Why Hasn’t the U.S. Adopted EMV?

EMV chip technology is not new, but why hasn’t the U.S. gotten on board?

With advanced security, endless technology benefits and success in many other markets, it can be confusing as to why Americans are not already seeing widespread use of EMV technology. After the 2013 breach of Target credit cards during the holiday shopping season, business leaders, including Target’s CFO, are now calling for acceleration adoption of the technology.

So why isn’t this more widespread? This infographic breaks down the benefits of the card and some potential  reasons why the payment technology hasn’t been widely adopted in the US.

What do you think about EMV? Will it still be Europe-only?


Smart Cards
Source: ComputerScienceDegreeHub.com

Infographic: The Social Customer

Sprout Social recently released an infographic looking at the social customer and how they interact with brands. The results show some interesting stats, including a nod to the banking/finance sector, which had the highest response rate by industry in Q3 of 2013. The full infographic is below. Do you think the banking/finance sector is as responsive as it needs to be? Any of the data below stand out to you? Let us know by tweeting @bankingdotcom.

The Social Customer Infographic” by Sprout Social

The Social Customer Infographic

Who Will Win the Mobile Banking Revolution?

Today, the value of the brick-and-mortar banking experience is fading quickly and mobile banking transactions are filling the void. But it seems that consumers are not so pleased with most mobile app experiences out in the marketplace, particularly with the big banks.  The basic features of account balances, transfers and mobile check deposits are expected basic functionality, but it’s not enough. Users want value beyond just transactions; customers want enriched interactions to understand what their money can do for them. The key to winning in the mobile banking space is relevance – whoever can make the mobile banking experience the most relevant to a user will win the revolution

What is relevance?

Relevance creates a personalized user experience: know what I want, when I want it, before I ask for it and make me smarter. From smartphones to wearable technology (e.g. Google Glass, smart watches, activity trackers, etc.), personal finance is interwoven into our everyday activities. Between the quantifiable self, need-to-know, and constant connectivity, our desire to be engaged with our money is increasing, changing our behavior and evolving what is expected from banks.

The experience can’t be just ordinary, it has to be extraordinary. If you simply spout numbers and balances, you’re not replacing the personalization that is eliminated when a user chooses mobile banking over their local branch with tellers. Mobile banking needs to help explain what a user’s money and transactions mean and what they can do. Users want an experience that is contextual, not just based on location, but also based on previous transactions, current account balances, and what is being planned for the near and long-term future. Banking data can be used to drive key decision points for consumers. The user expects the experience to be not only visually appealing, seamless and pleasurable, but also to take advantage of the latest technologies. Why can’t I know my current balance from my smart watch or Google Glass? A critical aspect of relevance is interacting with consumers where they prefer to interact.

So the big question is, who is winning?

Right now, it’s the startups – apps like Simple, Moven and Level. The start-ups are more nimble and are taking more risk to stay relevant. They’ve pushed beyond just a transactional experience to a lifestyle utility. They aren’t just a source of information, but are tapping into what money can help with, in a very personalized way. No one wants to see only how much they owe on their credit card. For many users, looking at a bank account is more of a source of stress. It has remained a relationship that was strictly transactional with deposits and payments. But when you help the user manage their money and look ahead at what their money can do for them, you become a source of hope.  Users want a relationship where someone is looking out for them, understanding their motivation and goals.

Solstice MobileBanking_Chart

Big banks are not out of the game yet. The new start-ups are missing years of data, historical trends and key partnerships. In order to delve into a rich contextual experience means tapping into Big Data and banking trends. So, my advice for the big banks? Put your customer and his or her experience first. Continue to innovate, rapidly iterate and bring new solutions to market quickly instead of getting stuck in analysis paralysis and letting start-ups beat you to the best in mobile banking.  Find ways that you can use disruptive technologies and a contextual experience to create more frequent and more relevant touch points for your user.

Last, but not least, the brick and mortar isn’t really dead. A true user-centered mobile experience can be a catalyst to drive a better experience across all of your channels, which is something the start-ups don’t have. The mobile banking ecosystem is still in its infancy. As it evolves, the ones to win the revolution will be those who innovate quickly and put a relevant, cross-channel user experience above all else.


Marisa MannMarisa Mann, Director of Solution Delivery at Solstice MobileMarisa 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.


Barclays Claims 200% Increase in Mobile Downloads

With continuing climb of mobile banking usage, many financial institutions are tracking how changing consumer behavior has affected their mobile offerings this year. Barclays in 2013 saw a 200% increase in  mobile app downloads. They also found that twice as many users log into their bank account via mobile than on the desktop in the last year. How do your customers and members access their financial information? See the full infographic from Barclays below and see how your financial institution compares.   An evolution in banking   Visit Barclays for more information about Barclays Mobile Banking, or to find out more about Mobile Banking Services.

How Are You Helping Students Manage Debt?

Paying for the college experience is a huge undertaking for both parents and students chipping in on the costs. On average, college students today can graduate with about $25,000 in debt. How are you helping the families of students manage their finances on their educational path? How can you help guide them to make better decisions and provide them with the services to ease the process of paying loans and planning for college costs?

An infographic from Consolidated Credit breaks down how paying for collegiate education has changed over the years and the realities that face today’s graduates.

How are you helping relieve your college students’ debt? Let us know by tweeting at @Bankingdotcom, emailing us or responding in the comments below.


Generational Student Debt by Consolidated Credit

Infographic: Mobile Marketing – No Longer a Spam & Pop-Up World

The face of marketing is changing and adapting as society becomes more and more technology-dependent. Mobile is now the first screen of influence for many marketers while adults are spending more time on mobile media than newspapers and magazines. The infographic below (from Top Marketing Schools) shows how mobile marketing has evolved throughout the ages.

Mobile Marketing: No Longer a Spam & Pop-up World
Source: Mobile Marketing: No Longer a Spam & Pop-up World

Infographic: Top National Banks on Social Media

The financial services sector may have been slower to adopt social media, but in the past few years, many of the top banks have not only embraced social, but amassed a large following. ViralHeat compiled data on large national banks using social media to see who has the strongest social presence. The breakdown is highlighted in the infographic below.

Top National Banks on Social Media

by Viralheat.
Explore more infographics like this one on the web’s largest information design community – Visually.


Taking Advantage of the Largest and Fastest Growing Business Banking Segment (Infographic)

There is a significant business market that is being ignored by almost every major bank. Many know this market as the small office/home office (SOHO), non-employer or personal business segment (generally thought to be businesses with less than $100,000 in annual sales revenue). With over 20 million entities, the SOHO market is over twice the size of the small business segment ($100K-<$10MM), representing seven out of ten businesses under $10MM in annual sales. This is not only the largest business segment, but the fastest growing as well. Barlow Research recently completed a comprehensive, multi-sponsored study that gathered the information needed to segment the SOHO market, examine their financial management, payment and credit card behaviors, measure the value of the SOHO customer, analyze product usage and explore business Internet banking and mobile device habits.

For more information, you can view the press release that was issued here.

Money Sense: Financial Literacy in the US

Did you know that 2 in 3 adults don’t prepare written or digital household budget or that spending went down 3 percentage points in 2013?

Gauging the financial literacy of your members and customers is a necessary step to offer them the best services, tools and education to manage their money.

Below is an infographic from Online Accounting Degrees which details some interesting statistics about financial literacy in the US.

What do you think? How are you serving these knowledge gaps?
Dollars and Sense: How Wise Are We With Money?

Source: Online Accounting Degrees

The National Debt: How Do Uncle Sam’s Accounting Skills Measure Up?

How good are Uncle Sam’s accounting skills? With the national debt approaching $17 million, where does this borrowed money come from? Did you know that the D.O.D. cannot explain missing $1 trillion + 56 airplanes, 32 tanks and many other missiles?

Reader Dave Sawers shared the infographic below from Masters in Accounting which includes more interesting stats on the subject.

Take a look and let us know what you think by posting in the comments below or tweeting at @Bankingdotcom.


Missing Money
Image compliments of Masters in Accounting Degrees