PYMNTS

FEBRUARY 21, 2020

Forty-four percent of 200 millennials surveyed last year stated they were wholly responsible for making purchasing decisions at the B2B companies at which they worked, and an additional 33 percent played some role in this process. trillion by 2020, but new sales channels also invite emerging fraud forms. Detecting Fraudsters.

Customer Experience 152

Customer Experience Fraud Millennials Online 152

PYMNTS

FEBRUARY 19, 2020

Corporate buyers can pay more rapidly online with credit cards, benefitting sellers, and enjoy easy access to detailed, searchable information to guide their purchasing decisions. Some online sellers eschew online marketplaces in favor of more tailored digital sales experiences, turning to eCommerce system providers for help.

Mobile 197

Mobile Online Payments Tools 197

PYMNTS

MAY 22, 2020

There is a growing list of things millennials have seemingly been blamed for rendering obsolete, such as cocktail napkins, casual dining and expensive engagement rings. Our research suggests that as important as it is to offer digital tools alongside credit products, FIs neglect the old-school value of customer service at their peril.

Cards 216

Cards Data Millennials Report 216

FICO

JUNE 14, 2021

Invitations to buy even the smallest items on an installment plan seem to be everywhere online, and in-store, too: called “buy now, pay later” or BNPL loans, these offers let consumers buy what they want, now, and pay for it over time in four equal payments. BNPL: Even the smallest purchases can now be broken into bite-size chunks. .

Fraud 52

Fraud Cards Millennials Utah 52

PYMNTS

APRIL 27, 2016

Can the data trapped in “Digital Exhaust” – like online and social media data – be used to validate identity and predict fraud? Suppose you could build a model that would help financial institutions of any kind fill in those gaps with online and social data that could make thin files thick without increasing their risk?

Online 100

Online Data social media Fraud 100

CB Insights

JULY 25, 2019

Fintech is often associated with digital tools targeted at tech-savvy millennials. Financial education tools are being tailored to seniors. Money management tools are helping people stay independent. Fintech cos are trying to prevent fraud. Financial collaboration tools target families & caregivers.

Millennials 73

Millennials Fintech Tools Fraud 73

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 FICO Admin.

Survey 52

Survey Fraud Digital Banking social media 52

PYMNTS

SEPTEMBER 8, 2020

But nowadays, “every decision that we make — ‘Should I go to the grocery store or should I order my groceries online and then pick them up from the curb? Should I leverage the online capabilities?’ — taxes that budget,” Gauthier said. We use the same tools, and we also export the guarantees.”. Should I buy this car?’”

Innovation 223

Innovation Retail Millennials Tools 223

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. million.

ATM 151

ATM Fraud Study Regional 151

PYMNTS

AUGUST 21, 2020

And lastly, COVID-19 has pushed the majority of commerce online, which can be bad news for smaller financial institutions (FIs). First, when an FI issues or replaces a customer’s card online, it can do so instantly via the push of a digital card to the customer’s mobile wallet of choice while the person waits for a physical card’s delivery.

Cards 224

Cards Mobile Community Bank Community 224

PYMNTS

OCTOBER 31, 2019

However, as connected technologies offer new linking opportunities for consumers and retailers, online merchants are facing new adversaries in the fight against fraud. Such heightened connectivity might make online shopping more convenient, but it also comes with risks. Building Trust Up Front.

Fraud 100

Fraud Retail Online Meeting 100

PYMNTS

JANUARY 24, 2020

states are currently searching for ways to untangle those complications, and upgrade their electronic disbursement and payment tools. Fraud Issues Stemming From Paper Check Use. Check fraud affected 70 percent of U.S. Forty-four out of the 50 U.S.

Payments 130

Payments US Fraud Innovation 130

PYMNTS

JANUARY 18, 2017

And a separate study by CEB says that more than 50 percent of senior B2C marketers say they rely on tools such as web analytic technology, CRM systems and other related platforms. The more information that’s asked of them, the less likely it is that [millennials] will finish the application,” Johnny Ayers, cofounder of Socure, told PYMNTS.

Retail 100

Retail Millennials Study Technology 100

BankBazaar

JULY 17, 2019

Whenever you want to buy an insurance plan, the first thing that comes to your mind is whether you should contact an insurance agent or buy it online, huh? This online facility not only helps customers compare and choose the best insurance product that suits their needs but also lets them buy the same at a lower premium.

Policies 60

Policies Online Comparison Millennials 60

PYMNTS

JULY 25, 2019

Banks need to innovate faster and further when it comes to the technology they use on their online platforms, as to stay one step ahead of bad actors with access to the same technology. As JPMorgan Chase shutters their millennial and Gen Z-focused digital-only bank Finn, it is taking this lesson to heart.

Digital Banking 176

Digital Banking Innovation Fraud United States 176

PYMNTS

NOVEMBER 7, 2019

Fraudsters are constantly reinventing their approach to schemes, putting businesses and eCommerce merchants in a precarious position of responding to constantly-evolving fraud threats. In other words, it is no longer enough to respond to a fraud attack after it occurs. Across the Fraud Decisioning Landscape.

Data 101

Data Fraud Big Data Analytics 101

PYMNTS

JANUARY 17, 2017

And for that reason, credit bureaus, financial institutions and even eCommerce sites find they must look elsewhere for verifiable data or risk overlooking good but “thin-filed” consumers, including millennials. Outsmarting The Fraud. This leaves many without the “creditworthy” data that makes “thin files” thick.

Millennials 100

Millennials Data Fraud social media 100

PYMNTS

MARCH 30, 2020

Debit networks need to ensure that customers feel safe using the payment method, and that means imposing robust security measures and quickly cracking down on any instances of fraud that do slip through. Younger customers are also using debit to underpin newer payment tools such as digital wallets.

Cards 165

Cards Security cryptocurrency Payments 165

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.,

Report 131

Report Digital Banking Millennials Fraud 131

PYMNTS

OCTOBER 30, 2019

Also, a study by Adobe Analytics found that the upcoming holiday shopping season is expected to break records in online spending. A study by Adobe Analytics found that the upcoming holiday shopping season is expected to break records in online spending. Online marketplaces need to keep users safe as shopping keeps becoming digital.

Analytics 101

Analytics Study Payments Fintech 101

PYMNTS

JUNE 16, 2016

It’s no surprise that among millennials the digital variety of gift cards is even more popular – approximately 90 percent said they were more interested in purchasing digital gift cards now than they were a couple years ago, especially when it comes to storing and using the gift cards on their mobile devices.

Retail 100

Retail Cards Fraud Data 100

PYMNTS

JUNE 28, 2017

From their affinity for brunch (and avocados on toast ) to their attachment (uncorded, of course) for subscription services , it’s no secret millennials have some significant spending differences compared with older generations. Focusing on mobile millennials. That can be a tremendous help.

Millennials 108

Millennials Security Mobile social media 108

PYMNTS

APRIL 9, 2020

The need for faster disbursements during this time could thus have a dramatic effect on the rate of digital and mobile payment tool uptake. Businesses can apply for these loans via the SBA’s online portal. Around The Disbursements World. The SBA is also responsible for disbursing a $350 billion loan program for the country’s SMBs.

Taxes 178

Taxes Mobile Fraud United States 178

PYMNTS

MAY 29, 2020

Companies that didn’t have online shopping channels couldn’t sell their products, while eateries that didn’t provide online ordering for delivery or pickup couldn’t serve their diners. FIs need to have the ability to find and thwart fraud, without accidentally sweeping up legitimate clients. Innovating The ATM Beyond Cash.

Maine 130

Maine ATM Innovation Millennials 130

PYMNTS

OCTOBER 23, 2018

As well, digital billing can help reduce healthcare fraud and errors in the $3.5 That’s despite findings that have shown patients are more likely to pay their medical bills if offered online options for doing so, a trend that is stronger with younger patients. trillion-per-year healthcare space. Even seemingly small steps can help.

blockchain 173

blockchain Study Case Study Fraud 173

Social Assurance

JULY 20, 2017

Why Millennials Need Banking Security and Compliance. Then it hit me, I just placed an extreme amount of personal trust on strangers that I selected based on their online profiles. This is why Millennials and Gen X-ers like me are some of the highest people at risk for financial theft and fraud.

Millennials 21

Millennials Compliance social media Security 21

PYMNTS

MAY 10, 2016

Individuals who may not have traditional access to credit, such as millennials, immigrants, the unbanked, etc., With very little credit risk actually at play, Ayers explained that the bank’s evaluation on offering standard traditional financial tools should really be based on the legitimacy of the identity being presented.

Fraud 100

Fraud New York Data Millennials 100

PYMNTS

FEBRUARY 26, 2019

As has been spotlighted in these pages, engagement is of paramount importance in financial services, no matter the setting — at branches, online or even through the Internet of Things (IoT). He noted that to build confidence in embracing sophisticated technologies to conduct sophisticated transactions, the mobile device is an ideal tool.

Mobile 181

Mobile Examples Millennials Digital Banking 181

PYMNTS

JUNE 27, 2019

Fraudsters are finding new ways to slip past technological defenses, which leaves banks constantly upgrading the tools used to keep them out. Banks must meet the challenge of not only catering to different generations, but meeting customer expectations at physical branches and via online channels.

Customer Experience 109

Customer Experience Digital Banking Innovation Security 109

PYMNTS

APRIL 16, 2019

At the same time, the report found more millennials than Gen Xers and Baby Boomers desired a fast checkout/payment process. “As By addressing security through tokenization , point-to-point encryption and fraud prevention and detection tools, merchants are increasing consumers’ confidence in using these convenient channels of payment.”.

Security 140

Security Mobile Retail Survey 140

Gonzobanker

JULY 31, 2017

Are mobile wallets a threat to PayPal’s online payment dominance? This strategic shift — what I’ll call the PayPal Pivot — is the result of PayPal seeing the threat of mobile wallets to its online payment dominance. What’s ironic is that not long ago, PayPal was listed as the most popular mobile wallet among Millennials.

Samsung 70

Samsung Apple Mobile Online 70

Gonzobanker

OCTOBER 31, 2018

How do customers learn the status of their online loan applications? If branch employees are going to be relevant to multi-channel customers, they need access to the status of an online application. Employees that cannot answer these questions are not relevant to Millennial customers. What is a credit score?

Training 84

Training Fraud Management Tools 84

PYMNTS

JULY 30, 2019

Such tools are no longer at the far reaches of the universe, and today’s technologies would make the Enterprise’s crew feel right at home. Its online platform, which now accounts for more than 20 percent of its sales, was first unveiled in 2009, making Wingstop one of the first players in the field to offer digital ordering.

Technology 119

Technology Mobile Google Software 119

CB Insights

SEPTEMBER 10, 2019

While the media often portrays millennials as preoccupied with the rising prices of festival tickets and avocado toast, their real financial concerns are a bit more practical. But millennials face significant headwinds in making those financial dreams a reality. get the REPORT on next generation investors. From big banks to big tech.

Millennials 77

Millennials Mobile Lending Cards 77

Social Assurance

JULY 20, 2017

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Millennials 12

Millennials Compliance Security social media 12

PYMNTS

MAY 30, 2016

Online Checkout Conversion. 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). To add insult to injury here, the Census Bureau’s accounting for online sales as a percentage of retail sales may not be keeping up with the reality of what consumers are doing.

Trends 100

Trends Retail Fraud Mobile 100

Independent Banker

NOVEMBER 25, 2015

See “Closing the Gap” in the November 2015 issue, online at www.independentbanker.org.). It also exposes banks to risk because they are left to bear fraud-related losses, including card-not-present transactions, card reissuance and the cost of security upgrades such as the chip/EMV card-security technology to the tune of billions every year.

Community Bank 70

Community Bank Community Analytics Lending 70