Payments

Diverse Perspectives

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April 17, 2014

I go to more conferences than are good for me.  And if you're like me, you don't attend many sessions, and you meet with the same cast of characters.  I have two suggestions on breaking those rules.  If you read this blog, I'd argue there are two must-do conference on your calendar: Money2020 (in...
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US Bank Ups Ante Again on Innovation

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April 17, 2014
US Bank Ups Ante Again on Innovation

Is US Bank the only financial institution in the nation to continue increasing its investment in innovation? It sure seems like it. The latest shot across the financial sector’s bow came yesterday, when bank officials disclosed that they were not just keeping the bank’s innovation budget constant, but actively looking to use retained earnings...
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Loop Will Be Inside Handsets Within One Year, CEO Says

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April 17, 2014
Loop Will Be Inside Handsets Within One Year, CEO Says

Loop, the payments startup that allows for contactless payments at magstripe card readers using magnetic transmission, has plans that go far beyond magstripe itself. The company has deals in the works with a major card network and a major handset manufacturer that should see daylight later this year, CEO Will Graylin told Bank Innovation yesterday. Loop...
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Era of Mass Customization in Banking

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April 17, 2014

Banks have a nearly one-size-fits-all product model which leaves value on the table. For instance, when a bank releases a new online or mobile banking system, it will often be an identical system, with the exact same interface, for all clients of a particular segment. But oil companies like Chevron have different banking needs...
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Bank of America Adds Mobile Users, Sheds Branches

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April 16, 2014
Bank of America Adds Mobile Users, Sheds Branches

Mobile users continue to grow at Bank of America. The bank grew mobile users by 4% in the first quarter of 2014, while shedding 1% of its branches. Mobile users reached 15 million, almost 20% higher than one year ago. JPMorgan Chase and Wells Fargo both saw about 5% QOQ mobile user growth. 10%...
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Building a Bank from Scratch

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April 15, 2014
Building a Bank from Scratch

The bank of the future probably won’t be made of brick or stone, and may not be much to look at. It’s easier to say what it will do. Entrepreneur and startup mentor Jack Gavigan, who traded tweets with Marc Andreessen and others on the subject back in February, elaborated on his vision for a...
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VIDEO: PayPal Leaps to the Forefront of Biometric Authentication

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April 14, 2014
VIDEO: PayPal Leaps to the Forefront of Biometric Authentication

Biometrics have arrived, and not a moment too soon. The so-called Heartbleed vulnerability has just about everyone worried about the fidelity of passwords, which are hard to remember and not secure anyway. Fingerprint scanners and other forms of biometric authentication are both easier and far safer and have long been held up as potential...
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FNB South Africa Is Turning In Impressive Mobile Transaction Volume

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April 9, 2014
FNB South Africa Is Turning In Impressive Mobile Transaction Volume

The financial services story in Africa has been dominated in recent years by M-PESA, the Kenyan mobile payments service. But an there’s also a mobile banking story worth noting at First National Bank of South Africa. FNB, as it is called, is doing an impressive 230 million mobile banking transactions per month. M-PESA, as...
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New APIs Promise Rich, Contextual Data

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April 4, 2014
New APIs Promise Rich, Contextual Data

We offer this new dictum: Context is king when it comes to transaction data — and one new startup is staking its future on that. Today, it is becoming standard in banking for APIs (application programming interfaces) to provide rich contextual data in order to deliver value to developers and marketers. No longer is it...
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Budgets Not Keeping Up with Mobile Banking Growth

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April 3, 2014
Budgets Not Keeping Up with Mobile Banking Growth

Despite the clearly growing importance of mobile to banks, it seems the channel is still not receiving its due in terms of budget. 45% of banks said that mobile is allotted 5% or less of current IT budgets. 17% of banks said that 26% or more of their total IT spend goes to mobile....
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