Community Service with the Personal Touch

September 23, 2014
/   Insights

Question: Community branch, personal service, mobile banking—which is the odd one out? Answer: None. Otherwise, the industry is in trouble. For some time now, there have been discussions about the future of community banks...

Cause and Effect: If you build it, will they come?

July 23, 2014
/   Spotlight

Many financial institutions assume that digital banking is lucrative because the most valuable customers happen to bank online. While there is certainly a correlation between online bankers and higher profitability, quantitative evidence suggests that...

Fast Facts: Student Loans

January 22, 2013
/   Insights

The Financial Services Roundtable recently released another iteration of its Fast Facts, reliable, bullet-point research about issues facing the financial services industry. Topics span TARP, Dodd-Frank, insurance, lending, retirement savings and more.  Below are some updated Fast...

Intuit 2020 Report: The Future of Financial Services

April 11, 2011
/   Insights

Today, Intuit released the latest edition of the Intuit 2020 report, Intuit 2020 Report: The Future of Financial Services, which identifies and examines four key trend areas that will  transform the financial services industry...

Small Business: Perception vs. Reality

November 21, 2012
/   Insights

In the most recent election cycle, like most others before it, the one sector of the economy that got the most attention was small business.  This is the future, we were told by every...

The Top 10 Trends in the Digital Banking Industry

December 18, 2013
/   Spotlight

2014 is rapidly approaching and as the year wraps, the Digital Insight team has pulled together the top 10 trends in the digital banking industry based on data and trends from studying financial institutions....

Mobile Banking Engagement: Data from Digital Insight

June 24, 2013
/   Spotlight

Intuit Financial Services has been conducting a comprehensive and ongoing study of financial institution customers. From these studies, the company has been able to provide a deeper view of banking customer behavior across several...

Fast Facts: Financial Executive Economic Outlook Report

February 1, 2013
/   Insights

The Financial Services Roundtable recently released another iteration of it’s Fast Facts, reliable, bullet-point research about issues facing the financial services industry. This series is the The Financial Services Roundtable’s first bi-annual Financial Executive Economic Outlook...

*This post originally appeared on Payments Journal

In the coming weeks, federal regulators from the Federal Trade Commission are expected to outline new rules which will make collecting information from children’s online activities much more difficult without parental consent. Mary Engle, the associate director of the advertising practices division at the Commission states, “Today, almost every child has a computer in his pocket and it’s that much harder for parents to monitor what their kids are doing online, who they are interacting with, and what information they are sharing.” She continues, “The concern is that a lot of this may be going on without anybody’s knowledge.”

The current federal rule, the Children’s Online Privacy Protection Act of 1998, has become outdated due to new technological advances, say privacy advocate groups, despite the rule mandating the need for websites to obtain parental permission to collect sensitive personal information from children under 13. For example, under the existing rule, no regulation existed monitoring the use of webcams and online photography. However, regulators are expected to mandate that companies seeking children under 13 to submit photos of themselves online would require parental consent.

Generation Z children are the most computer and Internet literate generation in history, and with new technologies and applications continually produced that involve the exchange of personal information, privacy rules are vital. While no one is debating the importance of maintaining the safety of children, both online and offline, the new rules could potentially have a substantial effect on the payment industry, particularly for firms involved in the collection of information and social media websites.

The growing number of Generation Z online users means that the market represents a potential goldmine for online realtors and marketers. The new rules, however, will likely change the ability of firms to accurately target and market their goods and services for the teen and pre-teen markets online. While the added security in the new regulations will provide for children is important, it will slow the growth and development of payment-related technologies for this emerging demographic.

Tristan Hugo-Webb is an analyst with the Mercator Advisory Group covering the international market and U.S. debit card market. His responsibilities include covering new U.S. and international legislative regulations and analyzing their impact on the payment industry in the U.S. and around the world. Tristan is also a frequent contributor to Payments Journal, writing on a series of payments industry issues.

Tristan is a graduate of Seton Hall University in South Orange, NJ, with a BS in Diplomacy and International Relations and Minors in Economics and French. He has spent several years living abroad including stays in Italy, Germany and Niger.

 

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James W. Gabberty

Gabberty is a professor of information systems at Pace University in New York City. An alumnus of the Massachusetts Institute of Technology and New York University Polytechnic Institute, he has served as an expert witness in telecommunication and information security at the federal and state levels and holds numerous certifications from SANS & ISACA.

Marisa Mann

Marisa Mann brings over 15 years of experience in consulting and financial services industries to the Solstice team, working on large scale enterprise initiatives across many technologies, including specializing in the digital space – Internet and mobile. Mann is passionate about mobile and the endless possibilities for the enterprise, delivering business value through strong brand recognition and driving to excellence in the consumer experience. Prior to Solstice, Mann worked at JP Morgan Chase, Diamond Management and Technology Consultants, Washington Mutual, Inc, and Accenture.

Zachary Ehrlich

25-year-old writer, and as a native San Franciscan, I am unreasonably loyal to Bank of America, if only for their superhero-like origin story, involving the 1906 earthquake and Italian fruit vendors.

Brad Strothkamp

http://www.forrester.com/rb/analyst/brad_strothkamp