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Technology is disrupting financial services at a quickening pace - CNN.com

Technology is disrupting financial services at a quickening pace - CNN.com | Financial | Scoop.it

The pace of new developments in technology is unrelenting, and perhaps no industry is experiencing a more dramatic reinvention than financial services.

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Square Introduces a Digital Loyalty Card

Square Introduces a Digital Loyalty Card | Financial | Scoop.it

Square released software updates for Square Register, its iPad app that serves as a cash register for merchants. At the same time, it updated its Pay With Square app for customers with an iPhone or Android handset.

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BancBox: don't just take payments, do something with them

BancBox: don't just take payments, do something with them | Financial | Scoop.it

BancBox is formally launching its payment platform today, offering not just the ability to accept credit card and other payments, but also hold the funds in stored accounts and move it around between financial institutions, all in compliance with regulations

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PWC Banking survey: Explore the data

Banks are facing the 'perfect storm' as increasing regulations and cost pressures are compounded by the global economic crisis. Emerging banking technology is giving new competitors entry into the traditional banking revenue pools and driving a change in customer expectations and behaviour.

Digital technologies offer banks the opportunity to save costs and deepen customer relationships. We surveyed approximately 3000 banking customers in nine different markets to understand customers' needs, attitudes and behaviours to digital media. Key findings include:

75% of UK banking customers said that their phones had access to the internet and 56% say that they use social media at least once per day
Emerging markets and Generation Y customers are leapfrogging online banking and going straight to mobile, and developed countries are likely to follow suit.
53% of UK banking customers say that if they were going to buy a new banking product they would buy it from their current provider - this was the lowest of the 9 countries surveyed, indicating that the UK is a highly competitive banking market
Emerging markets score more highly on overall banking customer engagement, in areas such as 'My bank knows me well' and 'My bank makes me feel like they value me'
Online capability, security and simplicity of use were ranked as the 3 most important attributes UK customers want of their banks
In the UK 65% of banking customers would be willing to pay an optimal price of £4.20 per month for loyalty card services. A further 66% would be willing to pay for a Twitter/Facebook notification of a transaction.
The victors in this tricky market will be those that recognise the changing ecosystem and set out a clear digital vision for securing customer relationship primacy. 

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P2P Finance Association | Welcome to the P2P Finance Association’s website

The Peer-to-Peer Finance Association is a new UK trade body. It has been set up primarily to ensure this innovative and fast growing sector maintains high minimum standards of protection for consumers and small business customers.

Peer-to-peer finance businesses are bringing much-needed new competition and innovation to the banking market in the UK. In 2012, peer-to-peer finance will account for more than £200 million of loans to individuals and small businesses.

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Mobile Banking Spend on the Rise

Mobile Banking Spend on the Rise | Financial | Scoop.it

According to Forrester data, 17 percent of U.S. adults who use the Internet are active mobile bankers. The Forrester/CBA survey showed that banks' mobile spending will focus on three key functions: alerts, remote deposits, and person-to-person payments. While these executives believe digital wallet initiatives show great strategic promise and are therefore watching them closely, most are taking a wait-and-see approach with their 2012 investments.

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With Social Media ROI, It s Sense, Not Dollars: Citi Exec - American Banker Article

With Social Media ROI, It s Sense, Not Dollars: Citi Exec - American Banker Article | Financial | Scoop.it

It s not how much you sell in social media, it s not how much you engage your customers, says Frank Eliason, senior vice president of social media at Citigroup.

"People are still missing the boat with ROI," Eliason says. "It's not how much you sell in social media, it's not how much you engage your customers.

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To Keep Your Customers, Keep It Simple

To Keep Your Customers, Keep It Simple | Financial | Scoop.it

"We looked at the impact on stickiness of more than 40 variables, including price, customers’ perceptions of a brand, and how often consumers interacted with the brand. The single biggest driver of stickiness, by far, was “decision simplicity”—the ease with which consumers can gather trustworthy information about a product and confidently and efficiently weigh their purchase options. What consumers want from marketers is, simply, simplicity."

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Square's Growth Underscores The Massive Mobile Payment Opportunity

Square's Growth Underscores The Massive Mobile Payment Opportunity | Financial | Scoop.it
Square is now processing payments at a $6 billion a year run-rate. That is up from $5 billion in April and $4 billion in March. Square is currently used by about 2 million merchants and it is starting to expand internationally, which means it still has enormous upside growth potential.
Read more: http://www.businessinsider.com/square-growth-2012-6#ixzz1zrOymmac ;
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The Invisible Bank: How Kenya Has Beaten the World in Mobile Money

The Invisible Bank: How Kenya Has Beaten the World in Mobile Money | Financial | Scoop.it
Click a few keys, exchange a few numbers, and it’s done.
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Mint Competitor HelloWallet Brings Its Personal Finance Service To Android | TechCrunch

Mint Competitor HelloWallet Brings Its Personal Finance Service To Android | TechCrunch | Financial | Scoop.it

HelloWallet, the self-described Mint competitor which closed a $12 million Series B earlier this year, is now bringing its personal finance service to a second mobile platform: Android.

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Won Corporation is modernising Korea’s promising online payment industry

Won Corporation is modernising Korea’s promising online payment industry | Financial | Scoop.it

South Korean payment specialist Won Corporation: Won wants to help consumers move away from this slow and painful process, to make transactions far easier, and more attractive for shopperx. Using its system, once registered, users can select to pay via the company’s SmartPay app. The transaction appears within the app and the user confirms the payment by entering a six digit password.

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Mobile payments accelerating, despite fragmented approaches | SmartPlanet

Mobile payments accelerating, despite fragmented approaches | SmartPlanet | Financial | Scoop.it
While Eastern Europe will see the fastest growth in mobile payments from 2011 to 2016, the Asia/Pacific region will boast the largest numbers of users...
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Kurrenci Is Money For The Web… With A Twist | TechCrunch

Kurrenci Is Money For The Web… With A Twist  |  TechCrunch | Financial | Scoop.it

Sometimes an idea is so out there that it's hard to even explain clearly without sounding like a crazy person. Kurrenci is one of those ideas.
Kurrenci is money for the Internet.

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Square gets another competitor with COIN

Square gets another competitor with COIN | Financial | Scoop.it

Mobile payments company Square just got another new competitor: RevCoin’s Coin service.
Coin is offering small businesses merchant processing for 2.55%, a rate 20-basis points lower than Square.

Coin’s circular device connects to a phone’s audio jack via a cable instead of mounting directly onto the device. Coin claims that mounted devices can damage a phone’s audio jack.

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The New Money Apps

The New Money Apps | Financial | Scoop.it

The latest generation of services promises to help you invest and budget better—but they have their downsides, too

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Innovation in Banking Technology Awards 2012 - The Banker

Innovation in Banking Technology Awards 2012 - The Banker | Financial | Scoop.it

In today’s financial environment it is almost impossible to overstate the importance of technology to the banking sector. At the most basic level, it is truly essential to every facet of operations from retail and business banking through to capital markets business lines. But that almost goes without saying. The latest and greatest in innovative, customer-facing technology is also crucial to securing new business, as well as holding on to customers in an increasingly competitive environment. IT expertise can also aid in the eternal quest for efficiency and cost saving, not to mention in dealing with the multifarious regulatory requirements facing the financial sector.

The Banker’s Innovation in Banking Technology Awards celebrate those behind the industry’s brightest ideas, seeking to recognise innovative thinking in the banking technology space and the positive impact that it can have on operations, employees, customers, the environment and even unbanked individuals. For the first time, the awards also recognise the ever-increasing contribution that technology providers and advisors make throughout the industry.

In each case, winners were chosen by external judges. The most innovative banking projects were selected by the panel listed below, while the most capable technology providers were chosen by a selection of more than 20 banking CIOs from around the globe. The latter group, however, remained anonymous, in an attempt to encourage participation and openness without concern for publicly discussing current operations.

Far and wide

This year, as always, the quantity, and quality of projects was striking. In the banking section alone, numerous categories had more than 20 entries, despite each institution being limited to a single submission per category and restricted to entering a project for consideration for one award only. The judges’ work was complicated still further by the high standard of entries, in many cases there were several projects within a single category that would have proven worthy winners.

Submissions were received from financial services organisations of every shape and size, from retail, commercial and investment banks to brokers, stock exchanges and clearing houses. And they were not just confined to the major banking powers either; entries were submitted by firms based in 32 different countries, from the usual suspects including the UK, the US and the largest eurozone countries, to major emerging markets such as China, Mexico and Brazil, through to less prominent banking names such as Jamaica, Mozambique, Lebanon and Zambia.

The mix of institutions submitting entries was reflected in the winning roster too, with Hana Bank, South Korea’s fourth largest commercial banking group, taking the overall technology project of the year and retail banking project of the year awards, while BBVA netted best capital markets project and JP Morgan took the transaction banking honours. Truly impressive innovation, it seems, is taking place across the banking spectrum.

New remits

The winners in the technology providers section were less diverse, with many large and well-established names triumphing. This should not be surprising, however; many banks are only just becoming comfortable with the idea of buying rather than building the platforms which are so essential to their day-to-day operations, and as a result, relatively few will be likely to entrust major chunks of their technology infrastructure to vendors with anything but the strongest of track records.

One trend that was clear from these results, however, was that the role of technology providers is expanding in many cases to incorporate an advisory capacity too. No longer is it enough to merely have top-notch products and systems, the best IT firms must also boast the ability to help their banking customers implement them in the most effective manner while dealing with the ever-increasing range of technology which face the sector.

The Banker would like to congratulate the winning and commended banks and technology firms, and to thank all parties which took the time and effort to enter.

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Are peer-to-peer lenders the future of banking?

Are peer-to-peer lenders the future of banking? | Financial | Scoop.it

Websites that allow you to lend money to a complete stranger have won the support of government and a Bank of England expert..

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American Express Is Ready To Take Over The Corporate Payments Business - Forbes

American Express Is Ready To Take Over The Corporate Payments Business - Forbes | Financial | Scoop.it

The platform will allow companies to streamline business-to-business payments and accounts payable processes, and provide an alternative to the cumbersome and inefficient paper checks that are prevalent throughout the business world.

The platform will allow companies to streamline business-to-business payments and accounts payable processes, and provide an alternative to the cumbersome and inefficient paper checks that are prevalent throughout the business world.

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Inside Apple's Approach to Mobile Payments

Inside Apple's Approach to Mobile Payments | Financial | Scoop.it

A look at Apple's decision-making on mobile payments gives a window into the wait-and-see approach Apple often takes towards new markets.

"...Apple would appear to have an advantage in the mobile-payment arena. The company has sold more than 200 million iPhones and has some 400 million credit-card accounts registered with its iTunes store"

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Marketers Have It Wrong: Forget Engagement, Consumers Want Simplicity

Marketers Have It Wrong: Forget Engagement, Consumers Want Simplicity | Financial | Scoop.it

A 20 percent increase in Decision Simplicity results in a 96 percent increase in customer loyalty....In a world where brands are constantly fighting for attention, many marketers are asking themselves a key question:  What is the best way to impact purchase decision and brand loyalty?

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Pinterest-Like Web Store Wisemarkit Pays Members For Sales

Pinterest-Like Web Store Wisemarkit Pays Members For Sales | Financial | Scoop.it
Why doesn't Pinterest have an affiliate program so that you get paid whenever someone buys a product off of your Pin-board? A new site steps into that space.
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Like a Tesco product on Facebook, get loyalty points

Like a Tesco product on Facebook, get loyalty points | Financial | Scoop.it
BrandRepublic reports that UK retailing giant Tesco has launched a trial promotion that rewards Facebook users with points in its Clubcard customer loyalty programme if they ‘like’ a product in Tesco’s online supermarket, Tesco Direct.
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This New Smart Card Is The Only Plastic You Need To Carry Around

This New Smart Card Is The Only Plastic You Need To Carry Around | Financial | Scoop.it

Consolidation is what you need...Wallaby Financial connects all your credit cards to one "smart" card that automatically figures out the smartest way to pay.

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Global banking survey: a new era of customer expectation - Rebuild brand perception - Ernst & Young - Global

Since the economic crisis, banks have experienced huge challenges with their customer relationships. Ernst & Young interactive annual banking customer survey asked more than 20,500 participants to share their levels of satisfaction, what they are looking for from institutions and their intentions and demands going forward.

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