November, 2020

Remove banking-2020-digital-strategies
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Today In Payments: US Consumers Pay Down $10B In Credit Card Debt In Q3; Amazon Takes On Pharmacies

PYMNTS

consumers paid off $10 billion in credit card debt in the third quarter of 2020, and Amazon Pharmacy launched for consumers to order prescription medications. Americans paid off $10 billion in credit card debt in the third quarter of 2020, following a record $76 billion drop in credit card debt in the second quarter.

Cards 227
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[Perspective] Digital Account Opening: The Secret to Growth Amid Covid-19?

Perficient

Nobody in the banking industry planned for a year like 2020. At the same time, Covid-19 presents opportunities for business leaders in the banking industry and beyond to develop strategies and branding that will define their future, as distinct market forces and customer behaviors will certainly emerge in the “new normal.”

Mobile 294
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Remote Onboarding Boom Being Secured By Multifactor Authentication

PYMNTS

Remote onboarding has overtaken (some might say overwhelmed) banks and merchants all year long as a deluge of faceless applicants opened accounts and cards. Per the November Tracker , “Many banks, utility companies and government agencies have been leveraging two-factor authentication (2FA) for several years. Phone Call For You.

Security 269
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Knowing When Payments Are Instant – And When They’re Not

PYMNTS

With all of the problems and challenges 2020 has thrown at us, the last thing anyone needs is a nagging perceptual rift between payees and payers about what “instant” means. Yet, there it is. The majority of consumers, at 58.4 percent, and microbusinesses, at 70.8 Payers claim, however, that they make only 45.3 Awareness Drives Usage.

Payments 237
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Google, Mobile Wallets Pave Roadmap To Super Apps

PYMNTS

The pandemic has had an impact on digital wallet usage – in other words, up and to the right. And 88 percent of shoppers surveyed across eight countries use digital wallets. Drilling down a bit, in an interview with PYMNTS, Helena Mao, vice president of global product strategy for payments at Blackhawk, stated that 61 percent of U.S.

Google 254
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Consumers' Preference For Online Car Sales And Auto Loans Shakes Up Banks And Dealers

PYMNTS

Given that 90 percent of new car purchases and half of used car purchases are financed, it’s no surprise that the lifestyle changes and digital shift brought on by the pandemic have disrupted auto loans, that age-old corner of the vehicle industry. Whether a car loan comes through a dealer, bank or manufacturer, new J.D. Power found.

Online 214
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Merchants Ready For Open Banking — And Its New Laws — To Impact US Rollout

PYMNTS

In its March 2020 brief “Developments in Open Banking and APIs: Where Does the U.S. the Federal Reserve Bank of Boston said, “To date, U.S. regulators acknowledge that although there is a market and demand for open banking, the current regulatory structure prioritizes consumer protection.”. One need only look to the U.K.

US 171