A survey of more than 3,700 IT security practitioners from more than a dozen major industry sectors found 54% of those firms surveyed had a security or data breach involving payment data, on average four times in past two years. The research, independently conducted by the Ponemon Institute on behalf of digital security firm Gemalto, also […]
CaixaBank is launching imaginBank, Spain’s first mobile-only bank providing banking services exclusively through mobile apps and social networks.
French telecoms firm Orange is to create a new bank called Orange Bank together with French insurer Groupama, in a move the two firms say will help to break open the banking market using mobile phone technology.
Millennials – those highly sophisticated, tech-savvy men and women born between 1980 and 2000 – present enormous opportunities for banks and other financial institutions. Yet to be successful, these businesses must understand and meet the needs of a generation that grew up having it all, seeing it all, and being exposed to it all since early childhood – and that is no easy task.
The sensors built into mobile devices offer a whole new way of identifying their users though biometric techniques, according to security expert Uri Rivner.
Retail banks often claim that customer service is their primary focus, but 75% of banks believe they haven’t concentrated efforts on improving it. Instead, annual reports focus on the financial results. Whether these two stories can become one remains to be seen, according to a new whitepaper by bank technology vendor Misys.
Italian payments company SIA is expanding its P2P service Jiffy into Germany, together with IT firm GFT Technologies. The move is part of SIA’s plan to roll out real time money transfer via mobile phone to 400 million European current account holders.
Mastercard and Cardlytics have formed a new partnership that will streamline the process for banks implementing Cardlytics’ card-linked marketing offers, and ensure that consumers can access offers online and via mobile devices.
One in three retail banking customers feel their mobile banking app is not as good as online banking through a browser, according to a new study by ecommerce company First Data in the UK. The figures also revealed that more than half still have yet to use a mobile banking app – suggesting that there may be both an unmet demand for more functionality in mobile apps, and a need to convince the remaining consumers of their value.
Technology has infiltrated every facet of our lives, fundamentally changing our behaviour patterns and our expectations of what constitutes a good customer experience. The banking sector has not been immune to these changes; the industry has been forced to drastically transform its business processes and services in order to keep up with customers’ expectations. Today, customer satisfaction is judged not by the smile on the face of a cashier, but on the speed with which one can gain mobile access
Mobile transactions continue to increase their share of the market, accounting for up to half of online transactions, according to a new report by global payments technology company Adyen.
Target2-Securities, the European Central Bank project to harmonise Europe’s post trade infrastructure, has finally gone live in Italy – three months after Italy’s last-minute decision to drop out of the first wave earlier this summer.
Mobile phones will take an increasingly leading role in the payments space over the next five years as a result of technologies that allow safe storage of payment details in smartphones, according to a report prepared by the Consult Hyperion on behalf of Payments UK.
There has been hype around wearable technology for some time now but only now is it reaching market maturity with the introduction and subsequent adoption by consumers of smart watches and wristbands. Just as we saw with smart phones and tablets, consumer technology, in this case wearables, has the potential to have a huge impact on the business world. The implications for the financial services industry are significant
Swiss exchange group SIX and Swiss telecoms company Swisscom are planning to create a Switzerland-wide, universal mobile payment solution in collaboration with banks. The plan encompasses shopping as well as peer-to-peer payments.
Samsung is set to launch its upcoming payments service Samsung Pay in Europe within months, following a deal with MasterCard which will see Samsung Pay rolled out across the region through MasterCard’s Digital Enablement Service.
Apple Pay has launched in the UK without the participation of HSBC and Barclays, two of the UK’s largest retail banks.
iPhone devices account for more than one in three mobile transactions, and are used for 10% of all global online transactions, according to new figures published by payment specialist Adyen.
Visa Europe says that uptake of contactless payments in Europe continues to climb with more than one billion transactions made in the last year. Visa cardholders spent €1.6 billion in March 2015 alone – a three-fold increase over the same period in 2014.
Challenger UK retail bank Atom has received its licence from the Bank of England, meaning it will now be able to go ahead with plans to launch later this year. The bank will add competition to the UK retail banking sector, which until 2010 had not seen a single new entrant for 150 years.
The afternoon sessions at the Banking Technology Forum 2015 focused on mobile payments, the data dilemma, cyber-security and regulation with speakers from Zapp, GSMA, EY and many others
Corporate users are increasingly adopting mobile payments, according to figures from HSBC, which expects usage of its HSBCnet Mobile corporate banking platform to double over the next 18 months, reaching $100 billion in payments.
Banking by mobile phone and tablet has become the primary way UK customers manage their finance, according to new research published by the British Bankers Association.
Apple Pay will be available in the UK from next month, with eight of the UK’s most established banks and the major credit and debit card networks supporting it – along with Transport for London.
As consumer adoption of mobile devices and social media increases, banks can’t really rely on standard details such as income, age and geography to serve customers better than their competitors, according to a new report by payments company TSYS and software firm FICO. Instead, they may need to recognise the different kinds of customers based on how they interact with digital technology and tailor their services accordingly.
The vast majority of payments worldwide are still made in cash. But if mobile were to combine e-commerce with proximity payment, that could be a problem for banks. One potential solution is tokenisation.
Nearly half of smartphone users do not want to use their device to make contactless payments, mostly over fears about security, according to a survey.
The growth of mobile money has been a steep upward curve and looks set to continue – Juniper Research predicts that there will be one billion mobile banking users worldwide by the end of 2017, up from 590 million in 2013. A recent Forrester report predicted that purchases on mobile devices would double by 2018, as even more people become comfortable buying online and retailers create more user-friendly mobile experiences
On the background of a recent study revealing that UK mobile banking users are set to double to 32.5 million by 2020, banks need to tailor their customer experience models heavily towards mobile devices, with the fundamental focus on creating a “mobile-first” strategy, if not the more radical “mobile-only” strategy
India’s Axis Bank has released a mobile payments service called Ping Pay, which allows customers to send money to each other using Facebook, Twitter, WhatsApp, email or phone number. The bank says the service will help it to reach young consumers and smartphone users.
UK retail bank Halifax reports that two-thirds of its customers are now using mobile to login, doubling the number of mobile banking sessions compared to a year ago.
Visa Europe says that it will roll out its V.me by Visa in the UK this year, having secured commitment from 55% of the UK’s card issuance base, which accounts for more than 60 million card holders, and thousands of the UK’s retailers. It will now be commercially available to the majority of internet shoppers in the UK before the end of 2015.
As mobile handsets become more prevalent as a tool for retailers, for payments, loyalty and engaging with consumers in and out of the store, security of sensitive data becomes increasingly more important.
Mobile startups are changing the way customers interact with financial services around the world. Tier one banks know this, and are keen to get a piece of the action. This week, companies from EMEA demoed at the Citi mobile challenge in London in the final stage of an annual event that takes in hundreds of financial startups around the globe.
At first glance the message for banks from the latest World Retail Banking Report 2015 looks like very bad news for traditional banks. Globally, customers’ propensity to leave their primary bank is on the rise while their willingness to make referrals or buy additional products from their primary bank has decreased significantly.
Merchant Customer Exchange, developer of the CurrentC mobile payment platform has appointed financial services and payment industry veteran Brian Mooney as interim chief executive. Mooney succeeds Dekkers Davidson, who is leaving MCX to pursue other opportunities.
Africa and Asia are the centres of innovation in payments, with the developed markets of the US and Western Europe lagging behind, but the trend is towards domestic offerings rather than regional or international ones, says the latest Payments Innovation Jury Report.
The number of UK mobile banking users is set to almost double from 17.8 million to 32.6 million by 2020, according to a new report commissioned by Fiserv. Online banking is still growing too, the research found.
Security specialist RiskIQ says the growth in digital business is producing an increasing threat to banks across the world, with the largest banks owning an average of 7,500 public facing digital assets – 60% of which are outside the company firewall.
Türk Ekonomi Bankası, one of the private sector commercial banks in Turkey, and a strategic partner of BNP Paribas, has launched an enhanced digital banking service featuring the ability to hold live chat sessions with bank staff.
