Viewpoint: The 3 Pyramids of Customer Success in E-Gifting
As retailers prepare for the year’s biggest gifting season, there are some key principles to guide digital gifting strategies that maximize revenue and loyalty.
Industry Comment
Viewpoint: 3 Keys to Sustainable Public Sector Programs
Public sector programs usually offer predictable loads and transaction volumes, and that information can be a plus. But reliable load patterns don’t guarantee overall success, especially if you price yourself out of profitability and sustainability.
Viewpoint: How the Ripple Protocol Could Change Payments
Unless you’re a mathematician or a bitcoin fan, trying to understand what Ripple is—and why it’s so revolutionary—requires a bit of research (not to mention a double espresso!). That being said, here at Hyperwallet, we definitely think this new technology is worth investigating. In fact, I’d wager a bet that, within just a few years, Ripple could become as important to the world of payments as the Internet is to the world of information today.
The role of intelligent analytics in retail banking
Since the financial crash retail banks are faced with more regulatory and financial restrictions than could have been envisioned. This is coupled with increased levels of competition and much reduced consumer trust. Intelligent analytics may offer part of the solution.
The new payments landscape: we need a new mind-set
Popmoney, Dwolla, Square Cash, Funding Circle, Venmo, Nutmeg, Transferwise, Stellar, Kabbage … this is not a list of the latest box office hits or some weird shopping list, but a handful of the emergent FinTech companies that are sprouting up everywhere like wild mushrooms. These companies are, to a certain extent, beginning to reshape and […]
Harmonisation of ISO 20022 is crucial – but who should be in charge?
It seems not a day goes by without seeing those three little letters and five numbers – ISO 20022 – appearing in headlines or articles. But hang on a minute, what’s all the commotion about? It’s just another message format that I need to make sure my systems can handle, right?
Cloud: lit from within
Cloud-based technologies are spreading rapidly through the business world: the research firm IDC expects the cloud software market to be worth more than $100 billion by 2018, implying compound annual growth of more than 21%, roughly five times faster than traditional packaged software. It is clear that cloud computing is on course to become an […]
Blog: 5 Ways to Make Prepaid Card Onboarding Less Painful for Consumers
Identity verification by financial institutions is necessary—but it doesn’t have to be a necessary evil. Combining mobile technology with knowledge-based authentication can help improve activation rates with a process that’s simple for the cardholder and secure. Here’s how.
Blog: Goodbye Passwords, Hello Biometrics
As the consumer demand for remote login and flexibility continues to rise, organizations are struggling to find and deploy authentication methods that are effective, easy to use, impervious to theft and scalable. Say hello to biometrics.
Funds Transfer Pricing: confronting a mosaic of risk
The need for financial institutions to accurately gauge their exposure to myriad sources of risk has seldom, if ever, been greater. The credit crisis toward the end of the last decade must have made that clear, and if bankers managed to avoid getting the message back then, the point has been driven home ever since by regulators around the world
Paybefore CEO Says Goodbye
Seven and a half years ago, I wrote my first communication as the CEO of Paybefore, and now I’m writing my last. I’ve made the very difficult (but exciting) decision to retire from Paybefore.
Planning the digital transformation journey
For the new banks now is the chance to disrupt the banking industry. No legacy systems or existing processes or old thinking – they can jump straight to the new. Except, of course, those new banks that are being spun out of existing banks, where that infrastructure, IT and operations are supported by the current systems of the existing bank …
7 Signs You Should Invest In Business Process Automation for financial services
Financial services has come under huge pressure in recent years particularly since the financial crisis. Competition, silo’d business units, efficiency in operation, compliance are just a few key issues being raised. With efficiency and competitiveness hand-in-hand and customer service as a bi-product of this, business process management (BPM), has shown just how this solution has driven cost efficiencies and overall resource efficiencies down.
Viewpoint: Why Banks Still May Be Nervous about Banking Nonbank Money Services Businesses
The FDIC draws attention to a standard fraud claim without offering much guidance.
Blog: The Mobile Device: Solution or Form Factor?
For the first time since the financial crisis, banks are investing in digital strategies. That’s a step in the right direction, but how banks incorporate mobile into those strategies, ultimately, will determine their success.
Blog: How Does Android Pay Differ from Apple Pay and Samsung Pay for Banks?
Google’s open approach contrasts starkly with Apple’s, which has continued to maintain tight control over all integrated hardware and software components. But what does Android Pay really mean for banks?
20 questions you should ask to ensure you’re doing enough on cyber-supply chain risk management
With reports suggesting hackers have siphoned off up to $1 billion from 100 banks across 30 countries as part of a targeted attack, there are heightened concerns over the cyber-threat facing the banking sector. Supply chains are a potential weak link and banks have been stepping up their pressure on vendors and suppliers to do more to protect themselves from online intrusion.
Digital commerce has to get its payment priorities right
The ability to browse limitless shops and purchase goods and services from almost anywhere in the world has revolutionised commerce. Yet this revolution is unfinished because no matter what the choice, no matter what the shopping experience, the critical moment of entering personal and payment details can be so complex and lead to the customer abandoning the sale
Take the Banking Platforms Quiz and win an iPad
In the digital age, banks must adapt to new processes and customer expectations quickly. Yet many banks still operate legacy batch systems and have not yet transformed their ITO infrastructure. In association with SAP, Banking Technology is conducting a survey of the number of different systems banks have, and how long it takes for various transactions to occur.
Viewpoint: The Processing Market Is Ripe for Disruption
Processors are poised to ignite innovation by rethinking traditional business models and devising solutions for an emerging customer-centered approach to payments.
Viewpoint: Acting NOW to Deliver Faster Payments
When it comes to faster payments, the U.S. has reached a tipping point with new technology driving advances that are fueling consumer demand for real-time payments.
CBEST will help UK financial institutions lead in IT security
Banks will always be targeted by criminals and cyber attacks have become their most vulnerable attack surface. It isn’t simply about technology. It extends through people and process, and reaches from the central infrastructure all the way out to end users conducting online banking or financial transactions on laptops, tablets or smart phones. Because banks and financial firms have very large and sophisticated systems, this means that end-to-end security is notoriously difficult
Compliance and digital innovation needn’t be mutually exclusive
Regulatory compliance might be a fact of life for every financial institution, but it can be very challenging when competitive pressures come in to play. Software-based services are often now the primary means of contact between a company and its customers; IT is no longer a back-office support function
Mobile banking: what consumers really want
The growth of mobile money has been a steep upward curve and looks set to continue – Juniper Research predicts that there will be one billion mobile banking users worldwide by the end of 2017, up from 590 million in 2013. A recent Forrester report predicted that purchases on mobile devices would double by 2018, as even more people become comfortable buying online and retailers create more user-friendly mobile experiences
Viewpoint: One-Size-Fits-All Regulation of Prepaid Accounts Does More Harm than Good
The NBPCA supports the CFPB goal of protecting consumers, but the proposed rule doesn’t differentiate between prepaid products that serve different needs.
Five common pitfalls of financial crime prevention
Financial services organisations can, and do, prevent many criminal acts through adequate controls, proper supervisory procedures, and sophisticated detection and incident management technology. However, there are a handful of shortcomings that derail the best preventive measures and result in negative news headlines and increased regulatory scrutiny for individual employees and entire institutions alike
Mobile banking users to double by 2020
On the background of a recent study revealing that UK mobile banking users are set to double to 32.5 million by 2020, banks need to tailor their customer experience models heavily towards mobile devices, with the fundamental focus on creating a “mobile-first” strategy, if not the more radical “mobile-only” strategy
Viewpoint: SKU-Level Gifts and Promotions Get Personal
Emerging technologies, consumer preferences and e-commerce innovation are giving rise to the next evolutionary step for gift cards: SKU-level rewards and promotions.
Empowering transactions: from bank regulation to customer-centric innovation
Regulation has the potential to accelerate the payments innovation sparked by the evolution of internet and mobile technologies. By giving customers the reassurance that payments can be made safely and efficiently, regulation allows providers to develop new and exciting ways to serve customers
Blog: All I Want for Christmas is an Apple Watch
Reactions to the new Apple Watch range from ecstasy to ennui for most consumers, but here’s why this product might be a holiday hit.
Blog: The Amazing Race: Differentiating the In-Store Experience
Retailers are changing the shopping experience. It’s quite clear that the future will be a far cry from your mother’s shopping trip, and payments providers will have to innovate to keep up.
The next phase of outsourcing: change the bank with digital transformation
Financial services firms have always faced market volatility, but new challenges are forcing most to rethink their traditional operating models in favor of outsourcing. The expanded use of outsourcing models will help improve revenue and create new business opportunities
The road towards a better bank
The financial sector is a slow mover in innovation, however no single industry is leading the way in the Digital Identities economy. Banking is one sector that can take advantage of Digital Identities to better develop customer experience given the nature of the engagement and relationship between Banks and their customers. Banks fulfil a very […]
Data integrity and post-crisis regulatory reform
The integrity of data in capital markets – be it, for example, price data, trade facts, collateral balances, or other key business information – has long been a fundamental concern of technologists and business stakeholders. But how do we define integrity?
Hotsourcing: the third way for sell-side ops
A decade ago, one of the driving factors behind outsourcing was reducing cost and headcount. However, with the growing regulatory and compliance burden, firms are increasingly becoming more cautious about outsourcing.
Demystifying mobile payments
As mobile handsets become more prevalent as a tool for retailers, for payments, loyalty and engaging with consumers in and out of the store, security of sensitive data becomes increasingly more important.
Viewpoint: UDAAP Priorities and the CFPB’s Project Catalyst Initiative
Notes from a business law meeting with speakers from the CFPB, FTC and New York Department of Financial Services.
Mergers and acquisitions – don’t forget your back-end
Worldwide, mergers and acquisitions in the banking sector have become increasingly common. According to the Bank of America, European bank mergers in particular are back on the agenda for the first time in many years as financial institutions are beginning to make strategic choices about what areas of their business are core.
Blog: Secure Elements vs. Cloud-Based HCE: What’s More Secure for NFC Mobile Payments?
In the debate over the secure element approach vs. HCE for mobile payments, Apple Pay introduces a new wrinkle with its hybrid solution, proving this isn’t a duel: All that matters is the pass/fail test for security.
Blog: Not Seeing a Tree for the Forest
Advocates of same-day ACH tout the increased functionality and economic benefits of speeding up payments. But a deeper look at the process reveals more of its hidden risk-mitigation benefits.
