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Banks face wipeout in some financial services – McKinsey

According to an article which first appeared in the FT, the digital revolution sweeping through the banking sector is set to wipe out almost two-thirds of earnings on some financial products as new technology companies drive down prices and erode lenders’ profit margins. This is one of the main predictions by the consultancy McKinsey in its global banking annual review… Continue reading >>

Europeans ready to adopt Advanced Mobile Financial Services

Results of a new global consumer survey around mobile financial services (MFS), reveals 15% of European respondents are likely to use advanced mobile financial services and products for loans, savings, insurance, and payment solutions for education services and medical treatment in the next 12 months, highlighting a great opportunity for service providers to drive the next phase of growth. The… Continue reading >>

Tablets driving change in bank branches

Long before most banks launch new branch designs, tablets will be commonplace in legacy bank branches in an effort to improve customer engagement. In a new report, Celent examines banks’ near- and medium-term branch channel objectives, recognizing that larger transformation initiatives will be years in the making. A June 2015 survey found that over 60% of institutions felt that tablet usage… Continue reading >>

The next decade of payment innovation

VocaLink has spearheaded a collaborative whitepaper – titled Moving Money 2025 – bringing together the leading voices in the payments industry to predict how payment innovation could change by 2025 and the impact this will have on consumers, businesses, charities and even our interaction with the state. To accompany the report, 2000 consumers were also polled on their attitudes to current… Continue reading >>

Barclaycard contactless mobile payments for Android phones

Barclaycard has become the first to launch ‘pay by mobile’ on Android by expanding the functionality of its mobile app to include contactless mobile payments and real-time replacement for lost or stolen cards. From November, the UK’s leading credit card provider will introduce a contactless mobile payments feature to its existing customer app that will transform NFC-enabled Android phones[i] into a… Continue reading >>

Banks hold key to mobile payment adoption

VocaLink has unveiled the Next Generation of Payments Report, an independent study conducted by Illuminas, into the mobile payment habits of more than 5,000 UK consumers. This is VocaLink’s second analysis of transaction trends since 2013, revealing that whilst mobile banking has officially ‘arrived,’ adoption of mobile payment technology is still lagging behind. Overall, consumers valued the convenience of mobile banking… Continue reading >>

Monitise losses widen – CEO steps down

Monitise has announced that Elizabeth Buse, chief executive, is leaving the company after it reported a full year pre-tax losses of £227.4m in 2015, up from £63.4m a year earlier. Ms Buse had taken sole charge of the company in March, after Alastair Lukies, founder and then co-chief executive, left his position following a strategic review. The company said the decision… Continue reading >>

Banks launch SEPA-based mobile P2P payments service

The four leading Luxembourg retail banks and Digicash Payments have launched a P2P payments feature called Digicash TRANSFER. Users can send up to €10,000 to a recipient’s mobile phone number, using secure SEPA credit transfers as the underlying payment channel. For Luxembourg bank clients, transferring money is now as easy as sending a text message. The operator of Luxembourg’s mobile payment… Continue reading >>

2 in 5 Americans use mobile banking monthly

Two in five Americans (39%) use a mobile banking to manage their bank account at least once per month and nearly half of mobile device owners (45%) do so, according to a recent survey by the American Bankers Association. “It’s no surprise that mobile banking has become more popular given banks’ increased investment in this technology,” says Nessa Feddis, ABA’s senior… Continue reading >>

First Internet Bank uses Eyeprint ID biometrics for app

Users of the First Internet Bank (FIB) mobile banking app can now login using Eyeprint ID verification technology, allowing customers to access their bank account with a smartphone camera and an ‘‘eyeprint’’ instead of a username and password. FIB joins a select number of banks that have integrated biometric technology within its payment applications. Available for iOS and Android smartphones, customers… Continue reading >>