PYMNTS

APRIL 24, 2019

It’s through these channels that most members will engage with their CUs to conduct their digital banking business. However, that’s sometimes easier said than done, as different generations of members have different priorities when it comes to their CUs’ digital banking and mobile app features. Among Gen Z members, 50.4

Innovation 134

Innovation Millennials Digital Banking Mobile 134

PYMNTS

JULY 25, 2019

Banks need to make sure they’re using tech in ways that keep the fraudsters out, but don’t send customers looking for another service. In the July Digital Banking Tracker , PYMNTS examines how banks are using tools like artificial intelligence (AI) and automation to both fight against fraud and better engage customers.

Digital Banking 176

Digital Banking Innovation Fraud United States 176

FICO

FEBRUARY 2, 2022

Following the highly successful The 11 Commandments of Digital Banking eBook , we are kicking off a series of 5 deeper dive blog posts that group the 11 commandments below into common themes. Digital lift-and-shift is not a strategy! Banks must find ways to be personable in these impersonal channels. Respect the data.

Customer Experience 52

Customer Experience Digital Banking Video eBook 52

PYMNTS

SEPTEMBER 17, 2019

Mobile banking apps have already enjoyed mass adoption, but what are consumers using them for? And, perhaps more importantly, what do they want from digital banking apps that they aren’t currently getting? Breaking down mobile banking app activity by generation reveals distinct differences. percent of Generation Z and 55.2

Mobile 187

Mobile Millennials Study Digital Banking 187

PYMNTS

JUNE 21, 2017

Whether it’s in-app tools that offer advice on monthly spending, new services to help parents teach their kids about money management or a publicity campaign aimed at raising public awareness of the threats posed by cyber fraud, the financial sector is making consumer education a priority. In the U.K., consumers billions of pounds each year.

Report 131

Report Digital Banking Millennials Fraud 131

CB Insights

JULY 25, 2019

Fintech is often associated with digital tools targeted at tech-savvy millennials. Fintech cos are trying to prevent fraud. Estate planning gets a digital makeover. Fintech cos are trying to prevent fraud. get the REPORT on next generation investors. Source: Deloitte. Retirees still need investment services.

Millennials 73

Millennials Fintech Tools Fraud 73

PYMNTS

FEBRUARY 14, 2020

None of these things are necessarily deal-breakers on a digital journey, DataVisor’s CEO and Co-founder Yinglian Xie told PYMNTS, but they are certainly an annoyance. What is necessary, Xie said, is a different, more holistic paradigm for combating fraud — with a wide aim of not adding more authentication steps.

Retail 141

Retail Cards Millennials Fraud 141

FICO

FEBRUARY 12, 2023

Home Blog FICO Top 5 Customer Development Posts of 2022: Digital Banking and Pricing Opti The most popular posts in our Customer Development category dealt with digital banking, optimizing credit line increases, loan pricing and machine learning for credit risk models. What can financial institutions learn from TikTok?

Digital Banking 52

Digital Banking eBook Analytics Customer Experience 52

PYMNTS

AUGUST 21, 2020

Deposits had already been trending away from community banks and credit unions anyway, but COVID-19 has accelerated that shift. In fact, the majority of 2020’s new accounts have gone to megabanks and digital banks, not to community institutions. FinTech players are also grabbing deposits.

Cards 224

Cards Mobile Community Bank Community 224

PYMNTS

MARCH 3, 2020

Mobile and online banking’s prevalence has reduced physical branches’ importance, but these brick-and-mortar establishments are still vital to customers’ financial lives. Even millennials , who heavily lean on remote banking, still visit physical bank locations for more complex functions, such as loan applications.

ATM 151

ATM Fraud Study Regional 151

PYMNTS

SEPTEMBER 24, 2019

Digital banks , for one, are teaming up with technology providers to accelerate settlement times for payments collected at the point-of-sale (POS). Legacy banks are similarly at work, with one major FI seeking to beat out FinTech competition by offering same-day access to credit card deposits.

Mobile 246

Mobile Payments Apple Millennials 246

PYMNTS

JULY 18, 2018

million: What PwC was ordered to pay by a judge for failing to detect fraud between a client and a mortgage lender. $1 76 percent: Share of millennial consumers who report they are always looking to try new and different forms of banking, saving, payment and currency.

Data 100

Data Millennials Fraud Community 100

PYMNTS

JANUARY 24, 2020

Anti-fraud efforts can seem like word salad with exotic ingredients being tossed around: strong consumer authentication ( SCA ), two-factor authentication (2FA), the second Payment Services Directive (PSD2) … you get the idea. Turns out consumers mostly want one thing from mobile banking apps: control. Fair enough.

Mobile 166

Mobile Fraud Millennials Security 166

PYMNTS

JUNE 27, 2019

In the latest Digital Banking Tracker™ , PYMNTS examines how banks are innovating to address these security vulnerabilities. Around the Digital Banking World. Banks and payment players are adopting new technologies to keep customer data safe. In the U.K., About the Tracker.

Customer Experience 109

Customer Experience Digital Banking Innovation Security 109

PYMNTS

DECEMBER 28, 2018

Pierce said the consumer data shows that 13 percent of credit union members have been a victim of card fraud , and 4 percent have had their identities stolen in the last year alone. Moreover, Lynch told PYMNTS, the fraud is coming across on all channels. So, they are just as covered by fraud liability.

Fraud 131

Fraud Mobile Security Cards 131

PYMNTS

NOVEMBER 27, 2019

That’s especially true as millennials come up through the ranks, and are both comfortable and confident in using technology. Lotz cautioned that “table stakes” essential to CUs’ self-service offerings include satisfying the expectation that consumers have control over fraud alerts and how their accounts are monitored.

Innovation 215

Innovation Millennials Technology Examples 215

PYMNTS

JUNE 7, 2017

Digital wallet features that incorporate easily with people’s lifestyles appear to have the most appeal, such as being able to turn off credit or debit cards in case of fraud (43 percent), withdrawing cash without a card (28 percent) and paying someone in real time (26 percent).

Survey 115

Survey Mobile Millennials Cards 115

PYMNTS

SEPTEMBER 21, 2018

The popularization and widespread adoption of digital and mobile banking tools have presented banks with plenty of new opportunities, but they’ve presented new risks as well. Cybercriminals are finding new fraud opportunities as consumers turn to connected channels to manage their bank accounts. All told, 16.7

Fraud 100

Fraud Security Cards Mobile 100

PYMNTS

AUGUST 13, 2020

consumers don’t exactly love the paper check — roughly 38 percent report that they’ve stopped using them entirely, and that shoots up to almost 50 percent when talking about millennials. It’s one thing to have a limited electronic option available — that’s quite different than having a strong digital strategy.”.

Cards 202

Cards Strategy Digital Strategies Examples 202

Accenture

OCTOBER 3, 2017

Fear of fraud is the primary factor. An overwhelming majority (85 percent) of consumers point to the risk of fraud as the biggest barrier to sharing bank account information with third-party providers. One-third of Gen Z’ers say they’ll be likely to use open banking instead of usual payment methods.

social media 151

social media Millennials Online Fraud 151

PYMNTS

FEBRUARY 26, 2019

Though banks want to bring customers into the digital fold (it saves time and money, and, after all, 58 percent of consumers prefer digital banking to other methods), there will always be a need to serve them across physical locations, too. The goal for financial services, then, is a unified service model.

Mobile 181

Mobile Examples Millennials Digital Banking 181

PYMNTS

APRIL 2, 2020

Competition for customers — especially millennials — from larger banks and FIs has long required credit unions to keep pace with their more innovative counterparts. This often means providing digital solutions and convenient banking options despite smaller technology and innovation budgets, however.

United States 174

United States Security Innovation Mobile 174

PYMNTS

MAY 29, 2020

FIs need to have the ability to find and thwart fraud, without accidentally sweeping up legitimate clients. In a feature story, Uma Wilson, executive vice president and director of treasury management, card and bank product UMB Bank , discusses analyzing client behaviors throughout channels to find unusual activity.

Maine 130

Maine ATM Innovation Millennials 130

Accenture

SEPTEMBER 22, 2019

Neo-challenger banks have several advantages over their traditional counterparts—including having lower operational costs, because their tech stacks are cheaper to run, and offering a tailored online experience that appeals to Millennials. Trust is central to any bank’s relationship with its customers. What the future holds.

Innovation 150

Innovation Metro Apple Marketing 150

PYMNTS

OCTOBER 8, 2019

The Millennial Challenge. Among the greatest opportunities for CUs lie some significant challenges, too — namely, tapping into and serving the financial needs of millennials. Beyond the drive to retain and grow membership and tackle faster payments, Fagan said CUs must be ever-vigilant in the fight against fraud. “If

United States 102

United States Millennials Course Lending 102

BankBazaar

JUNE 3, 2020

Considered to be a more nimble version of old-fashioned banking, neo-banks appeal to a more digital-savvy generation like millennials. One thing to note here is that neo-banks follow the same regulations as their sponsor banks in terms of KYC account opening or lending.

Regulation 127

Regulation Cards Millennials Maine 127

PYMNTS

JULY 31, 2017

CO-OP Financial Services, for instance, announced plans to launch an artificial intelligence solution to tackle fraud prevention by quickly processing data, learning patterns and quickly adapting to changes with little human supervision. Some of these partnerships were specifically aimed at helping SMBs.

Report 114

Report Innovation Regulation National 114

PYMNTS

NOVEMBER 8, 2017

Millennials are taking a mobile-first approach to banking, driving that transformation. However, older populations — and even millennials — still need the services provided by bank branches. These contactless transactions decrease fraud, which is a critical service with ATM skimmer fraud up 500 percent since 2014.

ATM 126

ATM Strategy Mobile Millennials 126

PYMNTS

JULY 15, 2016

These products are, in fact, the underpinning for pure play digital banking services offered by innovators like Chime or Green Dot. I think the regulatory opinion is that ‘if they knew what they were doing they’d go get a bank account,’ and for some people that’s not an option.

Cards 100

Cards Millennials Regulation Cyber Security 100

NCR

FEBRUARY 17, 2017

That includes growth areas like mobile banking, of course, but also covers traditional cornerstones of retail banking like the ATM. In the rush to serve the tech-savvy millennial market and keep up with the latest developments in mobile and digital banking, some FIs might fall into the trap of overlooking traditional channels.

ATM 85

ATM Mobile Strategy Fraud 85

PYMNTS

SEPTEMBER 3, 2018

And perhaps banks and merchants would do well to keep in mind that Canada provides a telling example of what happens in a friction-filled payments experience, as 53 percent of consumers in that country will abandon transactions should the process prove a rocky one. Digital Banking: Looking Cross-Border For New Opportunities .

Mobile 100

Mobile Course Digital Banking Survey 100

PYMNTS

MAY 30, 2016

Global Fraud Attacks. Online Fraud Attack Rates Soar Since October. Everyone said that fraud would move online in the U.S. The latest report by PYMNTS and Forter shows that the rate of online fraud attacks has jumped by 11 percent since October and by 215 percent since last year. Digital Banking.

Trends 100

Trends Retail Fraud Mobile 100

FICO

OCTOBER 16, 2018

It was Millennials. Banks have been trying. According to a 2017 report from the Digital Banking Report , 66% of banks offer online account opening and 18% offer mobile account opening. Amazon built a digital shopping experience for everyone. Banks need to do the same. The question is: can you keep up?

Millennials 40

Millennials Meeting Examples Fraud 40

PYMNTS

SEPTEMBER 6, 2016

Of course, it’s not just the FinTech industry and tech-savvy millennials who are fueling digital change. Citing the PYMNTS Global Fraud Attack Index , Jenkins explained that there were 27 fraud attacks for every 1,000 transactions in Q4 2015, an increase of 215 percent over 12 months. Now located in the U.S.,

Security 100

Security CA Payments Big Data 100

PYMNTS

MARCH 24, 2020

Mobile banking apps are designed to make digital banking more convenient for customers, yet 21.7 percent of consumers who use these apps are dissatisfied with them. This is true even for routine transactions, such as transferring money to friends and relatives or making retail payments.

UX 150

UX User Experience Survey Meeting 150

Gonzobanker

OCTOBER 31, 2018

Employees that cannot answer these questions are not relevant to Millennial customers. Customers drive the need to transact more digitally, and branch staff needs to be well versed on how to make sure the bank’s payment products, including its P2P solution, digital wallets or other non-check solutions, are part of all those transactions.

Training 84

Training Fraud Management Tools 84

Independent Banker

OCTOBER 29, 2014

But how far are they willing to go to do their banking on small mobile devices? A consensus says that the future banking customer relationships—particularly for millennial consumers—will orbit to one degree or another around mobile technology. s entry into the payments business with Apple Pay. Katie Kuehner-Hebert.

Mobile 105

Mobile Community Bank Community Technology 105