How is Mobile Driving Banking, Payments or Retail Services?
Over the past few weeks we’ve shared insights from the ACI Exchange Americas Conference in Boston. Topics including EMV, fraud, and innovation are at the forefront of the banks, processors and retailers minds. A common thread in each of these is how mobile will shape, propel or hinder business adoption of banking or retail services.
Mobile by the numbers
Based on the survey data at the event, we know this much:
Nearly half of all respondents (49 percent) believed the U.S. migration to EMV will result in consumers turning away from card-based transaction in lieu of mobile payments
More than 60 percent of survey respondents selected either mobile banking (35 percent) or mobile payments (27 percent) as the mobile solution most likely to be adopted in the next year
One in 10 respondents believed that mobile wallets will become widely adopted over the next two years. Also in that same time frame:
- 19 percent believed the adoption of mobile banking will become widely adopted
- 12 percent believed more banks will offer online/mobile bill pay services
- 11 percent believed that industry and regulatory mandates will slow mobile rollout
35% cited fraud as the biggest obstacle for banks and retailers looking to implement mobile solutions, followed by lack of integration with core system software (27 percent); implementing hardware infrastructure to support mobile (15 percent); lack of consistent industry standards (13 percent); lack of market interest (7 percent) and competition from new entrants (4 percent).
So where does this leave us?
The varying opinions make me think bankers, processors and retailers see the inevitable paths to mobile as an important part of how they will deliver critical services to their customers. However the trepidation also tells me they’re less willing to give up those services (and critical customer data) to third-party providers. And probably just as importantly, they want more confidence in a standardized mobile ecosystem.
How is Mobile Driving Banking, Payments or Retail Services? by Michael Grillo
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