JHA_HeaderImage_Blog_v2.png

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?

Read More

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.

Read More

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

Conversational Payments: How Voice Technology is Changing the Way We Pay

Posted by Jennifer Geis

Wed, Aug 15, 2018 @ 11:00 AM

Communication and conversation have come a long way within the past decade. I realize I’m totally dating myself, but in talking with my 15-year old daughter, who was frustrated because her iPhone battery didn’t last as long as she’d like, I explained that phones used to be connected to the wall. In horror, she asked, “How did you get in touch with people when you’re not at home?” I then explained further that someone could actually pick up another phone in the house and listen in on your conversation. After a huge gasp, she said, “Wow, that must have been a long time ago!” In reality, it hasn’t been that long ago, yet it seems like ages when comparing how far technology and the way we communicate has progressed.

Read More

Topics: financial institution, Online Bill Pay, voice banking, Payments, technology, Tomorrow's Technology, alexa, google home, echo

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. 

Read More

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

New Year, New Payment Strategy? 5 Top Trends to Add to Your Payments Resolutions This Year

Posted by Jennifer Geis

Wed, Jan 31, 2018 @ 11:00 AM

As we ring in the new year, we can’t help but look forward to what lies ahead. New Year’s resolutions keep us focused on our goals and help us plan for success. With such historic advances such as real-time payments, artificial intelligence, mobile wallets, and open banking, 2017 has seen unprecedented advancements in the way we pay.

Read More

Topics: Mobile Banking, Payments

Lockbox / Remittance Pro Forma

Posted by Robert Hudecek

Wed, Jan 10, 2018 @ 11:00 AM

Dear V.P. of Electronic Banking:

I need your help. I just received a call from our third largest depositor asking if we can provide a remittance or lockbox OCR solution to process their monthly bills and needs an answer within the week.

Sincerely,
V.P. of Deposit Operations

If the above email is the least bit familiar to your organization, you are not alone. The need for operational improvement through software solutions has never been greater. From municipalities, to healthcare, to property management, to non-profit, most market segments who receive recurring payments are looking to provide greater service with existing staff and a trusted source for this solution.

Your answer to the above letter ought to be an enthusiastic, “Yes!” A financial institution can satisfy the depositor and deepen its relationship with a client like this. Also, rather than clients coming to you with a need, you can proactively make the case to likely prospects before they begin looking.

Read More

Topics: Financial Services Industry, Payments

Are You Ready for Real-Time Banking?

Posted by Jennifer Geis

Wed, Sep 13, 2017 @ 11:45 AM

For an overview and definition of real-time payments, read the previously published blog titled ‘The Biggest Misconception of Real-Time Payments’.

There is no doubt that we live in a society which values time. Innovative companies are cropping up every day to help us do things faster.

Financial services consumers are demanding not only speed, but convenience, automation, reliability, and transparency among transactions in addition to real-time funds availability. In addition to consumer expectations, drivers of this faster payment movement include technology innovation, new players and business models, business expectations, enhanced safety and soundness, and globalization and regulatory pressure. As we evaluate those drivers, many industry experts believe that financial service providers will begin to see benefits from functionality that leverages faster payments. 

Read More

Topics: Payments, Tomorrow's Technology

The Biggest Misconception of Real-Time Payments

Posted by Jennifer Geis

Wed, Aug 16, 2017 @ 12:57 PM

A recent metamorphosis of the payments industry began with same day ACH (automated clearing house). ACH is basically the rails that connect banks and credit unions in the United States and allow payments to move between various accounts. Beginning last September, 2016, NACHA (National Automated Clearing House Association) adopted a rule to provide a new, “ubiquitous” capability for moving ACH payments faster. The rule was planned to occur in a three phased approach. Phase one, required a mandate for the ability to receive and process same day credits, and introduced additional processing windows for settlement times. Phase two, which is scheduled to go into effect September 15, 2017, required a mandate for the ability to receive and process same day debits – in addition to credits. And lastly, phase three, planned for March 2018, will make same day ACH funds sent before a specific cut-off window available to the payee by end of business on the same day.

Just as same-day ACH seems to be picking up steam and appears to solve the answer to all payment problems, we discover it’s not fast enough. We need faster – we need instant – we need real-time! The mobile-first, digital minded, technology hungry end consumer is doing everything else faster, therefore the way they pay is no exception.

Enter real-time payments.

Read More

Topics: Payments

Frictionless Payments: The Never-Ending Pursuit

Posted by Penny Webb

Wed, Apr 26, 2017 @ 11:30 AM

“Frictionless payments” is an industry concept that has been around for many years. The phrase is used to describe a desire to limit the amount of customer interaction during a transaction, making the purchase process as smooth as possible from start to finish.

While the payment portion of a purchase can be the more laborious aspect of retail transactions, merchants and financial institutions must also focus on the end-to-end user experience when looking for ways to simplify the act of making a purchase. Streamlining the purchasing process should be a top priority for retail establishments and nonprofit organizations that want to attract new customers or contributors, or drive existing users to return more often.

No matter the industry or organization, there are essential gains to be made by applying the frictionless payments approach to customers’ purchase or donation experiences.  

The following techniques are often used to reduce friction in the payments process...

Read More

Topics: Payments

The Next Generation of Frictionless Payments

Posted by Deborah Matthews Phillips

Wed, Mar 29, 2017 @ 11:15 AM

I confess…I am that picky person that pinches the produce and squeezes the Charmin at the grocery store. Honestly, I don’t enjoy grocery shopping – I dread standing in line, knowing there are better ways to invest my precious free time. Amazon launched a new concept store in Seattle, Amazon Go, for the 67% of consumers like me that never shop for groceries online yet yearn for greater convenience.

Read More

Topics: Information Technology, Payments, Tomorrow's Technology

Subscribe to Email Updates

Recent Posts

Categories

see all