For banks and other financial institutions to survive and thrive in the age of mobile payments and e-commerce, they need to continue to enhance their mobile apps with more innovations, tighter security features and more time-saving capabilities.
With customers now having the opportunity to onboard across multiple devices and channels, or even through a call center, the likelihood of an inconsistent experience is drastically increased, Neal Keene of Intelledox says.
Stephen Ranzini, CEO of University Bank, says The Clearing House's RTP and Early Warning's Zelle handle enrollment, encryption and authentication insecurely.
Bryce VanDiver and Daniela Hawkins at Capco make the case that offering easy-to-use payment rewards is the way to win the loyalty of digital-only customers.
Earlier this decade, a boom in low-cost prepaid cards undercut the firm's business model. Now the fiercest competition is coming from venture capital-backed startups that offer accounts with no overdraft fees.
This summer, an international electronics company completed a $1.6 billion payment by mobile phone, the biggest transaction ever on the bank's CashPro app, according to Bank of America.
Large tech companies have been driving home the message that they can help the many Americans who struggle financially. But there are good reasons to be skeptical of their intentions.
