What We’re Reading
Below are interesting stories the Banking.com staff has been reading over the past week. What have you been reading? Let us know in the comments section below or Tweet @bankingdotcom.
- Most Bankers Think They Can’t Beat Cyber Crime, Survey Says
Even though banks are being required by new rules to put stronger security in place for online banking, two thirds of bankers think they will never be able to get cyber crime under control, according to a survey. Nearly as many bankers, 65%, say fraud monitoring is their biggest challenge, according to the survey Fundtech Ltd. published Wednesday. It surveyed 100 banking executives from over 50 U.S. financial institutions at a June client conference. Bankers also expressed concern over business accounts, which do not have the same liability protections that consumer accounts do.
- Banks Use More Paper Despite E-Statements’ Popularity
Banks have struggled for years to get their customers to accept paperless account statements. But even among those who have succeeded in such efforts, paper use has risen. The surge in paper use stems from changes in the regulatory environment and a boost in marketing efforts following years of pull-back that started with the 2008 financial crisis, bankers say.
- Mobile Banking Changing Notion of Service, Paper Says
A new white paper from The Members Group suggests that mobile banking is enabling credit union members to take over the notion of customer service. “Self Service as Customer Service” argues that credit union members want mobile banking because it allows them to quickly and efficiently do things that they would previously need customer service representatives to do. “Making time for chit-chat is not a priority for Generation Y, nor even Gen X and their parents, the Boomers,” the paper said. “We are a busy, mobile society, and we expect our financial institutions (FIs) to stay in stride. When they can’t, we want access to our information on demand, regardless of our location or the time of day.”
- First comes games, then comes payments…Google+ takes another step into FB territory
Facebook is the uncontested King of Social Networks at present, but Google has quickly positioned its Google+ platform as a potential usurper to the Facebook reign, as demonstrated by its recent launch of social network games. The games feature will include high-profile game designers like Zynga and Rovio (the Angry Birds developer), and many others. In case you didn’t catch Javelin’s recent report on virtual currency and social network payments, here’s one of the basic premises: social network games are profitable.
- LearnVest: A Money-Management Site for Women
Last week, LearnVest raised the curtain on an entirely revamped site, which is cleanly designed and features a new set of robust tools. “We don’t just want to be a pretty site with information,” said the 27-year-old Ms. von Tobel. “We want to change behaviors.” Given all of the various security breaches of late, you may be reluctant to simply hand over the keys to your precious financial data. But LearnVest said it doesn’t store any password or other personal data on its site, with the obvious exception of your financial transactions.
- Wells Fargo to Begin Charging Debit Card Fees
Customers in certain states with debit cards from Wells Fargo will soon be facing a fee for every month that purchase transactions are posted. MyBankTracker.com reader Chad Grosklags from Georgia, brought the change to our attention after receiving an unsettling letter in the mail. Grosklags, now an ex-Wells Fargo customer, closed his Wells Fargo checking account last week. Wells Fargo (NYSE: WFC) will impose a $3 fee in every month that customers use their debit cards for purchases starting October 14, according to the notification letter sent to Chad and other customers in the following states: Georgia, New Mexico, Nevada, Oregon, and Washington.
- Mobile payments gain traction; Your smartphone could replace your wallet
Folks rarely leave home without their keys, wallets and cellphones. The thinking behind the next advancement in mobile payments — and it’s likely to take years before this vision goes mainstream — is that all three can be merged into one. Omar Green, Intuit’s director of strategic mobile initiatives, says that during the next 18 months, “There’s going to be a mad rush and a land grab. There’s a lot of potential money on the table.”