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...

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....

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...

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...

Below are interesting stories the Banking.com staff has been reading over the past week. What have you been reading? Let us know in the comments section below or Tweet @bankingdotcom.

  • U.S. Bank Pushes Voice Biometrics to Replace Clunky Passwords

American Banker 

When U.S. Bank announced Wednesday that it’s testing voice biometrics for possible use by customers to access account information, it joined a line of banks that have been testing this technology, including Wells Fargo (WF) and Barclays. Voice biometric software users log in to an application or website by speaking a word or phrase. That word or phrase is compared to a previous recording the customer has made, to verify it’s the same user. Many industry observers have been saying for at least a year that the password is dead and more secure alternatives to authentication, such as voice biometrics and iris scans are needed to verify a user’s identity when banking online or via a mobile device. Some press accounts Wednesday stated that the goal for U.S. Bank’s pilot is to improve customer data security.

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  • Mobile Photo Bill Pay Continues Shaky Start

Credit Union Times

Major players are investing in mobile photo bill pay as a natural next step to mobile deposit checking but the tool may have a long way to go to catch up with taking pictures of checks with smartphones. In the past year, 600 to 1,000 banks have installed mobile RDC and less than a dozen have done the same with mobile photo bill pay, said Bob Meara, an Atlanta-based senior analyst for the New York-based research firm Celent. “Mobile RDC is this wonderfully convenient invention and it scores highly on all the consumer surveys, but if you ask the same question about mobile photo bill pay, people just don’t get as excited about it, for a variety of reasons,” Meara said. “It’s just not as compelling.”

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  • It’s Time to Rise Above the Risk and Compliance Whining

Gonzo Banker

According to The Cornerstone Report, 7th Edition, bank assets per enterprise risk management FTE decreased from $147 million in 2010 to $55 million in 2012. Furthermore, the gap between median and 75th percentile performers was much wider than the gap between 25th percentile and median performers.

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  • MCX and Paydiant Mobile Wallet – and Capturing the Consumer

Javelin Strategy & Research Blog

MCX announced it would be adopting the Paydiant mobile wallet, a cloud-based, white label platform. MCX is a consortium of 70 prominent brands with 110,000 locations representing over $1 Trillion in annual payments volume and 700,000 loyalty cards. MCX includes companies like Wal-Mart, Best Buy, CVS, Bed Bath & Beyond, Target, Exxon, Southwest, and today it extended to QSRs like Wendy’s. FIS, rated Javelin’s Best in Class Mobile Banking Vendor provides MCX with payment processing, routing and settlement for mobile commerce transactions.

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  • Study finds small business mobile banking services lacking in US

Mobile Payments Today

U.S. banks need to make a greater effort to capitalize on their small business customers’ appetite for mobile banking services, according to research by Aite Group. This will involve providing their clients with business-specific mobile banking offerings instead of rebranded consumer mobile banking services, the U.S. consultancy says. In September 2013, Aite Group surveyed 1,003 U.S. companies with revenues of under $20 million for two reports: “Monetizing the Small-Business Opportunity” and “Why Banks Should Offer Mobile Banking to Small Businesses.” The survey found that about 32 percent of those businesses bank via mobile devices, according to Christine Barry, research director for Aite Group’s Wholesale Banking practice.

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  • Banks See More Confidence But Face Threat From New Providers

Wall Street Journal Blog

After a period of sharp decline coming out of the financial crisis, the banking industry has seen a rise in consumer confidence for two years in a row, according to a new survey of 32,000 banking customers in 43 countries. The study, by Ernst & Young, showed that globally, one-third of customers reported an increase in confidence in the banking industry compared to a year ago.  This marks a rise from Ernst & Young’s prior survey in June 2012, when just 22% reported an increase in optimism. In 2011, only 13% percent reported an increase in confidence in the banking industry, compared with 44% who reported a decrease.

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Voices

Compelling voices and contributed content from around the web

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.

Brad Strothkamp

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

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.