How Personal Interaction Can Boost Bill Pay Adoption
Although the world has become very digital, how individuals make decisions – including decisions about their finances – remains exceedingly personal. Financial institutions should not discount the value of the human element in influencing how consumers discover and decide on financial services.
Consumer Behavior Dictates a Mobile Wallet Approach
As reported in the 2013 Federal Reserve Payments Study, consumer noncash payments behavior has become increasingly reliant on credit and/or debit cards in the last 10 years. The study also reveals the number of debit card payments has increased more than any other noncash payment type, including check, credit card, prepaid card and ACH payments.
First-Time Homebuyers Present Challenges and Opportunities
Now that refinance pipelines have dwindled and the economy is gaining steam, financial institutions must turn their focus to the home purchase market – and Gen Y –to achieve mortgage loan growth. First-time buyers will soon make up half all home purchases, with Gen Y leading the way.
Financial Institutions Find Early Success in Apple Pay Rollout
Just a few short months ago, Apple® set out to revolutionize the payments experience with the promise of frictionless, secure mobile payments at the point of sale. Many financial institutions were “all in” from the day of the announcement, and soon began making plans for how and when Apple Pay™ would be rolled out to their customers.
Postal Banking: Pros, Cons and Consumer Reaction
Will the U.S. Postal Service (USPS) ever offer retail banking services? In early 2014, the Office of the Inspector General of the U.S. Postal Service began a public dialogue about how the Postal Service could offer retail banking services as a way to promote efficiency.