Disruptive digital technologies such as mobile communications and the internet will destroy established retail banking business models, according to financial sector commentator and author Brett King, by removing the physical product and replacing it with a digitised bank account.
Senior executives from the financial sector are split over the extent to which mobile payment technology has failed to take off – and what they can do to fix it.
Spanish bank Banco Santander has signed a deal with iZettle, a fledgling Swedish payments specialist that focuses on ‘social’ payments. The two companies plan to distribute mini chip-card readers to customers, so that they can accept card payments with smartphones and tablets.
Commerzbank has adopted a visual transaction signing tool from UK security firm Cronto for its online banking customers, designed to protect against Trojan malware.
As uptake of mobile banking services is predicted to reach one billion by 2017, banks are starting to view the mobile channel as an indispensable revenue stream, according to Nitin Bhas, senior analyst at telecoms research firm Juniper Research.
NFC technology advocates face continued disappointment in 2013 as it is likely to be overshadowed by other developments in retail payments, according to a report by financial research firm Celent.
ATM maker Diebold has developed an ATM that lets customers withdraw cash without using a card – and saves the bank money in the process.
For many years, near-field communications (NFC) technology has been touted as the next big thing; an opportunity for operator to get themselves into the payment space. However, the technology is yet to take off outside of select markets and now faces continued disappointment in 2013, when it is likely to be overshadowed by other developments in retail payments, according to a new report by financial research firm Celent.
Canada’s CIBC bank has launched a novel promotion aimed at increasing uptake of NFC technology for mobile payments.
Banks must learn to use information services to provide value to their customers if they are to avoid falling victim to competition, according to a report by consultancy Ctrl-Shift.
Mobile and NFC payment technologies have been on the rise in recent years. But with many merchants and retail outlets still reluctant to invest in the new technologies, and with the rise of fraud in existing solutions, industry participants are divided over how and whether the technology will ever gain widespread acceptance in developed markets.
Indian bank ICICI Bank has partnered with Vodafone to launch M-Pesa, the mobile payment service, in India before the end of the year.
Partnerships between financial institutions and other firms such as telcos offer a chance to bring new services such as mobile banking and payments to millions of customers. But innovators should be prepared for the long haul, according a panel of senior industry representatives speaking this week.
Russian telecoms operator MTS is planning to provide banking services to customers that lack a traditional bank account, following an agreement to purchase a 25.09 per cent stake in MTS Bank.
Drive-through ATMs that provide video chat with a bank advisor, the debate over the relationship between ATMs and NFC contactless payment, and the possibilities for improving the efficiency of cash systems – all are on display at Wincor World in Rheda-Wiedenbrück, Germany, this week.
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