It turns out that almost half of the top 25 banks by deposit currently lack a tablet app. A surprising figure when you consider that consumer adoption of tablets is reaching 45 percent—which is at a much faster adoption pace than smartphones.
Could it be that tablet-optimized apps provide a lucrative opportunity for increased customer satisfaction, and yet even some of the largest banks aren’t catering to their needs?
But let’s assume all those banks are in the process of building a tablet app. The good news is that there are banks which have laid the groundwork—created some best practices, done the research on what their customers want and have considered in in their omnichannel banking strategy. I will be leading a panel discussion on this very topic at American Banker’s Digital Banking Summit (June 2-4).
Comprising the panel will be banks that are at various stages of tablet app development. SunTrust just rolled out a tablet app late last year, and the bank’s group vice president of mobile management, Kristen Rankin will share that early stage experience. On the other end of the spectrum is USAA, which has often been cited as the industry leader in mobile financial services. Patrick Kelly, USAA’s executive director of emerging channels joins to share his expertise. Rounding out the discussion will be Citi’s Raghavendra Bhat, and Ramon Kurkchubasche, head of digital channels at Union Bank.
For more information on the conference and the speaking panel, visit digitalbankingsummit.com.
It has been a newsworthy month in the world of bill payment startups. In a matter of weeks, Zumbox and Manilla announced they would close, and Intuit reportedly is in talks to plunk down $350 million to buy Check, arguably the best personal finance app in the market today. Check serves as an example to financial institutions that the new definition of “PFM” centers on mobile apps that enable on-the-go consumers to tackle on-the-go financial decisions more smartly.
The news that Manilla and Zumbox failed does not come as a shock. When I evaluated both companies and a number of other bill-pay innovators in a pair of reports in March 2012 (one on strategy, one on the players), I felt strongly that such direct-to-consumer start-ups would succeed only if they did something useful and practical for users today rather than offering the promise of an eventual digital lifestyle tomorrow. By my way of thinking, that meant enabling customers to see all their accounts in one place and pay bills — the “view + do” approach that’s vital in a mobile app.
As a result, I concluded that Read the rest of this entry »
Black Magic Slight-of-Hand: Trading an $11 Billion Fraud Problem for a $12 Billion One in the Post-EMV U.S. Market
It would not be unfair to compare some of today’s black hats to the illusionists of yesteryear, as the Target and Neiman Marcus data breaches were tricks of almost Houdiniesque proportions – they occurred right before our eyes, while being almost unbelievable. These massive breaches have since inspired a backlash from bankers, consumers, government officials, and the media; all of which are demanding action to prevent these types of crimes from continuing to occur.
The clamor for improved security has created a groundswell of support among stakeholders for the EMV transition in the U.S. Based on previous experiences overseas, it is expected that EMV will eliminate counterfeit card fraud, while removing the incentive for criminals to compromise card data from POS merchants. Yet, in our attempts to anticipate fraud after EMV is broadly adopted, we are again putting ourselves in a position to be misled.
- Saveup entices consumers to save with mobile game elements and a point system integrated into sweepstakes on big prizes like $2 million dollars.
- Qapital draws consumers into saving by creating a beautiful and simple interface where the goals – vacations, concerts, big purchases – are front and center.
- OnBudget piggybacks on the popularity a product consumers love – prepaid cards – and bundles a dead-simple PFM experience.
2. The intersection of Wall Street and Main Street is digital. Stocks, IPOs, and large real estate investments are all mainstream in 2014, as startups empower a new wave of everyday consumers with investment tools. The innovators below hope to power a new wave of capital:
- Market Prophit allows less-experienced investors and institutions to identify whose investments to follow, by quantifying the performance of financial bloggers’ over time through their postings.
- Realty Mogul lets consumers crowd fund money to invest in property like office buildings, apartment buildings, and shopping centers.
- Stockpile enables people to give stock in the form of a gift card.
3. Authentication is hot. While authentication is nothing new, these recent implementations demoed at Finovate were unusually attractive:
- EyeVerify used a smartphone camera to authenticate a user through the blood vessels in the whites of their eye.
- NICE Systems tapped recordings of user’s speaking to generate a “voiceprint” for authentication purposes.
- Text Power turned traditional text message based out of band authentication on its head, allowing the user to send a text to authenticate.
- Zumigo taps into carrier data to identify the device, the person who owns the device, and the location of the device, to provide seamless levels of security.