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.
- They May Be Underbanked, But They’re Highly Networked
A remarkable 68 million Americans today lack full access to traditional financial services, such as a bank account or credit card, or choose not to use them. Interestingly, though, these financially underserved individuals are far from disconnected. They are actually more active users of mobile phones and social media than the population at large. The vast majority of the so-called “underbanked” are highly networked, using their mobile devices to connect via social media, purchase goods online and, increasingly, conduct financial transactions.
- BB&T Teaches Leadership Creed with Mobile Game App
The Winston-Salem, N.C., bank released a mobile app this month called Legacy: A BB&T Leadership Challenge, in which users play the role of a medieval hero enlisted by King Alpheus to help the land of Failburg succeed. (The king is named after BB&T founder Alpheus Branch.) Players gain influence – and proceed to the next level of the game – depending on how they interact with the characters.
- Biometrics Has Potential in Mobile Banking Apps
Apple finally delivered on its much hyped biometric capabilities in September when it released its new iPhone 5S with a built in fingerprint identity sensor, Touch ID. It had been rumored to be in the works for several years and the public was finally able to view how the finger printing technology works. Touch ID has some great benefits; it is a user-friendly way to let users get to their information quicker and it also allows a fingerprint to authorize a purchase from the iTunes or App store. These two capabilities have potential for the future of mobile banking apps.
- DDoS Growing; CUs Unprepared
The DDoS threat keeps growing. Third-party experts and credit union executives—primarily speaking anonymously on the subject—said most credit unions have done nothing to protect themselves against the threat, which has been increasingly linked with theft of funds at financial institutions. “They are remarkably naive,” said an expert, who asked to remain anonymous, of credit unions. Added a senior engineer at a Northeast credit union with more than $500 million in assets, who also requested anonymity, “We haven’t had any outages and we haven’t installed any new defenses.”
- Top 100 Banks & Credit Unions Adding The Most New Facebook Likes
The top 100 banks and credit unions on Facebook ranked by their new ‘Likes’ in the last 90 days through September 2013.
- Executives see no letup in mobile trend
There are 7 billion activated cellphones worldwide, about the same as the population. About 6 billion hours of video are accessed on YouTube every month. Of that, 70 percent is from outside the United States; 25 percent is accessed on mobile devices. On Friday morning, panelists at WorldCity’s Tech Connections event — executives Marcelo Caputo of Telefonica, Jose Antonio Rios of Celistics, Mark Hans-Joachim Crofton of SAP, Juanjo Duran of YouTube and Richard Wadsworth of MasterCard Worldwide — shared these numbers as well as a glimpse into the future. The consensus: There will be no letup in the speed of mobility or big data, particularly in Latin America.