5 Mobile Banking Trends to Watch in 2014
Just five years ago, mobile banking seemed futuristic, the stuff of sci-fi; but today, it has emerged as a must have, and also potentially, as a way for small credit unions to compete with big banks.
A regional credit union can’t have hundreds of branches, but for smartphone carrying members, there is a branch in every pocket. That is the game-changing magic of the technology.
The smartphone camera has been a key to mobile banking’s rapid adoption, said Robb Gaynor, chief technology officer at Malauzai. The Austin, Texas-based developer of mobile apps which has rolled out Mobile Remote Deposit Capture - perhaps the quintessential mobile banking activity - as well as Picture Pay, where consumers can pay a bill by snapping a picture of it.
This may be the year when your credit union needs to decide its digital wallet strategy.
Will 2014 finally be the year when biometrics as a tool for positively identifying a member catches on? More experts are saying that is exactly what will happen, and they point to Apple’s Touch ID fingerprint reader as a tipping point. Because it is Apple, people think it is cool, not an annoyance, said Jay McLaughlin, chief security officer at Q2, an Austin, Texas-based financial technology firm.