Big Data is a big deal for businesses looking to appeal to the masses - especially when creating a complete Omni-channel strategy. And, when it comes to information, financial institutions have a wealth of it in the form of personal, payments, and purchase statistics.
In the era of the smartphone, mobile banking has seen a considerable increase in use. Account holders who once depended on bank branches have started using their mobile phones and laptops for a variety of transactions. And it seems as if new payment systems are entering the market each week.
A new industry trend report shows a marked preference among consumers for fee-free ATM access. In fact, seventy-nine percent (79%) of respondents stated surcharge-free (SF) is “very important” or “essential” for their banking needs. Fee-free ATM access was even more important to survey respondents than nearby branches.
While card fraud and skimming at ATMs remains low, continuing card and customer information compromises at major retailers have created a new focus on payments security for consumers. A recent study from ACI Worldwide reported only 43 percent (43%) of consumers in 20 countries say they trust businesses to properly safeguard their financial data. However, only 24 percent (24%) of U.S. and 30 percent (30%) of UK consumers avoid using ATMs for security reasons.
ATMs are considered a lucrative addition for many establishments. Studies have found that a standard on-site ATM can increase sales as much as eight percent. In addition, twenty-five percent of cash withdrawn at the ATM is typically spent on premises. The percentage of spend increases to as much as seventy-five percent for entertainment venues such as bars and restaurants.
Today's account holders are steadily growing more digital. They are using smartphones and tablets to fulfill their desire for unprecedented levels of connectivity to family, friends, and work. Over the past few years, this eagerness for connection has grown to include preferred brands, local stores, and even their financial institution.