Sunday, July 2, 2017

Mobile Payments & Mobile Banking - News, Stories and Trends 2017 - 2018

2017-2018 - Mobile Payments & Mobile Banking - New stories

In 2015, I wrote my latest blog about the ever-fascinating business stories about the disruptive impact of Mobile technology on Banks and other financial institutions.

The mobile banking and mobile payments ecosystem keeps fascinating by emerging technologies like Blockchain, AI, biometrics and many more.

So once more I am picking up where I never left off, blogging about trends, news, innovations and market movement of an continuous-disrupted industry.

Welcome to 2018 - The Top 10 trends of Digital Payments

It looks like another exciting years for a shift in mobile and payments strategies both in the BAnking and Retail industry. This infographic holds 10 real scenario's of new digital strategies regarding payments !! Happy New Digital Year !

Here is the Future of Banking, meet Erica

Bank of America is taken a great leap into the Digital future. Its the alter ego of Alexa however for banking. Meet Erica ! Its how personalisation in Banking writes a new chapter. It builds great new customer relationships. A bot is a great new tool to provide personal and private financial advice which is relevant and when it matters. This is also what I mean when I say AI is a mobile enabled technology. See new and great new digital experiences at this video.

The Power of Contactless ...Top 10 Things Brits want contactless

Touch and go transactions have gone a long way but now became the norm in the UK. I was lucky to be at the berth of the contactless payments era out of the Fintech established by Barclaycard and Orange. Tap and Go was UK's first...

Now its 2017 and here is what the Brits want to go contactless.. from tollroads to public toilets !

The Mobile Wallet Market is finally Maturing......

...but (in-store) Mobile Payments will grow slow till 2020s. My post in 2015 was about the to be expected disruption of ApplePay and AndroidPay. Both have now been introduced in North-America. After Apple Pay in 2016, Android Pay followed this year.

In the US major banks are linking into Google's mobile payment's service. In Canada most banks quickly introduced Android Pay for their customers except TD and RBC, read here why....

Consumer Adoption is the Problem for Mobile Payments

According to the Mobile Payments Report, customer adoption and fully implementing the necessary infrastructure keeps on hampering mobile payments to take off. And all parties, mostly the traditional ones, in the much fragmented ecosystem are to blame. Consumers are willing to adopt however only when mobile payments integrate with other mobile wallet applications such as loyalty. As one article reports, quoting various experts and industry reports, retailers are not fast enough to integrate the various payments experiences especially in-store.

This is for all nationwide payment systems in North-America and Europe and banks small and big have a role to play as more here

While Banks and Retailers missing out on the opportunities, the sunny side is up for Fintechs:

Open Banking - The New way of Banking

Mobile technology once more redefines Banking. As Capgemini's World Retail Banking's report 2017 recently reported, Fintechs are taking over the Banking Industry. Not only with Apps but now APIs will be the succes factor for traditional banks to stay in business.

Some of the most striking outcomes of the report:

Fintechs delivers globally a more positive (mobile) customer experience than traditional banks (40% vs 37%). More striking is ow Fintech products are being adopted by tech savvy users (42%) and Millenials (37%) vs traditional banks only 18% and 22% respectively. Read more about the report here or watch below video.....