"Some banks are already using mobile network operators to help secure customers’ access to their accounts, says Joe DiFonzo, CTO of Syniverse, which helps connect different mobile networks worldwide. A simple example of this would be if a bank sends a short authentication code to a customer’s mobile device when they log into online banking from a new computer." Continue Reading
Wednesday, 6 November 2013
"I'm a big fan – and former employee – of Big Blue. So it's always good to see the innovations that continue to emerge out of the IBM Labs. In their latest offering, reported by Finextra last week (http://www.finextra.com/News/FullStory.aspx?newsitemid=25338), IBM has employed NFC technology to deliver a simple customer identification and verification process for mobile banking.
They have done this by using contactless cards and Android 4.0 phones. In effect, mobile phones begin to operate a little like ATMs. The user enters their PIN into the phone and then presents their card to identify themselves. They then present their card again to authenticate. It is a nice way to try and make logging into mobile banking and authenticating transactions easier – and more intuitive." Continue Reading
They have done this by using contactless cards and Android 4.0 phones. In effect, mobile phones begin to operate a little like ATMs. The user enters their PIN into the phone and then presents their card to identify themselves. They then present their card again to authenticate. It is a nice way to try and make logging into mobile banking and authenticating transactions easier – and more intuitive." Continue Reading
Tuesday, 5 November 2013
Meanwhile, online banking in general is having an effect on the brick and mortar, human-to-human business. In 2012, as consumers relied more heavily on online banking, banks closed 2,267 branches and only opened 1,149 for a net closure of 1,118 bank branches -- the most since the start of the economic downturn. What we've witnessed so far in the digitization of money management is only the beginning.
Many analysts are already projecting a further explosion in mobile banking and payments over the next four years. The foundation of banking as we know it is shifting." Continue Reading
"Showcasing its latest retail banking and payments innovations, FIS™ (NYSE:FIS), the world’s largest provider of banking and payments technology, will bring a robust presence to this year’s BAI Retail Delivery Conference, the top conference for the retail banking industry. One of Forbes 100 Most Innovative Companies, FIS will demonstrate its Mobile Wallet with Cardless Cash Access, which allows users to not only pay using their smart phones, but also withdraw money from an ATM from a mobile device." Continue Reading
"Bankers have a lot to worry about these days: stress tests, bad loans, cutting costs and increasingly trying to drive their customers toward new technology in the hope that they can close more branches. But a recent conversation with a couple of senior Irish bankers revealed to me how worried they are about technology companies such as Google, Facebook, PayPal and Apple, who they see as potentially eating a large slice of the banker's lunch." Continue Reading
"Ecommerce and payments fraud remains high on the agenda for consumer-facing organizations, according to a recent Deloitte online poll. Nearly half (47%) of executives and managers reported that fraud protection ranks as a “high priority” for their organization and a further 8% cited this as their organization’s No. 1 priority." Continue Reading
Monday, 4 November 2013
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