Mobile Wallet Strategies for Financial Institutions

Depositphotos_30323415_l-2015.jpg

Mobile wallets are becoming more popular, yet many financial institutions are still relying on third-party solutions to get in on this trend. This is causing them to miss out on opportunities for branding and marketing. It also leaves some customer goodwill on the table since customers aren't strongly associating their banks with their mobile wallet.

Why Mobile Wallets are Superseding Credit and Debit Cards

For customers, mobile wallets bring both safety and convenience. Credit and debit card numbers can be intercepted when paying, but mobile wallets generate one-time keys that are useless once the transaction is complete. Therefore, even if the key number is "sniffed," it will do the criminal no good.

Mobile wallets are also more convenient since they reside on users' cell phones and other mobile devices. There's no need to fear losing a card, and most people remember to take their phones with them wherever they go. This makes it so users always have access to their money.

Why Banks Need to Catch This Wave with Branded Solutions

Companies that seem to be piggybacking on another business' technology are seen as being not quite ready for prime time, and this is bad for consumer confidence. Of course, the reality is that most companies don't have an in-house team of tech gurus. Instead, they choose solutions that allow them to put their own branding on the customer-facing parts.

Netclearance offers a great brandable solution for financial institutions. Choosing our platform allows them to overcome the hurdle of finding great IT talent to create one of their own. Since our solutions are brandable, end-users never see their institution's mobile wallets as being part of some bigger company like Apple. Our solution is currently in use at Danske Bank in Denmark as well as other major financial institutions, where it is providing real-world benefits to both the bank and its customers.

How Netclearance Can Help

Financial Institutions can get involved today by branding their own mobile wallet and accepting mobile payments from smartphones and wearables outside the 'walled gardens' of Apple, Google and other NFC systems. Click here for more information on how our next generation mobile payment beacon provides a compelling proposition for Financial Institutions.