First there was online banking. Then there was the mobile-optimized website for online banking via cell phone. After that came the mobile app, a dedicated, downloadable application designed exclusively for use on a smartphone or tablet device.
Next comes the mobile wallet, a distinct function within the mobile app that allows an accountholder to upload debit or credit card information in order to make payments at point-of-sale terminals and, increasingly, prestage cash withdrawals at ATMs.
For an example of how powerful in-app mobile payment facility can be, look no further than Starbucks, where 11 percent of payments are now made via mobile app.
Or consider Apple Pay, and consumers’ increasing interest in mobile wallet players such as Google Wallet and CurrentC (the merchant-owned mobile wallet backed by retail heavy-hitters Walmart, Target, Lowe’s, Best Buy and others.)
Where do financial institutions fit into the mobile card services mix?
Find out during the free webinar, “Attract and Retain Valuable Accounts with Mobile Card Services.” This event on Thursday, March 26 — presented by Elan Financial Services and hosted by sister publications ATM Marketplace and Mobile Payments Today — will describe the enormous implications of mobile card services for financial institutions.
Presenters Steve Taylor, senior product manager at Elan Financial Services, and Paul Provenzano, VP of strategic partnerships at Monitise, will explain why today, mobile card services are a critical component of a financial institution’s account retention and acquisition strategy.
For instance, mobile services can help an institution attract millennials’ accounts and keep accountholders who move out of footprint. And it’s easier and more cost effective than many FI decision-makers realize to offer these services.
The webinar will look at the differences between mobile banking and mobile card services and at the ways an institution can stay competitive with mobile services.
Presenters also will discuss how mobile card services can give cardholders more control, helping keep an FI’s card top of wallet and possibly even increasing its use.
And they’ll describe the vital role mobile card service apps have played in providing fraud protection on debit accounts.
Takeaways will include a better understanding of the cost effectiveness and ease of offering mobile card services; the pros and cons of various mobile solutions; and how cardholders can take charge of their card through fraud protection in apps.