Javelin recently put out a report, Trust, Technology and the U.S. Consumer, that tracked the long term effects of the interplay between innovation and trust. Technology providers like Apple, Google, Amazon, PayPal-eBay, and Facebook have been making solid gains in consumer perceptions of trust and privacy since 2011, while top banks and payment networks have lost ground. As devices become more personal, the information we can collect becomes more sensitive. Eight in 10 consumers feel it is important to have a choice regarding the personal information that is collected when they use a mobile device—and the number shoots up to 9 in 10 for those who are likely to use contactless payments to buy items in stores in the next 12 months. Trust will be key to gain adoption in mobile wallets and mobile payments. Clear disclosure of the data collected and the reasons for collection will be a factor in keeping and gaining consumer trust as more companies begin to mine consumer data for ever more elusive returns. Consumers are willing to give up privacy when the returns are right, but there will be a strong backlash against firms that don’t play by the rules.

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About Mary Monahan

Mary Monahan is Executive Vice President and Research Director of Mobile for Javelin Strategy & Research.

Mary brings 10 years of successful direct financial services industry experience to her clients.  Before joining Javelin, she was a Vice President at Wells Fargo Bank where she supervised a $650 million portfolio of commercial, consumer, and real estate loans; and co-directed lending for 35 retail branches, five business-lending centers and one real estate loan center. She specializes in the psychology of why people spend money and the implication for mobile initiatives.

Ms. Monahan’s prior experience includes:

  • Vice President, Commercial Banking Group, Wells Fargo Bank, Los Angeles County, CA.Marketed and managed tailored financing services to growth companies.
  • Assistant Vice President and Manager, Business Lending Center, Wells Fargo Bank, Southern CA. Tripled portfolio; penetrated new strategic asset area for bank.
  • Loan Supervisor, Retail Banking Group, Wells Fargo Bank, San Jose Region, CA. Co-supervised a $652 million portfolio of commercial, consumer, and real estate loans; Co-directed lending for 35 retail branches, five business-lending centers and one real estate loan center; Managed loan officer training and mentoring.

Ms. Monahan holds a B.A. in Economics/English from San Diego State University and an MBA, with a concentration in Finance, 2000, from the Graduate School of Management, University of California at Davis. Ms. Monahan was awarded the University of California Scholar’s Grant and the Faulkner Fund Grant. She resides in the San Francisco Bay Area.

 

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