Apple has a high-profile name and knack for revolutionizing the markets in which it operates. But consumer confusion over a myriad of mobile payment options and technologies may be a stumbling block for Apple Pay.
Apple Pay's impact will be mitigated by the limited availability of near-field communication terminals and by consumer concerns about the safety of NFC technology.
As regulators emphasize the importance of data integrity, chief data officers need to consider new strategies to ensure that all bank employees are on the same page about improving information quality.
Americans are still looking for the same fundamental services from their banks. It's their expectations of convenience and accessibility that have changed Â-- and that's where digital offerings should come in.
Apple's desire to maintain tight control of the payment experience is likely to wind up pushing banks away from iPhones and toward Android and host card emulation technology.
While customers were losing faith in banks, they were falling in love with tech. Banks will have to start changing their message if they're going to catch up, according to consultant Chiaki Nishino.
Banks that misinterpret regulatory guidance on vendor risk management can wind up shortchanging themselves and stifling industry innovation, according to consultant Paul Schaus.
