Fiserv, developer of banking technologies, demonstrated Mobile Banking by Google Glass and Samsung’s Gear smartwatches, as well other mobile payment technologies used by its 1800 financial service customers. 60 million people now use their technology, and 10 million banks and pays online. That leaves 50 million candidates open for mobile banking.
Fiserv SVP and general manager of digital channels, Jim Tobin, adds that since five years ago, banks have already been investing large sums of money in their mobile projects developments. He said that Bank of America even invested $500 million this year.
Tobias says, “We see enormous growth. It’s not a market that’s close to peaking.”
Convenience and mobility are what the Google Glass and Gear applications are all about. With only phone connectivity to provide function, users can check balances and make payments on command according to Kieran Waelen, the Fiserv product manager who conducted the demonstrations.
From their mobile phones, users can now take a picture of their car license plate and apply online for a loan. This is part of the US credit union America First’s implemented online car and home loan applications using Fiserv’s New Zealand developed Mobiliti. America First costumers can also receive special offer notifications and transact through their phones even without coupons where discounts are automatically transferred to their accounts.
Fiserv has also developed new augmented reality application where users can see deals around the proximity using their GPS and camera’s viewfinder. Mobile can also be used to transact business faster. With a single touch, customers can check their balance and with voice command, they can be directed straight to payments.
Online security is not overlooked by Fiserv as it applies its online functionality to mobiles. Credit cards can be managed by mobile in the case that it’s lost, blocked and unblocked without being cancelled. Policies can also be attached to company issued credit cards wherein access is only available to a specified geographic area or for certain classes of payments. Employees also holds control over spending with alerts on excess card spending, while employees can avoid overdrafts or overdraft fees.
Fiserv’s Ed Massey, CTO of digital channels emphasizes that Near Field Communications (NFC) will not be necessarily safe to assume to rule mobile payment landscapes. Apple could easily turn NFC around as soon as it enters the market, he says. Amazon can also bypass NFC by using GPS to detect presence and completing transactions wirelessly with the use of credit card.
In Cambodia, people used taxis to send cash but this proved to be problematic as it was expensive, and sometimes didn’t arrive entirely. For Asia and the Pacific, ANZ and Cambodia’s ACLEDA Bank has been tapped by Fiserv to deliver mobile services to those with no bank accounts or bank access. All they need to do is text funds from one person to another and withdraw from an ATM using a one-time PIN. The service is popular as people send texts all the time and it does not require a smartphone.
Mobile is also where customers sign up first, following branch verification before the user could use online or mobile banking utilities.
Tobin adds that mobile payments expand the transactions banks can have with their customers and increase banking opportunities. Since people carry their mobile phones with them anywhere, it becomes an ideal means of convenient transactions.
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