American Express cardholders will be able to interactively manage their credit accounts through a chatbot in Facebook Messenger, streamlining customer service for on-the-go consumers.
Banks and financial services
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NEW YORK – A Citibank executive at Forrester’s CXNYC 2016 detailed how the bank sought to determine all the pain points for customers and discovered a need for payment account setup on mobile, which quickly accounted for 35 percent of signups after the fix.
NEW YORK – A Wells Fargo executive at Forrester’s CXNYC 2016 explained how the bank was able to shift its focus to simplicity by retooling the company’s mindset and bringing convenience through mobile and digital offerings.
Six out of seven companies selected for MasterCard’s 2016 startup support program are in the mobile space, with the key areas of focus including cyber security, conversational commerce and personal money management.
Chase is boosting the mobile capabilities of its peer-to-peer payment program to gain traction against PayPal and others with new features such as real-time transfers.
Wells Fargo has launched a new Visa credit card that focuses on cash rewards and includes a mobile-enabled online banking feature for on-the-go account management, driving purchases and credit card use.
Barclays and Halifax are two of the British financial institutions leveraging VocaLink’s new Pay by Bank application – which enables customers to conduct mobile transactions and check their account balances – reflecting the rise of standalone, bank-branded payment platforms.
Visa is strengthening its stronghold on mobile payments with the introduction of the Digital Commerce platform, which offers financial institutions such as Webster Bank and PNC Bank the ability to roll out their own consumer-facing apps.
Visa is hoping to drive a resurgence in interest for wearables by rolling out a payment ring allowing athletes at the Rio 2016 Olympic Games to make purchases by tapping the accessory against any NFC-compatible terminal.
In a potential threat to PayPal as mobile payments mature, early adopters are extending their use of digital wallets to in-store use and expressing more satisfaction with solutions that support omnichannel payments, according to a new report from 451 Research.