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Social media payments: An ally or adversary of banks

ATM Marketplace

Many banks have increased overall focus on user experience within their digital ecosystems and have added new functionality like peer to peer payments into their mobile apps to avoid disintermediation. However, the slow evolution puts banks increasingly at risk of disruption by their social media competitors.

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How AML Regulations Are Pulling Credit Unions Into Law Enforcement

PYMNTS

In Rapid City, South Dakota, for example, MED5 Federal Credit Union (MED5 FCU) launched an upgraded website after collaborating with the FinTech OMNICOMMANDER , which works to provide CUs with a variety of online tools, including web design, social media and marketing services.

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Fighting Financial Awkwardness With Faster Payments?

PYMNTS

The peer-to-peer mobile payment service offers a social media element aimed at making the exchange of money more fun for both sides of the transaction. When it comes to transacting money with friends the traditional and old-fashioned way, the experience can often be awkward and cumbersome.

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Be Sure Your Business is Ready for the Coming Year!

FirstInternet

Look to make the user experience a positive one and the entire site as simple to navigate as possible. It’s also more important than ever to be actively engaged on social media platforms. If you don’t have a strong, consistent social media presence, you might be missing out on new customers.

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Real Innovation Solves Today’s Problems, Not Tomorrow’s

PYMNTS

If not, you probably will soon, since it just teamed up with 7-Eleven to bring surcharge-free ATM access to 8,000 of the convenience chain’s retail locations. MoneyPass, a network of Elan Financial Services , provides ATM and debit card processing solutions for financial institutions, Independent Sales Organizations (ISOs) and retailers.

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How Friendly Friction Builds Better Banking Experiences

PYMNTS

According to a recent study by Citibank , 31 percent of consumers use their mobile banking app more than any other — placing mobile banking behind only social media and weather for most frequented mobile destinations. It might mean incorporating innovative payment experiences like Zelle directly into their mobile offerings.

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Taking banking real-time – what does it mean for customer experience?

NCR

If they have a complaint, for example, they expect to get a response via social media within minutes, while the idea of waiting up to five working days for an application to be processed is completely alien to many. The result of this is consumers now have very little tolerance for delays when they’re interacting with a business.