Until making a mobile payment becomes faster than using a credit card, mobile payments will be stuck in low gear.
And the key to making mobile payments fast is to use biometrics to solve the authentication problem and eliminate the need for consumers to enter a password.
mBank is the #1 mobile banking provider in Poland. Here are the reasons of success!
http://thefinancialbrand.com/40287/mbank-mobile-banking-innovation/
Business analysts are warning that the banking and credit union industries must become more ‘modern.’
The bottom line is that if you can recognize what’s coming and know how it works, you can try to get there first.
For decades, banks and credit unions have been in control, retaining the majority of their customers and members by providing basic banking services through traditional and increasingly digital channels. But things are changing and now almost all millennials (88%) do their banking online and half use their smartphone to bank
If mobile banking’s first wave was widespread consumer adoption (well underway) and its second wave was high-value transactions (gaining momentum), then the third wave is allowing employees at financial institutions access via mobile devices, aka ‘employee mobile enablement.’
http://thefinancialbrand.com/41302/employee-mobile-enablement-banking-eme/
Apple has introduced components of a potential payment solution, including the Passbook, the Touch ID fingerprint scanner and the iBeacon for location-based information and offers. But Apple reached out to many of the biggest partners ahead of introducing Apple Pay…
http://thefinancialbrand.com/42083/apple-pay-mobile-payments-banking-impact/
Consumers have historically valued stability in their relationships with banks but nowadays consumers want to manage their money using familiar tools and techniques – which often means their phones or tablets. If banks don’t move at the speed of innovation, alternative providers and competitors will.
After a period of relative stability, the primary bank switching rate jumped by more than 40 percent in late 2013, with 60 percent of smartphone/tablet users reporting mobile banking capabilities as being either “important” or “extremely important” in their decision to switch.
http://thefinancialbrand.com/37771/bank-switching-mobile-engagement-alixpartners/
There is no question that the transformation of the banking landscape is inevitable. But the question is that less than 20 percent feel prepared to address these priorities.
http://thefinancialbrand.com/37820/retail-banking-2020-success-survey/
Take a look at “Target” example and learn how a great breach can transform a company’s approach. Being proactive and with a multichannel approach for keeping customers informed which can build much sought after loyalty and trust.
http://thefinancialbrand.com/37374/target-data-breach-bank-communication/
