Retail

Mobile Payment Adoption Slows Due to Lack of Added Value

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April 23, 2014
Mobile Payment Adoption Slows Due to Lack of Added Value

Put that phone away. After years of surging growth, mobile payments adoption has slowed to modest levels, according to a new survey from IDC Financial Insights. The study on consumer payments was released April 21. One focus of the study is looking at the use of “alternative” payment methods such as prepaid cards and mobile...
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Walmart Enters P2P Space

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April 21, 2014
Walmart Enters P2P Space

American consumers may not go to bank branches all that often, but they sure go to Walmart. 80% of Americans are said to shop at Walmart at least once a year. America’s largest retailer debuted a service called Walmart-2-Walmart last week that allows customers to send money to other customers using the store’s network of...
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Chase Updates App, Discusses Digital Wallet

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April 21, 2014
Chase Updates App, Discusses Digital Wallet

JPMorgan Chase updated its iPhone app Thursday, and dropped some hints about its mobile roadmap for the rest of 2014. The newly updated app, seen at left, aims at “humanizing the user experience” for iPhone users, said Gavin Michael, Chase’s head of digital for consumer and community banking at a media event Thursday. Michael...
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Mobile Deposits a Strength for Bank of America

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April 17, 2014
Mobile Deposits a Strength for Bank of America

Remote deposit capture has hit the big time. It used to be that banks would tout the use of smartphone cameras to deposit checks on earnings calls to signal that they were serious about innovation. Now that the remote deposit of checks via RDC has become table stakes for the mobile apps of large...
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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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Heartbleed is a Headache for Banks

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April 11, 2014
Heartbleed is a Headache for Banks

Bank systems are generally thought to be safe from the direct effects of the Heartbleed bug, according to security experts, but the galaxy of vendors and service organizations — to say nothing of employee devices — are another matter. The Heartbleed exploit refers to a weakness in OpenSSL, an authorization and encryption protocol that...
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Chase and Wells See Steady (and Similar) Mobile User Growth

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April 11, 2014
Chase and Wells See Steady (and Similar) Mobile User Growth

Mobile users continue to grow at a steady clip at two of the nation’s largest banks. Both JPMorgan Chase and Wells Fargo saw about 5% quarter-over-quarter growth in active mobile users for the first quarter of 2014. Chase’s active mobile users hit 16.4 million, up from 15.6 million last quarter. Chase saw a similar...
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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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Kabbage Starts White-Labeling Its Lending Service

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April 9, 2014
Kabbage Starts White-Labeling Its Lending Service

The recent successes of online lenders has made them attractive to investors — and now banks are entering the fray. Small-business lender Kabbage will soon white-label its service to “a very large financial services company,” according to TechCrunch. The online lender recently secured a $270 million credit facility from Guggenheim Securities, an investment arm of...
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