Value? It's coming in more shapes and forms than ever before, says Kosta Peric of SWIFT. So how can financial institutions embrace these new values and provide products and services that meet growing consumer demand?
Social media and new economies are changing the payments landscape, giving consumers more control over their buying experiences. As consumers take on more, how much will banks and service providers relinquish?
A wave of security breaches serves as a catalyst for all types of organizations to assess the need for cyber insurance. Here's the story of one institution that saw the threat and took out a $10 million policy.
In the near future, financial institutions will have new opportunities for service in emerging payments. How they define their roles, however, will depend greatly on steps they take now to put a stake in the ground.
What fraud and security issues does Paul Smocer, the new president of BITS, see as being top concerns in the coming year? Mobile payments, social media, and a strong need for institutions and organizations to comply with existing guidance top the list.
Payments are moving away from tangible currency to so-called new economies, where value relies more on reputation than currency. Venues such as Facebook facilitate e-commerce via new economies. But as with any change in the payments scheme, industry experts expect these new economies to be accompanied by new risks.
"You need to understand how you are currently using social media in your organization, and how you intend to use it, before you can define policies around social media," says Erika Del Giudice of Crowe Horwath.
A new social-media-management tool provided by the ICBA aims to help community banks monitor social media communications, streamlining posts and comments that appear about banks on and through a number of channels.