The Future of Retail, Mobile, Online, and Digital-Only Banking Technology in 2022
Mobile banking has become the go-to method for users to make deposits, account transfers, and monitor their spendings and earnings—and a key differentiator for banking leaders. Nearly 80% of survey respondents who have used mobile banking say it is the primary way they access their bank account. The future of banking technology is driven by consumers, especially Gen Zers, who see technology as something that enhances their lives. A common trend in banking technology is using an application programming interface (API) to make proprietary data available to anyone who has the consumer's permission to access it.
Digitalization is changing how people interact and do business on a day-to-day basis, and advancements in banking technology are continuing to influence the future of financial services around the world. An increasing demand for a digital banking experience from millennials and Gen Zers is transforming how the entire banking industry operates.
From retail and mobile banking, to neobank startups, technology has its hand in seemingly every aspect of the banking industry; and, the influence of technology will continue to launch banking into a digitized future. Retail banking, also known as consumer banking, refers to the specific services banks can offer to consumers–such as savings and checking accounts, credit and debit cards, and loans. Consumers' growing desire to access financial services from digital channels has led to a surge in new banking technologies that are reconceptualizing the entire retail banking
market.
Future of Retail Banking
Technology geared toward improving retail banks' operational efficiency is positively impacting the market. According to Insider Intelligence, 39% of retail banking executives say that reducing costs is where technology has the greatest impact, compared to only 24% who say it's improving customer experience.
Retail banks are also launching platforms in the Banking-as-a-Service (BaaS) space to remain competitive. Meanwhile, mobile banking has solidified its place as a must-have feature for financial institutions to remain competitive, particularly among digitally-savvy millennials and Gen Zers. In fact, over 45% of respondents to Insider Intelligence's fourth annual Mobile Banking Competitive Edge Study identify mobile as a top-three factor that determines their choice of FI.
Future of Mobile Banking
Since the onset of the coronavirus pandemic, mobile capabilities is a more significant factor in bank selection among respondents than it was last year. Financial institutions should understand which mobile banking features consumers value most and where they stand compared to their competitors, so they can pinpoint specific areas to devote the most attention to.
The foremost concern consumers have when mobile banking remains security. The fear of data breach increases the demand for services that keep users' data secure–allowing consumers to place holds on credit or debit cards, schedule travel alerts, and file and review card transaction disputes are some successful security banking features.
Online banking, which includes mobile banking, refers to the overall experience of banking through digital channels, including mobile apps, desktop, live chatbots, and more.
Future of Online Banking
The popularity of mobile banking has surpassed that of online banking, and the overall number of online customers has slowed worldwide. According to Insider Intelligence, mobile banking is growing at five times the rate of online banking, and half of all online customers are also mobile banking users.
Despite this growing popularity, some banks still fall short on the demand for mobile tasks, like bill pay and reward redemption, causing them to push users to online banking. However, even this push won't be enough to popularize online banking as millenials and Gen Zers continue gravitating toward the mobile market.
Digital-only banks, also known as neobanks, are redefining the future of banking around the world. Though off to a slow start in the US due to high regulatory barriers, recent developments and the loosening of regulations suggest that US neobanks are set to take off.
Future of Digital-Only Banks
Sophisticated mobile banking tools are a top factor fueling US neobanks' stratospheric rise—one that's taken on more importance amid COVID-19. Incumbent financial institutions, neobanks, and tech companies alike can benefit from understanding exactly how leading neobanks are raising the bar for customer expectations and trust to successfully scale their businesses.
San Francisco-based Chime, the largest US neobank, has attracted over 7.4 million account holders by 2019, and is projected to grow this figure to 19.8 million in 2024. The development of more neobanks in the US will bring awareness to digital-only banking, and eventually wane-out traditional banking firms.
Banking Technology Trends
APIs could be used to enable a bank's mobile app to pull down customer account information. Fintechs have also used API technology to enable their businesses to work, and their success is encouraging competitors to develop their own APIs.
Additionally, a 2020 Insider Intelligence survey of banking executives found that 66% believe new technologies like blockchain, artificial intelligence (AI), and the Internet of Things (IoT) will have the greatest impact on banking by 2025. According to Insider Intelligence, banks are exploring blockchain technology in hopes of streamlining processes and cutting costs.
|
|
|
|
Biden Signs Executive Order On Cryptocurrency |
On March 9, President Biden signed an Executive Order (the Order) to establish the first comprehensive federal digital asset strategy for the U.S., which would promote digital asset innovation while balancing benefits and associated risks. The order directs the Justice Department, U.S. Department of the Treasury, the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau (CFPB), and many other federal agencies to study the legal and economic implications of creating a U.S. Central Bank Digital Currency (CBDC).
President Biden’s order sets deadlines for a series of reports on “the future of money,” the role that cryptocurrencies will play in a global economy, and information on a possible CBDC.
The objectives of the Order are as follows:
- Protecting consumers, investors, and businesses from financial risks by implementing sufficient oversight and standards;
- Mitigating systematic risk by regulating digital asset issuers, exchanges, trading platforms, and intermediaries;
- Reducing illicit financial and national security risks posed by misuse of digital assets;
- Reinforcing U.S. leadership in the global financial system and in technological and economic competitiveness;
- Promoting access to safe and affordable financial services; and
- Ensuring that digital asset technologies and payments are implemented in a responsible manner with requisite privacy and security measures that defend against illegal activities, and reduce negative climate impacts and environmental pollution, as may result from some cryptocurrency mining.
Until now, the regulatory response to digital assets in the U.S. has been largely fractured. The order calls for an “unprecedented focus of coordinated action” across relevant government agencies and makes clear that interagency cooperation is needed to develop a comprehensive framework that includes the input of key policymakers, such as the secretary of state, the secretary of the treasury, the secretary of defense and the attorney general. The “interagency process” described in the order and referred to in that memo includes formations of committees and meeting regularly to review and coordinate implementation of policy decisions.
Notably, the order does not clearly speak to the roles of some agencies that have been involved in the regulation and policy debate around regulation, of digital assets, including the SEC, CFTC or the Federal Deposit Insurance Corporation. Thus, while the order offers helpful clarity on the administration’s policy objectives, it remains unclear how the regulation and supervision of digital assets will be assigned to and handled by various regulatory agencies.
Source: Lexology.com
|
|
|
Beware of Robocalls, Texts and Emails Promising COVID-19 Cures or Stimulus Payments |
Coronavirus scams keep coming as fraudsters follow the headlines
As of Jan. 29, the Federal Trade Commission (FTC) had logged more than 676,000 consumer complaints related to COVID-19 and stimulus payments, nearly three-quarters of them involving fraud or identity theft. These scams have cost consumers $676 million, with a median loss of $400.
For example, amid spiking demand for COVID-19 tests spurred by the omicron variant surge, federal and state authorities are warning consumers about scammers selling fake or unauthorized at-home rapid tests online, or charging for tests that are administered for free by medical offices and public health departments.
Here are some coronavirus scams to look out for.
Fake tests and bogus cures
As demand for COVID-19 tests skyrockets along with omicron case counts, federal, state and local health and law enforcement officials have issued a blizzard of warnings about scams involving both rapid tests sold for home use and the more accurate tests administered by health care professionals.
Authorities in several states have reported that scammers are setting up bogus pop-up testing clinics, or impersonating health care workers to approach people waiting in long lines at legitimate sites. In both cases the crooks offer quick access to fake or unapproved tests, collecting personal, financial or medical information they can use in identity theft or health insurance scams.
A January Better Business Bureau alert spotlights another common con: Robocalls direct consumers to fake clinic or medical supply websites that collect personal information or credit card numbers in the guise of offering hard-to-find test kits.
Pitches for phony remedies have been a scam hallmark since the start of the pandemic and haven't abated, even with vaccines and federally approved treatments now available. The FTC and the U.S. Food and Drug Administration (FDA) have sent dozens of warnings to companies selling unapproved products they claim can cure or prevent COVID-19.
Teas, essential oils, cannabinol, colloidol silver and intravenous vitamin-C therapies are among treatments hawked in clinics and on websites, social media and television shows as defenses against the pandemic. In late December, federal officials shut down a New Jersey organization and ordered it to recall "nano silver" products it advertised and sold as a COVID-19 treatment.
Other scammers claim to be selling or offering protective or preventative products such as masks and household cleaners, often in robocalls, texts or social media ads. The FTC has issued warnings to companies suspected of abetting coronavirus robocalls, and the Federal Communications Commission (FCC) set up a dedicated website with information on COVID-19 phone scams.
The three economic relief packages passed by Congress since the start of the pandemic, delivering stimulus checks, enhanced unemployment benefits, aid to small businesses and other assistance to tens of millions of Americans, unleashed a torrent of schemes to steal aid payments. Criminals have drained nearly $100 billion from the federal relief programs, according to the Secret Service, which in December 2021 named a national coordinator for pandemic fraud recovery efforts.
Watch out for calls, texts or emails, purportedly from the Internal Revenue Service (IRS) and other government agencies, that instruct you to click a link, pay a fee or "confirm" personal data like your Social Security number to secure pandemic aid. Another common con comes via social media, in scam Facebook messages promising to get you "COVID-19 relief grants."
The pandemic has also spawned stock scams. The U.S. Securities and Exchange Commission warned investors about con artists touting investments in companies with products that supposedly can prevent, detect or cure COVID-19. Buy those stocks now, the tipsters say, and they will soar in price.
It's a classic penny-stock fraud called “pump and dump.” The con artists have already bought the stocks, typically for a dollar or less. As the hype grows and the stock price increases, they dump the stock, saddling other investors with big losses.
Phishing and spoofing scams
Email phishing and related scams have been a big part of what the FBI's Internet Crime Complaint Center has labeled a pandemic-fueled "internet crime spree."
Following the mid-January launch of a federal website to distribute free COVID-19 home tests to U.S. households, cybercrooks are registering similar domain names, aiming to lure consumers to lookalike sites and harvest their personal information. (Make sure you're using the correct sites, covidtests.gov and special.usps.com, to order free tests from the government.)
They represent the latest in a long line of pandemic spoofing scams that have seen criminals register tens of thousands of COVID-related URLs, according to Palo Alto Networks, a cybersecurity company. If you contact one of those malicious sites, you could start getting phishing emails from scammers seeking to get personal information from you directly, or to plant malware that digs into files on your computer, looking for passwords and other private data for purposes of identity theft.
With many companies requiring employees to get COVID-19 shots, cybersecurity firm Proofpoint reports that scammers are sending out emails purporting to be from human resources departments, requesting workers' proof of vaccination. Links in the message direct targets to a fake sign-in page where the crooks can harvest log-in credentials.
Scammers are also impersonating Federal Emergency Management Agency (FEMA) officials in texts, calls and emails, seeking personal information to "register" people for a federal program to help cover funeral expenses for victims of COVID-19, according to a June 2021 Better Business Bureau alert.
The program is real, but any unsolicited contact about it is fake; FEMA says it only reaches out to people who have already contacted the agency about funeral aid.
Editor's note: This article was published on March 9, 2020. It is being updated regularly with information on new coronavirus scams, law-enforcement actions and fraud statistics from the FTC.
***This article was updated on February 2, 2022.***
|
|
2022 Company Holidays
Monday, May 30, 2022 - Memorial Day
Monday, June 20, 2022 - Juneteenth National Independence Day
Monday, July 4, 2022 - Independence Day
Monday, September 5, 2022 - Labor Day
Monday, October 10, 2022 - Columbus Day
Friday, November 11, 2022 - Veterans Day
Thursday, November 24, 2022 - Thanksgiving Day
Saturday, December 24, 2022 - Christmas Eve Day
Monday, December 26, 2022 - Christmas Day (Observed)
Monday, January 2, 2023 - New Year's Day (Observed)
|
|
AaSys Group, Inc.
11301 North US Highway 301
Suite 106
Thonotosassa, FL 33592
(813) 246-4757 Phone
(813) 246-4576 Fax
|
|
|
|
|
|
|
