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NEW DATA: 43M Consumers Are Holding Out On Mobile Banking Apps — How Banks Can Change Their Minds

PYMNTS

percent) who do not use mobile banking apps because they are dissatisfied with those apps’ user experience (UX). All hope is not lost for banks looking to improve their apps’ UX, however. Providing users with more control over their apps’ authentication systems can go a long way in improving their satisfaction.

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REPORT: Payment Tech Tops FIs’ Innovation Agendas

PYMNTS

According to PYM NTS’ research, 57 percent of all FIs will focus on this area over the next three years, making it the highest item on an agenda that also includes user experience, consumer engagement, and fraud and security. percent of bottom performers will invest in UX.

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FIs Most Underutilized Asset: Their Apps

PYMNTS

So what can financial institutions (FIs) do to improve their apps’ user experience (UX), and will making these changes help boost adoption and usage? Understanding why consumers are frustrated with their apps is one thing; Improving their UX is another.

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REPORT: What Sharing Economy Platforms Don’t Get About Digital ID

PYMNTS

Hiding among these legit users are fraudsters and other bad actors that are increasingly targeting sharing economy platforms. Unfortunately, many sharing economy platforms’ verification and authentication processes are poorly equipped to combat the growing risk of fraud. In fact, 71.5 percent are asked to provide their phone numbers.

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FIs: Build For A Digital Future Or Lose Customers

PYMNTS

OnDot has seen the open rate on FIs’ downloaded mobile apps more than double, from about 35 percent in the pre-COVID-19 era to 79.06 That’s putting pressure on FIs at a time when they’ve already seen flash-fraud rates and chargeback disputes dramatically increase. percent as of last week.

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