Below are interesting stories the Banking.com staff has been reading over the past week. What have you been reading? Let us know in the comments section below or Tweet @bankingdotcom.
- Cardholders Strongly Prefer Online Over Mobile Account Access: Study
More consumers are accessing their credit card accounts online, but only a small percentage are using mobile applications to do so, new research suggests. For its research, Auriemma Consulting Group polled 509 U.S. adult credit card users online in September. “We found that for online servicing, a good percentage of consumers are comfortable with online account access but only for things like responding to a card application or going online to check a balance or make a payment,” says Bob Taglin, Auriemma director. Nearly half of the survey respondents said they would apply for a credit card online, while 26% said they would mail in an application, 13% would call a toll-free number and 12% would apply at a bank branch.
- Winning the Battle for Mobile at the Retail Point of Sale
Over recent months, there has been a considerable increase in the buzz around mobile and electronic wallets in the developed markets. New wallets have been launched (e.g., Google Wallet, Amex Serve), with many more companies announcing intent to compete in this space (e.g., Visa, PayPal, Isis, and others). A number of industry leaders proclaimed (again) the end of physical wallets. Are all these new wallets fundamentally the same? If not, how do they differ? What challenges do they face?
- Leadership Thoughts From Colin Powell
A couple of weeks ago, Bruce Temkin attended The Premier Business Leadership Series in Orlando which was hosted by SAS. It was a pretty interesting agenda. The first speaker was General Colin Powell, USA (Ret.). Powell shared his take on leadership: “Give followers missions and goals and make sure their individual missions are consistent with the overall mission.” He highlighted a number of attributes of good leaders: Passion, Selflessness, Ethics, Character, Moral courage, Take care of troops, give them what they need to succeed.
- Techonomy: Forget The Internet; Welcome To The Hypernet
Despite what you might think, the Web is not a synonym for the Internet.Elevation Partners partner Roger McNamee made that observation Sunday afternoon: that people use the terms Web and Internet interchangeably, but that in fact they do not describe the same things. Increasingly, he notes, people are interacting online via apps on mobile devices, and not browsers on PCs. The Internet, he says, has gone far beyond what we typical thing of as the Web.
- Adobe Flash Hits the Mobile Dust
Steve Jobs is finally having the last laugh, as Adobe follows his directive and decides to stop development on Flash for mobile browsers as reported here by ZDNet. Starting with a layoff of 750 employees, the company will instead develop around HTML5 open standards. Jobs had claimed that Adobe was a battery hog that caused more than its share of user system crashes. In his open letter Thoughts on Flash in April 2010, Job decried the proprietary nature of Adobe’s products (pot calling kettle black notwithstanding).
- Will bank branches wither away? ; More customers chose online banking, ATMs
In the past year, the number of bank customers who prefer to bank online has jumped sharply, according to a survey conducted in August by the American Bankers Association. Sixty-two percent of bank customers said they prefer banking online to all other methods, up from 36% in 2010. Only 20% of customers said they preferred using a branch, down from 25% last year. The trend isn’t limited to younger consumers. Fifty-seven percent of bank customers age 55 and older said they prefer banking online to all other methods, up from 20% last year.
- Need to Bank? Try Phoning It In
A growing number of entrepreneurs are tapping into smartphone apps from lenders that let them do a range of jobs, from checking their balances and paying bills to depositing checks. According to a recent survey of nearly 300 small companies by Aite Group LLC, 33% of respondents check balances, 26% transfer funds and 13% take and send pictures of checks for remote deposit. Those figures have shown tremendous growth since a survey published last year, rising from just 13%, 6% and 2%, respectively. Other mobile tasks — such as approving wires and credit-card transactions — also saw huge increases in this year’s report. Christine Barry, research director at Aite, predicts strong growth to come as banks continue to roll out offerings and enhance their capabilities, as well as tap into the rising interest in tablet computers.