Technology

Underbanked Customers Use Mobile Banking — Maybe Too Much

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April 24, 2014
Underbanked Customers Use Mobile Banking — Maybe Too Much

Mobile banking is not just for the wealthy — far from it. A report from the Federal Deposit Insurance Corporation released today says just the opposite: the underbanked are greater users of mobile banking services than those with higher incomes. But the underbanked often rely too much on their mobile devices to meet their banking...
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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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Piggy Eliminates Change — and Card Fees

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April 22, 2014
Piggy Eliminates Change — and Card Fees

It’s no secret merchants love being paid in cash – and it’s certainly not a surprise that some customers hate lugging around change. A new startup aims to increase customers’ cash usage to help merchants save on credit card fees. It does it by forwarding the change a customer would normally receive straight to...
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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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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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VIDEO: Samsung Galaxy S5 Fingerprint Scanner Hacked

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April 15, 2014

Oops! Looks like Samsung‘s fingerprint scanner has already been hacked, revealing problems with its implementation. The scanner allows unlimited attempts before asking for a password, and does not require a password after restarting the device. Apple’s iPhone 5S avoids these two pitfalls. The video below shows white hat hackers spoofing a fingerprint and accessing...
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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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