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Mobile Wallets: Where are we Now?

Posted by Jennifer Geis

Wed, Jan 02, 2019 @ 11:00 AM

 

Big Hype Low Volume

The biggest names in Fintech, such as Google, Apple, and Samsung, have invested millions of dollars in mobile wallet technology. Big Banks like Citi, Bank of America, and Chase have followed suit. Yet if we look at the mobile wallet market today, usage has been meniscal, and adoption has been slow. After years of disappointing wallet growth, mobile wallet providers are desperate to make their investments pay off as even more competitors are entering the field fighting for market share. Which mobile wallets are ahead of the pack?

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Topics: Mobile Banking, Credit Unions, digital banking, banks, Payments, cards, Cybersecurity, digital survival, P2P, digital commerce

Reinventing Your Card Strategy for the Digital World

Posted by Jennifer Geis

Wed, Oct 24, 2018 @ 11:00 AM

Cards Come First as Payment-Of-Choice

When is the last time you used your credit card? Most likely, you used it within the last few hours – or at the very least, within the past couple of days. Consumers worldwide are depending upon and using card payments at increasingly higher rates. What’s the reason for the hike in card usage? Cards are convenient. Cards allow us access to a trail of our purchase history. We’re rewarded when using our cards with points, cash back, or other items. And lastly, cards offer a “buy now pay later” benefit that we all can appreciate. According to a study done by VISA and Pymnts.com titled How We Will Pay, 61% of all consumers say speed or trust is the most important reason for using credit or debit cards. Two-thirds of people prefer to use cards or mobile options over cash. And 77% of people would still patronize stores if they dropped cash.

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Topics: Mobile Banking, Credit Unions, financial institution, consumer, banks, Online Bill Pay, Payments, cards, credit cards

Onboarding for Mobile Banking Apps: 3 Tips for a Standout User Experience

Posted by Katie Bennett

Wed, Sep 05, 2018 @ 11:00 AM

 

User onboarding is a critical juncture. It’s the series of actions that occur and screens that appear after users download your mobile banking app for the first time, and before they can actually start using the app as intended.

First impressions are important, and you want your app users to stick around, but do you know what to look for in a good onboarding experience? The following information, based in part on my own opinions and in part on experiences writing documentation for a mobile banking app, present some ideas for improving the user’s journey from initial download to first mobile banking session.

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Topics: Mobile Banking, Credit Unions, banking, user experience, onboarding, app

The Impact of the New Reg CC Indemnity on RDC Services

Posted by Kevin Moland

Tue, Jul 03, 2018 @ 11:00 AM

 

As of July 1, Reg CC will provide a new indemnity designed to protect financial institutions (FIs) that receive malicious duplicate presentment of paper items previously deposited at another bank or credit union via remote deposit capture (RDC). If your FI is the initial recipient of an item deposited via traditional commercial RDC or consumer mobile RDC (mRDC), should that same paper item later be presented for deposit at another FI, and should that FI sustain a loss due to the item already being paid, you must make the other FI whole, including reimbursement of reasonable expenses for collection.

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Topics: Mobile Banking, Credit Unions, banking, Regulatory Compliance, RDC

Mobile Services--Not Just for Borrowers Anymore

Posted by Patrick True

Fri, Jun 29, 2018 @ 12:00 PM

Commercial lending officers have witnessed mobile banking changing the landscape of general banking services in the last five years. In a recent study, CitiBank estimated a 25% increase in use of mobile banking during 2017. Each year, more clients request greater access to both informational and transactional services through their phones and tablets.

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Topics: Customer Experience, Relationship Management, Commercial Lending, Mobile Banking, banking, fintech, user experience, technology

The Six Primary Benefits of Digital Lending Platforms

Posted by Patrick True

Fri, Jun 15, 2018 @ 01:30 PM

No one knows the exact date the digital lending movement began. One thing everyone can agree on is that its roots date back to the dot-com era of the late 1990s – starting with mortgage lending and moving toward consumer lending. In the more recent, post-recession years, the movement has been advancing into small business and commercial lending.

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Topics: Customer Experience, Relationship Management, Commercial Lending, Mobile Banking, banking, fintech, user experience, technology

Should We Pay More Than Lip Service to Voice Banking?

Posted by Nicole Harper

Wed, Jun 06, 2018 @ 11:00 AM

 

Talking is easier than typing (thanks, Captain Obvious). Voice assistants aren’t new, but there seems to be growing chatter about smart speakers and voice banking. Is it all just hype or should banks and credit unions be taking this seriously? To help answer this, let’s challenge some common assumptions.

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Topics: Customer Experience, Mobile Banking, financial institution, Digital Generation, Online Bill Pay, voice banking, Millenials, technology, digital survival, Baby Boomers

Lending at the (New) Speed of Business

Posted by Patrick True

Fri, Jun 01, 2018 @ 01:30 PM

 The length of time it takes for a financial institution to render a credit decision will vary widely across organizations as well as loan types. While small working capital obligations and unsecured debt may take only a day or two, commercial real estate and SBA loans can take several weeks for a decision and over a month to close.

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Topics: Customer Experience, Relationship Management, Commercial Lending, Mobile Banking, banking, fintech, user experience, technology

An Opportunity to Help Advance the Future of Faster Payments

Posted by Deborah Matthews Phillips

Wed, May 23, 2018 @ 11:00 AM

“Life moves pretty fast.” Sage wisdom from one of my favorite movie characters. Who knew that a movie made 32 years ago – Ferris Bueller’s Day Off - would be so enduringly prophetic?

Technology has fueled today’s expectations of immediacy. I am too busy to wait in line for my latte so I order ahead with an app. I expect to pick up my ecommerce order at the store within an hour or two. I use messaging services to communicate with family and friends and usually receive a prompt response. 

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Topics: Mobile Banking, banking, Digital Generation, Online Bill Pay, Information Technology, Millenials, Payments, technology, bigtech, Tomorrow's Technology

All Rivers Lead to the Sea

Posted by Patrick True

Fri, May 18, 2018 @ 01:30 PM

 

While all rivers eventually lead to the sea, the route you choose makes all the difference to your passengers and crew.

While the fintech movement has been getting a lot of press in recent years, it is simply a continuation of decades of advancement in financial technology beginning in the early 1980s. While the rate of change may have increased, the process and the motives remain the same.

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Topics: Customer Experience, Relationship Management, Commercial Lending, Mobile Banking, banking, fintech, user experience, technology

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