan in my paper check, but the idea of my bug guy running his small business from his phone is amazing to me. 

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Topics: Mobile Banking, Small Business Market

So you've launched a Mobile Banking App, are you ready for a Behavior Change?

Posted by Jackie Marshall

Aug 28, 2015 4:24:39 PM


In last February’s blog – Best Practices for Building an Enterprise Wide Electronic Channel Strategy, I wrote that financial institutions should consider a paradigm shift in strategy that includes a focus on e-banking services, service components, and delivery channels.

This strategy is also important as the process will help determine how all banking delivery channels may change after deploying mobile banking. What’s key in this risk based approach is development of an effective delivery channel mix for future online and face-to-face banking interactions. Prolific use of mobile devices doesn’t necessarily spell the demise of traditional banking channels, but instead, powers customer’s demand for more information and interaction through multiple touch-points, some of which must be available anytime, and anywhere.

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Topics: Risk Mitigation, Mobile Banking

Let Me Tell You Why I'm Leaving

Posted by Kevin Moland

Aug 28, 2015 4:12:04 PM

 

I did something today I never thought I’d do: I left my bank.

What’s even more surprising is that I stopped by that top five national bank just down the street and moved my accounts there. Part of what makes this story so strange is that after a dozen years working in a community financial institution (FI) and two decades working for software vendors that service community financial institutions, I know local banks and credit unions (CUs) are the good guys and big banks are the evil empire. Nevertheless, I’m going over to the dark side.

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Topics: Relationship Management, Mobile Banking

Who's Putting on Payments?

Posted by Eric Wilson

Aug 25, 2015 4:08:11 PM

 

Wearable technology is all but certain to become a big factor in how people interact with the world around them.  And, with the Apple Watch scheduled to begin shipping later this week, this evolution seems likely to happen very quickly.  Of interest to banks and credit unions, experts expect payments to be one of the applications particularly suited to wearable devices.  Obviously, the Apple Watch will support Apple Pay, but other key players are also jumping in to extend their payment offerings to wearable devices.  For instance, Jawbone just announced that their Up4 fitness tracker bracelet will support NFC payments through a partnership with American Express.  

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Topics: Payments, Mobile Banking

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