Mobile Banking

2 posts
‘Free Banking’ is a Myth.  Why Won’t Banks Admit It?

Remember the days when most banks offered free checking accounts? The next generation probably won’t. To the annoyance of consumers, recent years have seen most leading banks curtail these accounts, or load them down with new restrictions. Nowadays, only 38% of checking accounts at big banks are free – down from 76% in 2009. In the words of one analyst, this amounts to "the steepest decline that I’ve ever seen,...

0 1
Can Government-led Financial Inclusion Work?

Based only on the headline numbers, India’s financial inclusion program seems like a remarkable success. Less than one year after Prime Minister Modi launched the financial inclusion initiative called Jan Dhan Yojana (Hindi for “People Money Scheme”), 158,600,000 bank accounts have been opened. This progress has garnered international headlines, and even set a Guinness World Record for the most new accounts opened in one week (18,096,130 between August 23 and...

1 1
Overcharging the Poor: Why Do We Accept Banks’ Pricing Double Standard?

Consider this shopping horror story: You go to the supermarket to buy groceries, selecting your usual items. But when you arrive at the checkout line, the clerk asks for your annual income. Though the question seems rather intrusive, you tell her. As she begins scanning your purchases, you notice that each item has two price tags on it, one white and one red. The white tags reflect the regular prices,...

0 1
Are We Ready to be a Cashless Society? The Next Great Debate

For years, people have been predicting the demise of cash, and with all the buzz around Apple Pay and cryptocurrency, bills and coins do seem headed toward extinction. Yet in the past month, two tech icons have demonstrated cash's continued vital role in the modern payments landscape--both in the U.S. and in developing countries. At its New York Hackathon, TechCrunch Disrupt awarded an app that bypasses ATMs by broadcasting cash requests to nearby users,...

0 2
Three Reasons Banks Won’t Get “Uber-ized” – and One Reason they Actually Might

Everyone loves Uber – except for mistreated passengers, disgruntled drivers, local governments, certain tech journalists, and of course: the taxi companies disrupted by the popular ride-sharing app. Okay, perhaps “everyone” is a slight exaggeration. But in spite of its controversial reputation and recent PR troubles, Uber is on a roll. By the end of 2014, it was six times bigger than it was when the year began, and it continues...

0 1
The $17 Trillion Stimulus: 3 Key Reasons to Fight Poverty Among Women

The question of how to help the poor is the subject of endless debate. But there’s a topic within the debate that should inspire universal agreement: the importance of reducing the toll of poverty among women and girls. In a world where females comprise the majority of the over 1 billion people living in extreme poverty, and 1 in 3 American women are either poor or living on the brink,...

0 2
ATM Innovations Will Transform the Way We Bank

Changes are afoot in the ATM tech space. Take a look at these innovations changing the way we use ATMs around the world. Did you know there are now ATM machines in India and the Philippines that dispense clean water instead of cash? Or that ATMs in the near future will be equipped with germ-fighting glass to prevent the spread of disease? How about ATMs with LCD panels that can be...

0 0
4 Ways Banks Can Win Back Millennials (and the rest of us)

Newsflash: Millennials don’t like banks. And everyone in the banking industry needs to take at look at Viacom’s recent Millennial Disruption Index. The company surveyed over 10,000 U.S. Millennials about 73 companies spanning 15 industries, to determine which industries are ripe for disruptive change. Here’s what Millennials said: In five years, roughly 70% of Millennials expect to be accessing their money and making payments in a totally different way. 73%...

0 1
Socially Conscious Banking

Alerting all banks! Last month, Cisco released a global customer survey revealing some alarming news for banks. In the 12 countries surveyed, nearly one in four bank customers intend to choose another provider for their next financial product or service. And four out of five would trust a non-bank to handle their banking needs. But perhaps the most noteworthy finding was this: almost 30 percent of bank customers do not...

0 2
5 Challenges Facing Banks in the Digital Age

You’ve probably heard the statistic – 2.5 billion of the world’s adults don’t use formal financial services, including roughly 60% of adults in developing economies. With the challenges of reaching those markets profitably, most banks have traditionally focused their efforts elsewhere. But in Kenya, financial inclusion has grown from under 30% to over 65% in less than 10 years – due not to banks, but to M-Pesa, Safaricom’s wildly popular...

1 7
Two Countries, Two Approaches to Mobile Payments

Mobile payments have become the latest battleground in the ongoing struggle for market share between America’s retail and tech heavyweights. Check out the latest headlines: Apple vs Walmart: Mobile Payments Reveal A Clash Of Titans Twitter Launches Mobile Payments Before Facebook Google And Softcard Versus Apple Pay: Benefits Are Overstated There’s a reason why so many major players want a piece of the same pie. Though exact estimates vary, a large...

1 0
Ideas to Bank On

The term “financial innovation” often gets a bad rap, and it’s understandable. It tends to be associated with investor-focused innovations like mortgage-backed securities and collateralized debt obligations – two of the primary culprits behind the 2008 financial crisis. But in recent years, many big banks have turned their focus towards innovations that help consumers. In the past year alone, financial powerhouses like American Express, Capital One, MasterCard, Deutsche Bank, and JPMorgan Chase...

0 2
To Spend, or Not to Spend

It may not be a popular sentiment during the holidays, but there’s a benefit to saving more and spending less any time of year. Having savings reduces stress, providing a cushion when emergency expenses arise. And due to the power of compound interest, saving even modest amounts over the course of one’s working life can lead to a retirement that is more comfortable. Furthermore, surveys have found a link between...

0 2
Underbanked and Underserved

The terms “unbanked” and “underbanked” are falling out of favor. Traditionally, they’ve referred to people who use alternative financial services, such as check cashers or payday loans, because they either lack a bank account or fail to use the accounts they have. The general assumption about both groups is that they lack the income or financial savvy to access these services at a bank. However this stereotype doesn’t always hold...

0 0
Mystery Shoppers and Financial Inclusion

With the holiday shopping season upon us, it’s likely you’ll find yourself jostling with other shoppers at a crowded store in the coming weeks. Although, some of these “shoppers” might be better described as secret agents. The holidays are a prime time for mystery shoppers: people contracted by market researchers, watchdog groups, and retailers to mimic the interactions of real customers in various shopping scenarios. These mystery shoppers provide detailed...

0 2