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10 Trends That Will Transform Banking, Payments, Mobility and Security in 2012
Javelin Strategy & Research, Jan 2012, 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 that targeted respondents based on representative proportions of gender, age, and income compared to the overall U.S. online population. Surveys included:
- An October 2011 survey that collected data online from a random-sample panel of 3,210 U.S. adult consumers. Overall margin of sampling error is ±1.73 percentage points at the 95% confidence level.
- An August 2011 survey that collected data online from a random-sample panel of 2,304 U.S. adult consumers. Overall margin of sampling error is ±2.04 percentage points at the 95% confidence level.
- A June 2011 survey that collected data online from a random-sample panel of 3,180 U.S. adult consumers with a mobile phone. Overall margin of sampling error is ±1.74 percentage points at the 95% confidence level.
- A March 2011 survey that collected data online from a random-sample panel of 5,102 U.S. adult consumers who are primary of shared financial managers. Overall margin of sampling error is ±1.37 percentage points at the 95% confidence level.
- An October 2010 survey that collected data from a random sample panel of 5,004 U.S. adult consumers. Overall margin of sampling error is ±1.39 percentage points at the 95% confidence level.
According to the U.S. Bureau of the Census, the approximate 2011 U.S. population is estimated to be 312 million people.1
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