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Emerging Technologies

Emerging Technologies. Mobile Technology. Mobile Technology. Wikipedia:

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Emerging Technologies

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  1. Emerging Technologies
  2. Mobile Technology
  3. Mobile Technology Wikipedia: Mobile payment, also referred to as mobile money, mobile money transfer, and mobile wallet generally refer to payment services operated under financial regulation and performed from or via a mobile device. Instead of paying with cash, check, or credit cards, a consumer can use a mobile phone to pay for a wide range of services and digital or hard goods.
  4. Mobile Technology The mobile customer is “Always On” 54% of US Consumers check their phones while lying in bed (before sleeping, during the night, upon waking) Source: Lookout “Mobile Mindset Study” of U.S. consumers, 2012 /MasterCard-The Evolution of Digital Commerce and Mobile Payments”, 2014
  5. Mobile Technology Digital Payments are accelerating across different devices and channels… Source: MasterCard-Keeping the Retail Checking Account Relevant via Digital Commerce; March .
  6. Mobile Technology Which of the following consumer payments products does your bank currently offer or plan to offer? Mobile Payments Source: 2013 ICBA Community Bank Payments Survey
  7. Mobile Technology What type of mobile payments channels does your bank support? (Check all that apply.) Source: 2013 ICBA Community Bank Payments Survey
  8. Digital Wallets
  9. What is a Digital Wallet? It’s your physical wallet today but deployed (housed) online, on a mobile device or table/PC. It will house your Payments, Loyalty and other Cards/Products. Digital Wallets Source: MasterCard-Keeping the Retail Checking Account Relevant via Digital Commerce; March .
  10. Who Cares about a Digital Wallet? You Should! … Disintermediation! These companies and many other do… Disintermediation: enabling or allowing companies who have NO stake in your Bank’s success; but, want access to your customers and will reach them via a Digital Wallet. Once they have your customer in a Digital Wallet they can market products and services directly to them (DDA, Cards, Savings, Loans, Investments etc. Digital Wallets Source: MasterCard-Keeping the Retail Checking Account Relevant via Digital Commerce; March .
  11. Digital Wallets - V.me by Visa Cross Channel Payment Solution Visa’s payment strategy is to provide consumers a consistent payment experience across channels
  12. Digital Wallets Empowersyour customers to shop with confidence
  13. 123 First Lane 09/99
  14. -Loyalty
  15. Digital Wallets -MasterPassTM
  16. Digital Wallets Physical and Digital Worlds are Converging
  17. Opportunity The checking account (DDA) is the Centerof the financial relationship…all other products should revolve around it… Source: MasterCard-Keeping the Retail Checking Account Relevant via Digital Commerce; March
  18. EMV (Chip Cards)
  19. What is EMV? EMV stands for Europay, MasterCard and Visa, the payment networks that originally developed the specifications EMV is the global standard for inter-operation and governance of chip cards at POS terminals and ATM’s for authenticating credit and debit card transactions EMV creates a stable foundation for chip-based payments across many payment methods (contact/contactless/mobile)
  20. Why EMV?
  21. Source: CPI Card Group
  22. EMV Liability Shift The party that hasn’t upgraded to chip technology will be liable for card-present fraud (counterfeit) that could’ve been prevented by the use of chip technology. Source: Shazam , “EMV- Where Are We Now?”, 2014 Forum
  23. EMV Key Dates Fraud Liability Shift Policy Definition: transfer liability for certain types of fraudulent transactions away from the party that has the most secure form of EMV technology.
  24. EMV Recent Impacts Target Breach – November 2013 Judge Leon – March 2014 These events have accelerated the movement of EMV issuance for both credit and debit in the US.
  25. EMV New Developments Common AID Licensing Agreements
  26. EMV What to Do Socialize & Educate EMV at your bank Key operational areas EMV migration team Attend Bancard webinars Perform analysis International transactions Fraud System/processor capabilities Determine desired capability Signature authentication PIN authentication Offline capabilities Source: Fred Csaky, CSCIP/P: EMV 101: What all Banks need to know NOW!, March 2013
  27. EMV What to Do Define initial and long-term issuance plans Review/redesign plastic Employee / traveler/ ATM pilot Mass / Accelerated / normal reissue / selective Pricing: Replacement card fees Outline training & communication plans Internal Clients Cardholders Develop Budget ATM hardware/software and testing Plastics & internal hardware (instant issue) Education and training Brand & Processor implementation fees Source: Fred Csaky, CSCIP/P: EMV 101: What all Banks need to know NOW!, March 2013
  28. Opportunity EMV Cards provide security and gives you the ability to compete with the national issuers.
  29. Questions? Thank You Julie Hanson Vice President Card & Payment Products ICBA Bancard and TCM Bank, N.A. julie.hanson@icba.org Made possible by our generous sponsors
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