Technology is shaping the future of the financial services industry. A new banking customer is emerging– one who is more tech savvy and holds higher expectations for innovative services and programs. As banks and credit unions aim to provide leading-edge programs that appeal to today’s consumers, one trend they need to consider is NFC adoption for mobile payments.
The International Telecommunications Union estimates there are currently 6 billion mobile phone subscriptions worldwide. Many of these are smart phones and there is an easy way to make them NFC enabled, by fitting an NFC microSD card into the handset. It’s not a matter of if NFC mobile payments will take off, it’s when. When this shift happens, banks and credit unions need to be prepared with technology that can provide mobile payment personalization services up front and develop a program ahead of the competition.
Offering in-branch personalization of NFC mobile payments such as microSDs is a great way to complement card issuance programs and gain a competitive advantage in the marketplace. Financial institutions who can offer consumers a variety of card, contactless and mobile personalization can take advantage of:
- Transforms mobile phones into a form of payment
Increased market presence
- New, flexible ways to pay
New revenue sources
- More transactions means more revenue and profit
Cross-selling opportunities: Telcos and banks can work together
- Co-branding, shared messaging
Improving customer service & convenience levels
- Improves customer loyalty
- Competitive/marketing advantage
The traditional banking model is evolving and financial institutions need to evolve with it. And, there are new competitors entering the payment landscape every day looking to grab wallet share. Act now to implement a business model that differentiates you in the marketplace and gives you a distinct customer service advantage.
Learn more about mobile payments and NFC-enabled smart phones with this video from Visa: