The keys to fighting fraud?

September 8, 2016
/   Insights

We're constantly being warned that fraud is one of the biggest threats facing the banking industry, but the true scale of this was revealed by a recent survey that suggests it could make up...

Cause and Effect: If you build it, will they come?

July 23, 2014
/   Spotlight

Many financial institutions assume that digital banking is lucrative because the most valuable customers happen to bank online. While there is certainly a correlation between online bankers and higher profitability, quantitative evidence suggests that...

Intuit 2020 Report: The Future of Financial Services

April 11, 2011
/   Insights

Today, Intuit released the latest edition of the Intuit 2020 report, Intuit 2020 Report: The Future of Financial Services, which identifies and examines four key trend areas that will  transform the financial services industry...

Fast Facts: Student Loans

January 22, 2013
/   Insights

The Financial Services Roundtable recently released another iteration of its Fast Facts, reliable, bullet-point research about issues facing the financial services industry. Topics span TARP, Dodd-Frank, insurance, lending, retirement savings and more.  Below are some updated Fast...

The Top 10 Trends in the Digital Banking Industry

December 18, 2013
/   Spotlight

2014 is rapidly approaching and as the year wraps, the Digital Insight team has pulled together the top 10 trends in the digital banking industry based on data and trends from studying financial institutions....

Making Banking Fun: Gamification in Financial Services

August 5, 2013
/   Insights

Recently, the team sat in on American Banker’s webinar, “Gamification in Financial Services: Five Proven Ways to Get an Edge,” which shared how leading brands in financial services have applied gamification to reach...

Technology M&As: The Beats Go On

May 29, 2014
/   Insights

The ongoing fascination with Apple’s $3 billion purchase of Beats Electronics is entirely understandable, because it’s a cool story. However, it also says a lot about what’s going on between finance and tech.

What We’re Reading

May 5, 2011
/   Spotlight

Below are interesting stories the staff has been reading over the past week. What have you been reading? Let us know in the comments section below. Virtual Banking Worlds Provide Tangible Lessons American...

Small Business: Perception vs. Reality

November 21, 2012
/   Insights

In the most recent election cycle, like most others before it, the one sector of the economy that got the most attention was small business.  This is the future, we were told by every...

What We’re Reading: Thanksgiving Edition

November 22, 2012
/   Spotlight

Below are interesting stories the staff has been reading over the past week. What have you been reading? Let us know in the comments section below or Tweet @bankingdotcom. Mobile Thursday? Plans for Thanksgiving...

The latest “it” product coming out of Silicon Valley is not a thing but the Internet of Things commonly referred by its pithy acronym IoT. IoT refers to technologies that are supposed to change the world by connecting virtually every object to the internet: your doorbell, your home audio system, your refrigerator, your car. How can banks keep up with IoT? It turns out that the killer app for IoT is actually shopping and commerce. It is called the Internet of Commerce Things. And it is already here and growing very rapidly.

Created nearly three decades years ago, the internet began as a way to let researchers communicate and find information more quickly. Its growth was slow until companies like eBay, PayPal and Amazon created trusted platforms that simplified internet shopping for consumers. Internet banking emerged soon after with NetBank, the first internet only bank, in 1996. Online banking really took off in the 2000s as large national banks created online platforms for their customers. By 2000, 80% of US banks offered some kind of online banking.

Just as automated teller machines (ATMs) modernized banking by removing the teller from the banking transaction, online banking and future IoCT innovations will take this a step farther and remove the physical bank from banking. IoCT for banks may look like Bank of America’s mobile app, which offers customers a way to bank at their convenience and with added features of their Bank Amerideals, providing targeted card-linked offers in the app. For others, IoCT may include developing extra services or benefits for their customers, strengthening their branding proposition or partnering with non-bank companies to offer banking services with a tap, shake or facial recognition software.

Banks are in a unique position to shape what banking for the 21st century will look like when virtually any device can access the internet and become the payment. What makes IoCT possible is card-linking. It links an existing payment or credit card to any digital account or device connected to the internet. The future has arrived and it is up to banks to develop the Internet of Commerce Thing to transform banking again.

Silvio Tavares is President and founding CEO of the CardLinx Association, a collaborative, global, multi-industry association comprised of industry leaders such as Facebook, Twitter, Samsung and Microsoft. Formerly an executive at VISA and First Data as well as an engineer who patented key payments analytic technologies, Silvio is a frequent speaker at industry and media events.

Image Credit: shutterstock_156608444


Insights’s perspective on industry news and trends



Must-read news and insights from financial industry leaders



Compelling voices and contributed content from around the web

James W. Gabberty

Gabberty is a professor of information systems at Pace University in New York City. An alumnus of the Massachusetts Institute of Technology and New York University Polytechnic Institute, he has served as an expert witness in telecommunication and information security at the federal and state levels and holds numerous certifications from SANS & ISACA.

Zachary Ehrlich

25-year-old writer, and as a native San Franciscan, I am unreasonably loyal to Bank of America, if only for their superhero-like origin story, involving the 1906 earthquake and Italian fruit vendors.

Brad Strothkamp

Marisa Mann

Marisa Mann brings over 15 years of experience in consulting and financial services industries to the Solstice team, working on large scale enterprise initiatives across many technologies, including specializing in the digital space – Internet and mobile. Mann is passionate about mobile and the endless possibilities for the enterprise, delivering business value through strong brand recognition and driving to excellence in the consumer experience. Prior to Solstice, Mann worked at JP Morgan Chase, Diamond Management and Technology Consultants, Washington Mutual, Inc, and Accenture.