10 Trends That Will Transform Banking, Payments, Mobility and Security in 2012
Javelin Strategy & Research, December 2011, Pages: 39
Javelin’s senior analysts identify and evaluate the implications and recommended action steps for 10 trends that will transform the banking, payments, mobile, and security industries in 2012. This report examines how recent regulation affects the payments industry and the consumer backlash. It also looks at the impact of social media, QR codes, and geolocation on the evolution of commerce. Within the security industry, biometrics has set the groundwork for greater adoption in the U.S., and despite efforts to pave the way for EMV technology, serious competitors could impede adoption. FIs can also mitigate fraud by requiring consumers to engage in a minimum amount of security before privileges can be accessed on their accounts. The movement of consumers to the mobile channel and the increasing popularity of partial PFMs will likely encourage users to take an active role in their financial account management and demand real-time updates.
Primary Questions
- How can FIs encourage consumer interest in tracking their financial account activity?
- How can FIs create a secure environment for remote banking channels?
- What is the future of EMV in the U.S., and what are competitors doing to undermine adoption?
- How can merchants leverage the geolocation technology on mobile devices to create targeted marketing campaigns?
- What are the implications of recent regulation on the payments industry, and how are consumers responding?
Methodology
This report is based on multiple Javelin surveys (in June, August and October) that targeted respondents based on representative proportions of gender, age, and income compared to the overall U.S. online population. The sample size varied from n=2,304 to 3,210 adult consumers with a margin of sampling error ±1.73 percentage points to ±2.04 percentage points at the 95% confidence level.
Audience:
Financial institutions: Marketing, e-commerce, online banking, mobile banking, payments, fraud, risk management, and credit/debit strategists.
Vendors: Alternative payments providers, online- and mobile-banking platform providers, mobile network
operators, mobile wallet vendors, and security firms.
Others: Personal financial websites.
Overview
Primary Questions
Executive Summary
Integrating Social Networking With E-Commerce
The Backlash Against Banks Will Focus More Attention on the Value of Convenience
‘View + Do’ Online Banking and ‘Partial PFM’ Apps Will Spark New Ways to Think About Managing Money
Emergence of Practical Biometrics
Software May Not Be So Optional
Race to the Finish—Chip and Pin vs New Technologies
How Durbin Will Continue to Change the Status Quo
Invasion of the QR Codes: Coming Soon to an Institution Near You
With Mobile and Social Interactive Media, the Balance of Power Shifts to the Consumer
Leveraging Geolocation
Related Research
Companies Mentioned
Table of Figures
Figure 1: Amazon’s ‘Tap Into Your Friends’ Prompt
Figure 2: Success Rate for Opening and Funding Checking Accounts Online at Credit Unions
Figure 3: Methods of Managing Their Money (Gen Y vs All Consumers, 2009–2011)
Figure 4: Consumer Interest in Biometric Authentication by Type, 2011
Figure 5: Consumer Perception of Security Responsibility, 2008–2011
Figure 6: Methods of Misuse, 2009–2010
Figure 7: Mean Fraud and Consumer Costs for Debit and Credit Cards, 2010
Figure 8: Examples of Regular Barcode vs QR Code (2D Barcode)
Figure 9: AT&T QR code
Figure 10: Generations Defined
Figure 11: Percent of Consumers Who View Geolocation as an Effective and Easy-to-Use Authentication Technology
- Access Development
- Loopt
- Amazon
- MasterCard
- American Express
- McAfee
- Android
- Mfoundry
- Apple
- Motorola
- AT&T
- Norton
- Bank of America
- PayPal
- Citibank
- Payvment
- Desert Schools Federal Credit Union
- Safeway
- Discover
- Starbucks
- Europay
- Target
- Facebook
- Twitter
- FiTeq
- U.S. Bank
- foursquare
- Verifone
- Google
- PayPal
- Gowalla
- Visa
- Groupon
- Wells Fargo
- JPMorgan Chase
- Yodlee
- LinkedIn
- YouTube
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