Bank Board Letter November 2015 : Page 3

collaborate to process loans in less time and in a much more organized manner. We have automated business rules, for flexibility that has eliminated our reliance on paper forms, faxes, emails and regular mail. Dynamic case management and structured automation has created better interaction between our loan officers and our customers. Because the application works natively on the iPad, iPhone, Android and BlackBerry, our loan officers can initiate, check on or modify a customer loan requests no matter where they may be. ImprovIng the Customer experIenCe By implementing this application, Bank of Tennessee has seen loan approvals processed in less time with better accuracy, which translates into a significant improvement in customer experience. Work moves from one step to the next automatically. We’ve also seen better data quality, less repeti-tion of work processes, and greatly reduced training time for new loan officers. By creating a loan origination application that automates pro-cesses, works natively on multiple mobile platforms and emulates already known social media environments, we’ve achieved numer-ous critical business objectives. We’ve made loan officers more pro-ductive while making our customers happier Ð all of which lets us compete on a more level playing field with much larger competitors. James Woods is business process management developer at Bank of Tennessee, Kingsport. Images © triloks/iStock MOST CONSUMERS TRUST BANKS TO KEEP PAYMENTS SAFE A n overwhelming majority of consumers Ð 75 percent Ð trust banks most to keep their payments safe, according to a recent survey from the American Bankers Associa-tion. Only 1 percent of consumers trust major retailers or telecom companies to protect their payments. “It’s no surprise that consumers trust banks the most with their payments,” said Doug Johnson, ABA’s senior vice presi-dent of payments and cybersecurity policy. “Banks have a long history of protecting their customers’ money whether in the vault or online. Banks are the gold standard in security and customers know their money is safe when it’s with the bank.” When asked “Who do you trust most to keep your payments safe?” consumers provided the following answers: banks Ð 75 percent (73 percent in 2014); telecom company (e.g.. Sprint, Verizon, etc.) Ð 1 percent (1 percent in 2014); major retailers Ð 1 percent (2 percent in 2014); alternative payment provider (e.g., PayPal, Venmo, etc.) Ð 4 percent (8 percent in 2014); Unsure Ð 18 percent (16 percent in 2014). The number of people who trust major retailers with their payments declined from 2 percent in 2014 to 1 percent in 2015. The survey also found that 6 percent of consumers have used a mobile app on their phone to make a payment. Of those who have, the most popular methods are PayPal (45 percent) and “Banks have a long history of protecting their customers’ money whether in the vault or online.” — Doug Johnson, ABA’s senior vice president of payments and cybersecurity policy Apple Pay (42 percent). Google Wallet (11 percent) is the third most popular mobile payment app. “Using your phone to make a payment is still relatively new, but as the industry moves toward the use of new technologies like tokenization and biometrics to make payments safer, we ex-pect the popularity of mobile payments to grow,” said Johnson. The annual survey of 1,000 U.S. adults was conducted for ABA by Ipsos Public Affairs, an independent market research firm, July 8-13.

MOST CONSUMERS TRUST BANKS TO KEEP PAYMENTS SAFE

“Banks have a long history of protecting their customers’ money whether in the vault or online.” — Doug Johnson, ABA’s senior vice president of payments and cybersecurity policy

An overwhelming majority of consumers - 75 percent - trust banks most to keep their payments safe, according to a recent survey from the American Bankers Association. Only 1 percent of consumers trust major retailers or telecom companies to protect their payments.

“It’s no surprise that consumers trust banks the most with their payments,” said Doug Johnson, ABA’s senior vice president of payments and cybersecurity policy. “Banks have a long history of protecting their customers’ money whether in the vault or online. Banks are the gold standard in security and customers know their money is safe when it’s with the bank.”

When asked “Who do you trust most to keep your payments safe?” consumers provided the following answers: banks - 75 percent (73 percent in 2014); telecom company (e.g.. Sprint, Verizon, etc.) - 1 percent (1 percent in 2014); major retailers - 1 percent (2 percent in 2014); alternative payment provider (e.g., PayPal, Venmo, etc.) - 4 percent (8 percent in 2014); Unsure - 18 percent (16 percent in 2014).

The number of people who trust major retailers with their payments declined from 2 percent in 2014 to 1 percent in 2015.

The survey also found that 6 percent of consumers have used a mobile app on their phone to make a payment. Of those who have, the most popular methods are PayPal (45 percent) and Apple Pay (42 percent). Google Wallet (11 percent) is the third most popular mobile payment app.

“Using your phone to make a payment is still relatively new, but as the industry moves toward the use of new technologies like tokenization and biometrics to make payments safer, we expect the popularity of mobile payments to grow,” said Johnson.

The annual survey of 1,000 U.S. adults was conducted for ABA by Ipsos Public Affairs, an independent market research firm, July 8-13.

Read the full article at http://omagdigital.com/article/MOST+CONSUMERS+TRUST+BANKS+TO+KEEP+PAYMENTS+SAFE/2325003/281314/article.html.

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