October 2 – North Middlesex Savings Bank, an independent mutual savings bank, operated by and for the benefit of the Nashoba Valley community and headquartered in Ayer, Mass., is working with Digital Insight, an NCR company, to offer its customers Touch ID functionality with its mobile banking application. Using built-in fingerprint sensor technology, Touch ID allows North Middlesex Savings Bank customers to log in to their mobile banking application without entering traditional login credentials.
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September 28 – ThreatMetrix has announced it has experienced a 50 percent increase in mobile volume since September 2014, as well as the addition of 250 million new mobile devices to the ThreatMetrix Digital Identity Network (The Network) this year alone.
September 28 – Arizona Federal Credit Union has released a mobile application update that allows members to log in to view their accounts using Eyeprint ID™ eye scanning technology. The new feature is available on most Apple and Android based devices.
By John Moon
The mobile channel is now mainstream, with some financial institutions reporting more customer interactions via the mobile channel than any other as consumers keep tabs on their financial lives and initiate transactions from wherever they happen to be. However, the majority of financial institutions are unsure of what to strive for in terms of adoption metrics and are wary of investing in promotion of their mobile banking offerings.
Fiserv’s analysis shows that successful financial institutions have a mobile adoption rate of 40 percent of their online banking base, or higher. This level of adoption doesn’t happen by itself. The right mobile banking features and effective promotion of the service are critical for achieving the highest levels of channel adoption. By better understanding how mobile banking product attributes and marketing programs impact adoption, financial institutions can develop actionable strategies, such as target marketing and next generation product investment, to drive adoption and increase the return on investment.
The ability to add and retain mobile bankers is vital to a financial institution’s growth and profitability. Fiserv research has shown that consumers that bank via mobile are among a financial institution’s most valuable customers. They use a platform with lower service costs and have a greater propensity to sign up for additional services.
To capitalize on the market opportunity mobile presents, financial institutions can start by prioritizing three areas: product investment, targeted marketing and staff engagement.
- Enhancing product features
To motivate a consumer switch to mobile banking, financial institutions must show how the service aligns with their lifestyle. Investing in next-generation mobile banking products is vital to this initiative. Fiserv research has found financial institutions that offer mobile deposit see 60 percent more logins and transactions per month per customer than financial institutions without the feature. Additionally, a tailored tablet banking experience can boost enrollment in mobile banking and spur incremental transaction activity.
P2P payment and instant balance features also speak to customer lifestyle preferences. P2P payments are convenient for paying rent, splitting bills or exchanging money among family and friends. Instant balance simplifies the most common mobile banking activity, checking balances, by allowing a user to check their balances with a swipe of the screen, without having to log into mobile banking.
- Employing marketing strategies
A multi-channel marketing approach is necessary to reach consumers wherever they spend their time, whether in a physical location or online. Smart App Banners can increase adoption for a branded mobile app by improving awareness among customers that one is available. When the institution’s URL is typed into the mobile or tablet browser, the banner appears directing interested users to the mobile banking app download page. Fidelity Bank of North Carolina saw success in this technique, with mobile registrations nearly doubling in the month following implementation.
Other effective techniques for promoting mobile banking within online and mobile channels include cross-promotional banners, interstitial pages and a vanity URL for a landing page with more information on the service.
Additionally, marketing via social channels like Facebook and Twitter is integral to reaching engagement goals, especially among younger consumers. These channels provide an opportunity to rotate marketing message content to focus on different features — bill payment, mobile deposit and security measures, for example. Additionally, the platforms offer interactive capabilities in the form of links, pictures, videos, sweepstakes and contests to boost engagement when promoting mobile banking. For example, 1st Mariner Bank of Maryland held a Facebook contest to promote usage of its mobile check deposit feature and offered a $500 prize for the sweepstakes winner.
- Turning frontline staff into evangelizers
In addition to a strong product offering and a comprehensive marketing campaign, a successful mobile banking adoption strategy leverages the financial institution’s frontline staff to encourage enrollment. To prepare staff for this task, both branch employees and call center staff will need proper training on how the mobile banking service works, how to enroll new users, and how and when to promote it. Having each employee sign up for the service is a guaranteed way to reinforce training. Furthermore, the employee will be able to share personal experiences in discussion, which generates trust between the staff and the accountholder.
Staff at Family Bank in Georgia saw the benefits of an employee training program as they learned how to effectively communicate one of the important benefits of mobile banking specific to that bank: convenience. Mobile capabilities meant less visits to the branch’s rural location, which equaled time and cost savings for many customers.
Aim High: Financial Institutions Can Exceed the Mobile Adoption Benchmark
All efforts from the financial institution in the areas of product investment, targeted marketing and employee training serve to bring the accountholders through the four stages of the adoption lifecycle – awareness, discovery, enrollment and usage. For example, a SmartApp Banner may trigger awareness, while enrollment takes place with a trusted advisor in the branch.
Mobile banking benefits both financial institutions and consumers as engagement between the two parties is enhanced. SunWest Credit Union of Arizona recently followed the strategies outlined above and within the first two months, 43 percent of SunWest online banking users had used Mobiliti™ from Fiserv. Today, most of the credit union’s mobile banking users employ the service at least weekly, creating additional engagement opportunities for SunWest.
Financial institutions stuck in a rut with mobile banking momentum can re-evaluate their product offerings and targeted marketing strategies to optimize the return on investment. Mobile bankers are among a financial institution’s most valuable and engaged customers, and campaigns to boost mobile adoption and usage justify themselves in the end results.
John Moon is director, consumer adoption marketing at Fiserv. For more information, visit www.fiserv.com.
Alkami’s ORB Platform goes beyond the old “online portal” approach to completely solving for the disjointed user experience offered by many of today’s digital banking platforms. It does so through a singular, extensible digital banking platform that consolidates all back office systems and processors into a unified user experience across all devices – Desktop, Laptop, Tablet and Smartphone. The ORB Platform also allows financial institutions to present relevant, individualized marketing offers in real-time through an intelligent content management system. Other major functions include: mobile banking, business banking, transfers and money movement, bill pay, P2P payments, budgeting and savings tools, online account opening and lending, etc. Within the last year, Alkami has continued to enhance the platform. ORB now delivers:
- A full SDK that allows financial institutions to extend and customize the system;
- A fully integrated bill payment and money movement solution;
- Touch ID/PIN-based login via mobile devices;
- Real-time content delivery engine for marketing and educational content;
- Real-time overdraft privilege eligibility with opt-in/opt-out;
- Real-time tracking of behavior-based rewards accounts; and
- Integrated Business Banking suite with Wires, ACH and Entitlements functionality.
Because of ORB’s ability to deliver the ultimate digital banking experience and Alkami’s continuous drive for innovation, the company has achieved several notable milestones this year, including:
- Crossed 100 employee threshold in January 2015, growing from 20 to 130 employees in the last 30 months (650% growth)
- Crossed 30 live clients threshold in Q1 2015
- Grown its user base from 14K to 700K in the last 30 months (5000% growth)
- Hosted first annual Client Conference (attendees represented over 1.6M users)
ORB is truly an innovative solution to watch, as shown by its substantial growth among competitive solutions.
By Bill Evers
Q: My financial institution implemented a board portal last year to help increase efficiency for board meetings, and it has definitely worked wonders. But I want to ensure we are using it to its full capacity. What else can online portals do?
A: Well, since you’ve already started using a web-based portal solution, you know it can provide your board of directors with secure, centralized access to a slew of confidential materials. This includes meeting minutes, trust and audit reports, loan delinquencies and voting archives—day or night, from anywhere. And, board portals provide a safe, simplified platform for communicating with your board.
Indeed, board portals are possibly the most popular type of online portals used by financial institutions. For board meetings, portals have made the printing and mailing of huge board packets a thing of the past. And beyond saving the related monetary resources and man hours, distributing board packets online means you needn’t worry about sensitive reports getting lost in the mail. A board portal not only keeps these reports highly secure, but also allows inaccurate data to be updated or new information added, even at the last minute.
Further, posting board materials on portals gives directors plenty of time to thoroughly digest the information and make sound business decisions. And if a past discussion item is brought up, they can quickly search for related terms to find all past references in the portal’s archives.
Otherwise, the meetings proceed much the same as always, with the addition of such greater advantages as allowing members who can’t be physically present to see the same materials and information as those who are.
For a financial institution, communicating with board members through an online portal is an efficient, cost-effective and, most importantly, highly secure means to keep them abreast of all aspects of a bank’s proceedings. Directors can view all current and historical materials the moment they’re posted, and receive alerts when new content becomes available. The portal also safeguards online voting and discussion threads, and lets you assign permissions to ensure documents reach only their intended audience.
And, directors can monitor such critical information as the status of troubled assets, liquidity, capital ratios and net income—information that changes daily.
But facilitating a safe, paperless boardroom is truly just the tip of the iceberg for secure portal technologies. Loan committee portals and employee intranets also provide an effective alternative for securely managing a variety of sensitive data and applications enterprisewide. These online portals require all the same safeguards as do board portals, including login and password verification, to ensure all materials remain protected.
Simplify Loan Committee Proceedings
A loan committee portal streamlines loan management activities by providing a protected location for committee members to save and store loan documents so they’re ready for board review.
For example, the committee can post loan materials on a portal workspace that’s dedicated to a particular loan, and notify committee members or directors that the loan requires their review and approval. Users are then able to review the loan data online, share comments with others, make personal notations and place their decision—which is instantly available for viewing by the loan committee and archived for future reference.
In addition, the loan committee can easily make revisions on the portal itself, allowing members to host paperless loan review committee meetings and reducing the need to circulate sensitive materials.
Streamline Employee Communications
When it comes to employee intranets, your institution can capitalize on several advantages. Intranets simplify document sharing to minimize hard copies, mailed materials, faxes and emails. And with their ability to centralize communication and resource distribution, they also can lead to enhanced collaboration and knowledge sharing as well as improved productivity, since employees have a more efficient way of interacting with each other across departments and branches. What’s more, this solution provides a number of human resource functions, including time-keeping and attendance, vacation tracking and policy management.
An employee intranet also offers your staff productivity tools to better assign, manage and track workflows and daily tasks.
Strengthen Regulatory Compliance
A critical point to remember is that, when partnering with an online portal provider, you must perform due diligence on your vendor’s security controls, including related proof, because examiners will ask for it.
That said, web-based portals offer several advantages from a compliance standpoint. Directors gain access to the most up-to-date, clickable regulatory changes, as well as convenient online compliance training. After all, no single entity is more accountable for, or deeply affected by, a compliance slip.
Portals also make examiners’ jobs easier by giving them greater accessibility to such organized and archived materials as board minutes and compliance manuals.
Finally, online portals add stronger compliance and efficiency to policy management, since they allow you to post up-to-date policies—and compel both directors and employees to accept or deny them, when necessary, with a simple click.
Bottom line—online portals stretch beyond the boardroom to benefit your financial institution’s entire staff, and put powerful technology at your fingertips. They save time, energy and money that can be put toward what counts—protecting the institution, employees and, of course, customers from unnecessary risk.
Bill Evers serves as senior business development director for CSI Regulatory Compliance, a role in which he leads initiatives for CSI Secure Connect. Bill holds extensive experience working with financial institutions to deploy board portals, employee intranets and other portal platforms. Through his diverse background in the industry, Bill helps financial institutions leverage technology to improve productivity, performance and profitability.
Easy Solutions Mobile Fraud Protection unlocks the power of the mobile banking channel with multi-layered mobile anti-fraud protection. Easy Solutions Mobile Fraud Protection combines the insight of real-time mobile analytics and threat deactivation. Easy Solutions Mobile empowers financial institutions to accelerate mobile adoption by providing cloud-based end-to-end fraud protection to the end-user device.
Easy Solutions Mobile Fraud Protection is innovative in the following four ways:
- Multi Layered Security: Easy Solutions enables customers to integrate its Software Development Kit (SDK) into their own mobile apps, allowing them to instantly enable mobile strong authentication and cloud-based on-device protection to secure their entire mobile ecosystem.
- Deep Visibility into Mobile Fraud: With more consumers adopting mobile banking, criminals have launched new attacks targeting the mobile banking channel. Easy Solutions Mobile Fraud Protection provides financial institutions with risk and fraud management strategies that improve real-time visibility into the mobile channel.
- Powerful Analytics & Real Time Reporting: Easy Solutions’ specialized agents leverage years of experience and expertise in dealing with large data sets and modern technological anti-phishing solutions, as well as monitoring pharming and social media sites, application stores, black-market forums, and domain registrations for fake brand usage and stolen credentials. Device and session-centric intelligence are also displayed in real-time in a cloud-based portal showing end-user installation and usage statistics as well as data about end-user security events.
- Push Authentication: Push Authentication turns any customer device into a simple and trusted authentication factor, creating a 2-way interactive communication channel that can be integrated into business processes including, login authentication, high risk transactions verification and proactive fraud alerts
June 29 – WSFS Financial Corporation, the parent company of WSFS Bank, has announced the product introduction of WSFS Mobile Cash, a service that allows customers to securely withdraw cash from an ATM by using their WSFS Mobile Banking app. WSFS will be the fourth bank in the United States to offer the service.
June 26 – OceanFirst Bank, the largest and oldest community bank headquartered in Ocean County, N.J., is working with Digital Insight, an NCR company, to offer OceanFirst Bank customers Touch ID functionality with its mobile banking application. Using built-in fingerprint sensor technology, Touch ID allows OceanFirst Bank customers to log in to their mobile banking application without entering traditional login credentials.
June 26 – WSFS Financial Corporation, the parent company of WSFS Bank, has announced the product introduction of WSFS Mobile Cash, a service that allows customers to securely withdraw cash from an ATM by using their WSFS Mobile Banking app. WSFS will be the fourth bank in the United States to offer the service.