Finnish IT, e-invoicing and consulting services provider Tieto has entered an agreement with financial institution OTP Bank Russia to provide the latter’s customers with Person-to-Person (P2P) payments as well as utility payments functionality.
The idea of offering self-service solutions inside the branch remains a strangely controversial topic among North American bankers. This need not be. Self-service is rapidly growing across multiple retail market segments and has been a staple of Western Europe bank branches for a decade. Resistance among North American financial institutions is likely more cultural than pragmatic. As one community bank EVP stated in a recent research interview. “I’ll be damned if my customers are going to interact with a machine in one of my bank branches!”.
Quaint look at the future... In the July print issue of Bank Systems & Technology, we explored what the bank of the future will entail. A big aspect of that is the bank branch, and what becomes of it. Will it even exist in the future?
Pygg, one of the latest social media innovations in banking has raised many eyebrows, with its pledge to transfer small amounts of money through SMS, E-mail, twitter and facebook. University students find the service useful and fun.
Research by the Mobile Money Unit of the GSM association (GSMA MMU) suggests that while the MNO’s have enjoyed varied levels of success with mobile money in emerging markets, their overall impact and success remains a bit of a mixed bag. The survey sampled 52 MNO mobile money services from the 150 services around the world. It included 11 in East Africa (including Safaricom), 13 in West Africa, 15 in Asia/Pacific and 8 from Central Asia and the Middle East.
Capgemini, the consultancy, polled 16,000 adults in 16 markets including Brazil, China, Germany, India, Russia, Mexico, the UK and US. Some 51% of the panel concurred that physical stores will solely become places to "select and order products" by 2020. Nearly 60% of individuals surveyed also expected a "seamless, integrated" ability to make purchases across all channels to be "the norm" by 2014, rising to over 70% of people in developing nations.
Quarter of mobile internet users 'use mobile banking services' "Research from YouGov indicates that there is still room for growth in mobile banking. The research, commissioned by mobile web and app vendor Antenna, found that a quarter of UK mobile internet users use mobile banking services. Perhaps unsurprisingly, mobile banking is most popular with the young. 30% of 18-24 year olds and 33% of 24-34 year olds regularly use their mobiles to access their bank account."
Smart Transaction Systems (STS), a provider of gift card and loyalty card services, has launched an application for iPhone and iPad devices that enables businesses to process gift and loyalty card transactions using their mobile devices.
TooKam is basically a(nother) virtual branch launched by a traditional bank, but with a twist. This new bank aims to be more approachable, transparent, engaging, and to give back and drive charitable behaviours.
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