FICO

DECEMBER 5, 2022

Top 5 Surprises from FICO’s Fraud and Digital Banking Survey. Our survey found that good fraud protection is paramount for customers - even though they themselves may exaggerate income or claims. A report released by the FTC in February 2022 indicates a 71% increase in fraud in 2021, which cost consumers roughly $5.8

Survey 52

Survey Fraud Digital Banking social media 52

PYMNTS

APRIL 24, 2019

Like many other financial institutions (FIs), credit unions (CUs) need responsive websites and mobile apps to address their members’ needs. It’s through these channels that most members will engage with their CUs to conduct their digital banking business. percent said they chose their CUs because of the mobile app offerings.

Innovation 134

Innovation Millennials Digital Banking Mobile 134

PYMNTS

MAY 28, 2019

Much thought is given to millennials and even Generation Z — consumers who were born during fixed periods of time, and who are having an increasing impact on payments and commerce. But let’s not forget the role of the teenager in digital retail, financial services and transactions. Banking App. million in fresh capital.

Digital Banking 139

Digital Banking Google Mobile Groups 139

PYMNTS

FEBRUARY 26, 2019

In the banking world, amid the continued shift to digital services, the mobile device might just be the fulcrum. According to Sherif Samy, senior vice president of North America at Entersekt , banks have an inherent advantage in place when seeking to bring new features and services to clients: trust.

Mobile 181

Mobile Examples Millennials Digital Banking 181

PYMNTS

DECEMBER 6, 2019

We have a deep dive into Colorado’s digital driver’s license effort and news on Alphabet’s new CEO, as well as data on millennial Black Friday spending. UK Digital Bank Monzo Taps Visa Exec as US CEO. Monzo , London’s digital unicorn, has appointed TS Anil to head U.S. Report: Crypto Fraud Losses Reach $4.4B

Millennials 101

Millennials Colorado Google Leadership 101

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

PYMNTS

JUNE 7, 2017

The latest Expectations & Experiences consumer trends survey from Fiserv , a leading global provider of financial services technology solutions, finds that consumers are paying more bills from mobile devices while slowly starting to venture into digital wallets.

Survey 115

Survey Mobile Millennials Cards 115

Independent Banker

OCTOBER 29, 2014

Finding the right place, at the right pace in a volatile and uncertain mobile marketplace. Large banks and nonbanks, merchants and technology companies are pressing to solidify their inroads into the financial transaction business. Research and everyday observation show how consumers are increasingly using mobile technologies.

Mobile 105

Mobile Community Bank Community Technology 105

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

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. Mobile payments, he noted, are a good example. They are using cards.

Fraud 131

Fraud Mobile Security Cards 131

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

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

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

NOVEMBER 27, 2019

At first glance, that gap may seem insurmountable in the age of mobile banking , where technology is a vital component of financial services. That’s especially true as millennials come up through the ranks, and are both comfortable and confident in using technology.

Innovation 215

Innovation Millennials Technology Examples 215

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

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

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.

Fraud 100

Fraud Security Cards Mobile 100

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

NOVEMBER 8, 2017

Pundits prophesy a cashless society — and indeed, vast swaths of consumers are migrating to digital and mobile channels for many of their banking needs, as shown by a decline in the number of brick-and-mortar retail bank branches. Millennials are taking a mobile-first approach to banking, driving that transformation.

ATM 126

ATM Strategy Mobile Millennials 126

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. Digital enablement has occurred and allowed that value to be obvious to them 7/24/365 no matter where they are.”. There’s a younger generation in the U.S.

United States 102

United States Millennials Course Lending 102

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

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

PYMNTS

APRIL 10, 2020

“Those channels could be the mobile device, the online device, the ATM, the call center or even in-branch,” said Samy. The advent of the digital age means that, say, a millennial opening that bank account can receive products or services from their FI that touch on financial well-being and educational services.

Examples 168

Examples Mobile Security Technology 168

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. Additional Reading: Crash Course | Mobile Banking. Can Neo-Banks Be Called ‘Banks’? Its services include accounts, credits and payments.

Regulation 127

Regulation Cards Millennials Maine 127

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

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

NCR

FEBRUARY 17, 2017

So when it comes to omnichannel banking, financial institutions (FIs) should be focused on delivering a coherent service across all customer touchpoints. That includes growth areas like mobile banking, of course, but also covers traditional cornerstones of retail banking like the ATM. Why the ATM is key to omnichannel.

ATM 85

ATM Mobile Strategy Fraud 85

PYMNTS

MAY 30, 2016

Consumers are moving to the Web to do their shopping, and the tool of choice that they are using is their mobile phone (or tablet). Global Fraud Attacks. Online Fraud Attack Rates Soar Since October. Everyone said that fraud would move online in the U.S. Digital Banking. Digital Identity.

Trends 100

Trends Retail Fraud Mobile 100

PYMNTS

SEPTEMBER 6, 2016

Of course, it’s not just the FinTech industry and tech-savvy millennials who are fueling digital change. This leaves banks and payments schemes vulnerable. Bank branches are at their lowest numbers in a decade, around 93,000, according to Jenkins. Now located in the U.S.,

Security 100

Security CA Payments Big Data 100

Gonzobanker

OCTOBER 31, 2018

In their efforts to empower branch employees to evolve and support the client’s desire to bank virtually, branch managers need to make sure customer-facing employees are prepared to answer these five basic questions: How do the institution’s Internet banking and mobile products work? What is a credit score?

Training 84

Training Fraud Management Tools 84

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.

Millennials 40

Millennials Meeting Examples Fraud 40

CB Insights

OCTOBER 10, 2018

See which startups are helping JPMorgan, Bank of America, and Citi build the digital banking platforms of the future. Why now for digital banking startups. Digital banking adoption among consumers and small businesses (SMBs) is at an inflection point. Incumbents Play Catch-Up. savings accounts.

Retail 78

Retail Cards Millennials Mobile 78

Tech and Finance

JUNE 14, 2018

to a friend, family member, or colleague…Sixty-two percent of immigrants trust mobile technology to handle their finances. Latin American banks are racing to deliver digital banking to the masses says report released today by Temenos. Most notably, merchant support for Apple Pay has gone down from 48% to 35%.

Survey 28

Survey Millennials Fraud Mobile 28

PYMNTS

JANUARY 30, 2018

Bank of America’s response to the barrage of complaints was to guide the e-account customers to their Core Checking account, which they claimed offered a “great value.”. As of today, over 25K customers have made [the] switch from Bank of America to Aspiration.”. Who They Serve.

America 109

America Maryland FDIC Millennials 109

Fintech Labs Insights

FEBRUARY 22, 2017

Data driven digital banking services company D3 Banking launched a voice banking skill, an Amazon Alexa-specific app, to enable end users to communicate with their bank or credit union. Javelin Strategy & Research found that voice banking is not just for tech-savvy consumers.

Nebraska 18

Nebraska Millennials Google Fraud 18

PYMNTS

JANUARY 19, 2021

And increasingly, those services are being leveraged in verticals such as online sports betting, where location must be verified at the time of the wager (to make sure the activity is in a legally permissible area) to help banks comply with international Know Your Customers (KYC) rules. Not all data are created equal, of course.

Data 227

Data Fraud Los Angeles Compliance 227

PYMNTS

JANUARY 2, 2017

The spring brought coverage of mobile advertising and payments on the go at food trucks as small, smart device-powered businesses, and in the fall, we looked at the biggest trends in digital security at the annual Money20/20 Conference in Las Vegas. DIGITAL BANKING TRACKER.

Retail 123

Retail Millennials blockchain Mobile 123