Guest Opinion: In Mobile, Winner Takes All
A revolution is brewing in the payments industry. The future of payments technology is now in the hands of consumers in the form of their mobile devices and smart phones.
The growth of mobile devices that support Internet access and a rich set of applications have changed the way people communicate. These same devices are now poised to transform the way consumers handle their financial services as well. This rapidly evolving payments world necessitates that credit unions embrace emerging new technologies into order to retain members.
By the end of the year, however, it’s likely that most users of mobile and smart phones may be able to access a holistic wallet of versatile applications with a single log-on. This new mobile wallet is a quantum leap forward that will satisfy users’ demand to securely perform financial transactions anywhere, anytime.
Future development of mobile applications will expand beyond the silo approach to merge banking, commerce and payment functionality – all from a single platform and single user interface. Consumers will gain exceptional flexibility and convenience with a single log on, a comprehensive view of their accounts and an intuitive, easy-to-use interface and presentation.