Fiserv white papers outline what's happening in the financial services industry, including the latest information on electronic billing and payments, social media, wealth management, mobile banking, government regulations and more.
The proliferation of smartphones, changing consumer expectations and the entrance of non-traditional competitors has sparked a mobile banking revolution that is an urgent call to action for financial institutions. With competition continuing to mount, discover why stepping up the execution of mobile banking and payments strategies will allow financial institutions to remain competitive in this rapidly evolving area.
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While no financial institution should set out to be the next Amazon.com, there are a few tricks bankers can learn from online retailers in order to boost customer engagement and create cross-sell opportunities in the online channel. Following a series of consumer focus groups and a June 2011 survey of 3,000 U.S. consumers who both bank and buy online, Fiserv has identified five best practices financial institutions can adopt from online retailers in order to market products and services through online banking without alienating users. The key for financial institutions is to strike the right balance between banking and buying.
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The payments industry is in transition due to rapid technology advances and consumers’ increased desire to use their mobile phones for financial activities. As the mobile channel makes this shift from informational to transactional, financial institutions have an opportunity to benefit in the way of more transactions, more revenue and more loyal and profitable customers.
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Since the introduction of e-billing more than a decade ago, we’ve learned a lot about the value e-bills offer consumers, billers and financial institutions. In the past, the primary motivator for billers to convert customers from paper to electronic bills was cost savings. Today, leading billers are taking a more holistic and strategic view in understanding the value e-billing delivers to both their company and their customers.
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Investors today expect customized advice and transparent account management. Does your current technology deliver on those needs?
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Fiserv conducted a survey to examine the interest consumers have in connecting with financial institutions through social media. To participate, respondents had to have a checking account and responsibility for paying bills online. The survey identified information consumers were interested in receiving through the channel, barriers consumers had to connecting with their financial institution and generational and demographic differences that exist.
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Discover why waiting to get involved in mobile payments could prove costly for financial institutions. Many financial institutions have clear-cut mobile banking strategies. However, when it comes to mobile payments, most are “fast followers” — waiting for movement from “pace setters” before investing. Developing a strategy in this growth market now will position financial institutions to move quickly when the catalysts for greater investment in mobile payments are in place.
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The Dodd-Frank Wall Street Reform and Consumer Protection Act brings regulatory reform that changes the landscape of financial services. The results are heightened capital and liquidity requirements for large banks, greater regulatory authority to monitor systemic risk, increased consumer protection and debit interchange regulation. On the technology front, business model change will require investment in legacy transformation, data management and self-service delivery to avoid falling behind regulatory and client expectations.
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This white paper explores the onboarding process and presents the ten best practices Fiserv identified through a study of five super-regional banks. Fiserv evaluated the following onboarding processes: account opening, online banking, bill payment enrollment and activation processes. These best practices provide banks and credit unions with a roadmap to evaluate and strengthen existing practices, resulting in improved financial performance for your organization.
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